Many Managing Partners have
traditionally thought of websites as a necessary evil. According to this view,
your firm’s website is required to explain what you do, but it doesn’t add much
value. Think glorified brochure.
The goal for these
decision-makers was to make their websites acceptable. But many
firms didn’t (or still don’t) view the site as an investment that would really
help them grow their firms.
Unfortunately, this attitude can
cause your firm to miss out on crucial opportunities, and fall well behind the
competition. The fact is, for a modern professional services firm, a website is
one of the most important investments you can make when it comes to generating
new business and driving your firm forward.
Here are some key points every
Managing Partner needs to consider.
1. A website attracts new
business.
Often, people take a narrow
perspective of their website’s capability to attract new clients. They assume
that their visitors will only be folks who are searching for their firm through
a search engine. It’s not uncommon to hear these decision-makers say, “None
of our clients would Google for a firm.”
Of course, how you think clients
search for information and how they actually behave can be two different
matters entirely.
Research shows that many firms
get leads through their website. In fact, a recent study of 500 professional services firms found that 77% of firms
generate leads online. Further, the more online leads they generate the faster
they grow..
The numbers show that
professional services buyers are searching online, and they’re
making extensive use of providers’ websites. And the research-based lessons
don’t stop there.
Referrals represent a major lead
source for many firms. If you do get leads from referrals, some of our most recent research shows that having an informative, modern website helps
stimulate more referrals through generating more awareness of
your firm’s expertise. Speaking of expertise…
2. A search optimized website
demonstrates your expertise.
When buyers purchase professional
services, they’re ultimately buying expertise. It’s a critical component of any
professional services engagement. But how do you demonstrate the expertise your
firm possesses in a credible, relevant way?
The problem is that such
demonstrations are difficult when you simply meet someone socially. Anyone can
claim to be an expert, and even a provider’s past engagements may say more
about their relationships than their expertise.
But a website full of helpful
educational content puts your expertise on display, demonstrating to your
audience what you know and how you think about problems. And they will check
out your website. Our recent research shows that 80% of potential clients do exactly that.
This approach is much more
elegant than saying that you’re an expert. Instead, you’re showing it. The
power of this technique has driven the rise of content marketing.
A search engine optimized website
isn’t just a digital billboard for your firm – it provides online visibility
for your expertise itself. Not all buyers will be searching for your firm by
name, or searching for your general type of business.
Many will be looking for
solutions to a specific problem. If you create a website rich with educational
content on the challenges that matter to them, they will find you through the
issues you deal with and the nature of your expertise, not just your name.
3. Your website can keep you from
being ruled out. (Or get you ruled out faster.)
An important fact to remember
about referrals – if your referral gets ruled out of consideration at an early
stage, then it was wasted effort. Many providers claim that if they can get in
a room with a referral, they can demonstrate their services’ value and close
the deal.
But half the time, referred firms
don’t get the chance. Our research on 523 professional services firms shows that 51.9% of respondents
have ruled out referrals before speaking with them. If you buy professional
services, chances are that you have too.
As we’ve seen above, a wide
majority of buyers check you out through your website. So it shouldn’t be a
surprise that it figures into buyers’ decisions about which firms to consider.
Take a look at firms’ reasons for ruling out a referral:
Figure 1. Why Buyers Rule Out
Referrals
An “unimpressive website” ranks
as the fourth most common reason referrals get ruled out. Poor quality content
also plays a major role, according to over 23% of respondents. A dated or
uninformative website that seems more focused on promotion than the needs of
clients can easily send buyers looking elsewhere.
The key take-away? A bad website
kills referrals.
By contrast, a clear,
informative, and contemporary website helps referrals count, so you don’t get
cut out of the running before you can talk to your potential new clients.
4. Your website shows visitors
what league you’re in.
Look at that chart again. There
is another response that is important to highlight here – “They looked like
they weren’t in our league.”
Are you a serious player or are
you an amateur? Your website goes a long way toward answering that question for
first-time visitors.
Indeed, your website is the first
and sometimes the most significant impression you will make on many potential
buyers. It reflects your level of sophistication. If you haven’t put much
effort into your site, visitors will question your
credibility.
It’s an important point to stress
– your website is not a billboard, but a hub to which your audiences will
return again and again for solutions to their challenges. That’s great for
building your reputation and your relationship with your audience, but to
achieve these goals, your site has to be equipped to support rich content and
drive new business.
5. Your site conveys your
culture.
Let’s return once more to the
chart above. Note the number three reason buyers rule out referrals, “They
didn’t seem to be a good cultural fit with my firm.”
Buyers want to feel comfortable
working with you – perhaps over the long term. To feel this way, they need
to understand your culture, and your website is a major key to
this understanding.
Your site is an opportunity to
easily communicate your firm’s values and problem-solving approach through
copy, educational content, and videos about your firm.
This ability to communicate your
culture is also important in recruiting. Our research on professional
services marketing priorities in 2015 shows that recruiting is a top priority of a lot of firms.
A website that conveys your culture clearly makes it easy for top talent to
feel comfortable joining your team.
The Bottom Line
If you’re wanting to grow, it’s
important to move past a traditional view of websites. A website is about more
than image or necessity – it goes right to the heart of your business.
Our research shows that firms generating 40% or more of their leads online grow
the fastest and are most profitable. The lesson is clear – your website is an
investment in the future of your business.
In order to lead your firm
forward, it’s important to have a contemporary website that can serve as the
center of your marketing efforts. From educational content to social media,
your site will help share your expertise and generate new leads.
Given the many roles and
abilities of a firm’s website, you could argue that it’s even more important
than your office — more people will likely be seeing it, and it will shape your
business for years to come.
- See more at:
http://www.hingemarketing.com/blog/story/what-every-managing-partner-needs-to-know-about-your-professional-serv#sthash.ppR0H0hB.dpuf
