Communication EnSights:

How the Four ‘P’s of Marketing – Product, Price, Placement and Promotion – Relate to the Professional Service Sector

Professional service marketers have long agreed that their mode of marketing is much removed from the work done by most marketing executives.  Let’s face it – people go about choosing a lawyer or accountant much differently than they decide which brand of laundry detergent to throw into the machine. 

In fact, professional associations have sprung up over the years to address the unique needs of the professional service marketer.  The Legal Marketing Association allows marketers to exchange ideas and learn from each other.  And, the Society for Marketing Professional Services (SMPS), an association which brings together architectural, engineering, planning, interior design, construction, and specialty consulting firms, has even developed certification for marketing professionals who are “recognized as individuals who have met a rigorous standard of experience and expertise in marketing professional services”.

So – how do we go back to the fundamentals and apply the four P’s of Marketing to professional service marketing? 

Let’s start with Product.  Our core product is our organizations’ talent – hampered in many instances by the personalities they bring with them.  This is where the real challenge lies.  How do you market a truly talented attorney who constantly resists your efforts?  Relationship management, the cornerstone of professional service business development and a key function of the marketing process, should be an activity in which the marketing department is fully engaged.  Begin by developing a strategic plan that clarifies business objectives and aligns them with customer expectations.  Then, as you implement the plan, constantly measure outcomes and share the stories of your victories. 

Adding to the challenge, specialties are a form of product – an architect might specialize in residential or institutional design.  Marketers must package specialties to appeal to clients.   And then there are the service modules that we as marketers develop in order to increase revenue for our organizations.   This might be payroll services offered by an accounting firm which carries a fixed cost. 

Once we identify our products and the benefits they offer to our clients, we’re off to a good start.  

Price is something that generates a great deal of angst for clients.  How do you assign a value to a professional service?   Prices are all over the map – some professionals who are extremely talented have not established prices that reflect the value they bring to clients, while others are exorbitant in their pricing structure. 

Many in the legal profession are currently evaluating alternate billing in response to corporate counsel that find themselves justifying budgets for outside legal help.  Rather than the traditional billable hour, firms are looking at creative measures such as blended fees.  A couple of bloggers provide us with the most current discourse regarding the subject – Matthew Homann’s “the [non]billable hour” and Tom Kane’s Legal Marketing Blog provide insight into how even the largest firms are approaching the issue. 

When the typical marketer considers placement, they refer to how the product is disbursed to the customer.  The ultimate challenge of the professional service marketer is positioning the professional so that she is in front of potential/current clients in a manner that portrays her expertise, allows her to develop relationships and still leaves time for her to meet client expectations through the delivery of exceptional work.  And, let’s not neglect to take into account her need to balance her lifestyle and have quality family time.    

There are many tools at our disposal – networking events, speaking engagements, articles, books, and expert positioning with the media leading to interviews.  Marketers have to take into account the professional’s work load, their tolerance for extended hours, and their social talent.  Then, strategic plans for each professional need to be developed with a timeline for implementation established.

Promoting a professional service is not as easy as advertising “Buy One – Get One Free”.  Defined as a strategy that stimulates a customer to take action toward a buying decision, Promotion in the professional service sector takes an entirely different approach.  As marketers, we must partner with our professionals to identify client needs and create solutions that help them to achieve their business objectives. 

Client interviews open a new world of possibilities to marketers – getting inside our clients’ heads allows us to mold our services to meet expectations.  We’ll be better positioned to offer essential products, at competitive price lines, that will increase revenues for our firms.  I’m especially impressed with the work of The Wicker Park Group, which has demonstrated the power of client interviews and client growth programs. 

There is another challenge that professional service marketers face which doesn’t fall under the four P’s of Marketing.  Many times we are charged with guiding the professional development of our stable of professionals.   Granted, they first need to learn their business – serving as an associate, learning from more seasoned professionals.  Then, we need to judge when these young professionals are ready to step upon the treadmill of marketing their services.  Some of our students are eager – maybe a little too eager.  Many show great promise, and many are terrified. 

Entering into the realm of professional service marketing is a great challenge.  And, while at times it pays to refer to the basics of marketing, we must recognize that professional service marketers hone specific skills that lead to their companies’ success.  I have nothing but great admiration for those marketers that have chosen a career path with professional service organizations.  Not only is it more difficult to differentiate their organizations, in many instances they are hindered by archaic rulings that limit their efforts.    

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