Why do professionals services businesses fail? In this fast-paced world of business, mostly professional service firms such as lawyers, architects, structural engineers and financial service providers, are hesitant to move toward social media as a means for growing business. If your intent is to stay the course with your current marketing and sales methodologies, you are probably also defining yourself through the use of these following top 4 reasons for failure.
After all, none of these business sectors seem very alluring, fun or exciting. As valuable as these products and services may be, they aren’t top of mind services of which people are routinely in need. Banks and other financial institutions may be, but most have shied away from the new marketing, and are constantly being absorbed, merged, bought and sold. Their focus is elsewhere.
Besides, there are established means and marketing methods that are tried and true; at least that is the current thinking, like these top 4 statements, right?
1. If it (marketing) ain’t broke, don’t fix it.
Why should we convert from traditional marketing when it has served us so well in the past. Besides, social media just isn’t for us, right? It is no matter than even though 87% of adults that use the internet that have an investment account use social media as well as use the internet to manage their accounts (Forrester Research).
We use our website as nothing more than a digital brochure, even though it has been proven that a static website is like a billboard in the desert. Additionally, traditional advertising has worked well for us, so why rock the boat? It really doesn’t matter that as the market ages, our customers of the future will be entirely immersed in the digital experience.
2. We believe in our existing customer base’s demographics and psychographics. That will not change.
We, as a business, have relied on our customer’s loyalty for generations. Surely that won’t change. It doesn’t matter that even though the world has gone crazy over the internet and social media, we, as a traditional business have little need to change the way we do things. Our customers introduce their children to our firm, and their children will become our clients over time.
Ours is a business of referrals, and therefore there is no need to utilize marketing methods that are here today, gone tomorrow. Social media is just a fad. The stories about Social Media being the New Word of Mouth are fiction; not to be relied upon.
3. Treat customer service and loyalty programs as expense departments.
The more we solicit customer opinions, the more it costs us to satisfy them. Maintaining the status quo is cheaper than actively promoting loyalty and customer interaction. Surveys performed by American Express clearly point out that customers that use social media are more demanding, will cancel a purchase of they have a bad social media experience. The same survey also says they spend 21 percent more with companies that have a social media customer service program, and are more loyal; it can’t be true, can it?
4. Social media is a waste of time, money and effort.
Social media is confusing and the expense hasn’t proved itself yet. Regardless of the report produced by Adobe’s Digital Index report, it says social media is still evolving. Waiting until it is completely understood by the masses is a prudent decision, right?
It’s obvious that this article is meant to poke holes in the theory of the status quo when it comes to marketing in the digital age. Frankly, we see too many small to medium sized services businesses that don’t execute the traditional model very well. If your business has suffered from any of these types of thinking, you may be in serious trouble… or denial. Regardless of the industry you play in, there is well-identified value to be found in social media and inbound marketing. The traditional model of lead generation is no longer working as it used to. The inherent cost of traditional marketing is far more than inbound marketing, and digital marketing produces more loyalty and greater referral clients.
Is it time to take another look at inbound marketing?