Marketing a consulting firm and generating leads can be quite a puzzle
A challenge that, at times, can seem insurmountable - certainly within a quick enough and affordable timeframe. That's often because people wait to market until it's too late. In the desperate scrabble for immediate results many firms simply end up doing what they've always done.
Networking and cold-calling. But you know how the saying goes:
If you always do what you've always done, you'll always get what you've always got!
Don't get me wrong, in-person networking and cold calling remain entirely valid lead generation channels. The opportunity digital marketing affords is to make them even more successful!
Before we get into the specifics of digital marketing, let's examine the 4 most common lead generation challenges in a B2B consulting firm:
01 Over-Reliance on repeat business
Your existing clients are hugely important, with the opportunities for further projects and revenue from existing clients often higher than with new clients.
However, as important as existing clients are, it's nigh on impossible to grow a consulting business with existing clients alone. Even worse, relying solely on repeat business could be the path to a slow and gradual decline.
There’s often a double-whammy too!
The consulting business that's over-reliant on repeat business is typically reliant on the majority of its revenues from a tiny number of clients too. And when - not if - they lose one of those crucial clients, the impact is significant and painful.
There are many more consulting firms in this situation that you might imagine. This is why consulting firms must exploit digital marketing now. Not only to attract new clients, but to also engage and help maintain existing clients.
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02 Hoping for referrals
Let’s be clear, referrals are one of the best new business opportunities your firm will ever have. That’s because you instantly inherit trust from the referrer with the prospect, and the need can be qualified too. Yet despite their importance, too few firms have established programmes and processes to encourage referrals.
Worse still is that referrals are entirely unpredictable.
If your growth strategy is reliant on referrals, a more apt term would be to say that you’re reliant on hope!
Whilst you absolutely should seek referral opportunities, you mustn’t rely on them. Here are 4 ways you can utilise digital marketing to support and encourage referrals:
- Use email marketing to regularly ask for referrals from your existing clients
- Use social media to identify mutual connections and referral targets
- Use content marketing to demonstrate your expertise and build trust in prospects through educational content
- Ensure that, once referred, prospects can immediately learn of your services and capabilities through a conversion optimised website supported with testimonials
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03 Unsure of where to start with digital marketing?
The biggest risk with digital marketing is throwing baby out with the bathwater! That is, thinking it’s a decision between digital marketing vs. traditional marketing channels - such as networking, public speaking and exhibitions.
This is a mistake.
Both traditional and digital marketing are equally valid and important.
Sure, some firms see greater success with one approach over the other, but the world of marketing is forever changing. You can’t rest on your laurels as what worked last year can’t be guaranteed to work this year. And don’t forget, there are few things in life less predictable than clients!
So where should you start your digital marketing journey?
There are many different digital marketing channels to choose from. And despite what others might suggest, they all take some time to deliver the goods. You can (and often should) fuel the fire with paid advertising, but for that to work effectively there is still some ground work that needs to be done.
As Stephen Covey said in The 7 Habits of Highly Effective People:
Begin with the end in mind.
This is why a strategy is essential. Marketing is a long game, and by selecting the right channels and approach, there exists the potential for quick wins along the way. The most successful digital marketing will utilise a combination of channels to take your prospects on a journey from stranger to client.
However, a common mistake is to deploy a marketing channel with little or no expertise, and upon your first failure, to determine that the channel doesn’t work for your business!
Marketing is all about embracing failure. Learning from it and adapting fast. Too many firms approach marketing with unrealistic expectations.
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04 Too time or resource constrained to market properly
Leading on from unrealistic expectations of outcomes, especially after having left things too late, is that most firms are too time and/or resource constrained to support effective digital marketing.
It is, however, a delicate balance. You and your team are THE experts. You build trust and authority by turning your expertise into thought leadership digital marketing assets. And you need to utilise multiple channels to distribute and promote that content. What you cannot do is simply outsource the lot and expect great results.
For example, there are plenty of companies offering blog writing services for peanuts. Yet when I write blog articles for this site, it normally takes me at least half a day to write about something that I have deep expertise in. I'll then spend between the same and double that amount of time distributing and promoting my content.
You can't possible expect to replicate the efforts or results when buying cheap.
The balance to be struck is where you and your team contribute to content - whether that's a social media post, a blog article, or a more in-depth lead magnet - whilst not being burdened with the writing, preparation and distribution. It also means that your team doesn't have to learn to write marketing copy. A skill which is very different to that of writing a consulting report.
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Digital marketing is essential for B2B consulting firms. It can, however, be complex as there are lots of moving parts to align.
The problem is that many firms start too late, with an aversion to failure and unrealistic expectations.
The most effective digital marketing is omni-channel, whereby multiple digital marketing channels are used and combined with traditional marketing channels.
And the secret to marketing success, whether traditional channels or digital, is to be consistent, persistent and patient.
What you must determine is the most cost effective approach to achieving marketing success. Whether it's to get your billable consultants doing all of your marketing (and providing the time, training, budget and inclination to become effective whilst accepting the reduction in revenue per consultant), or to leverage outsourced services that can relieve your team of up to 80% of the burden.
If it's the latter, then click here to learn more about the digital marketing services available.
Images courtesy of Unsplash and the following photographers: