Performance Matters Matrix - Marketing

The value of Marketing is measured in growth of volume, revenue, new opportunity and trust.   Practice marketing involves the expansion of one’s business/social network, the enhancement of practice awareness by the market, the management of market preferences/ expectations, and the securing of new referral sources and clients. It is anything but casual.

Marketing is all about relationships. Today it’s less about what you sell and more about why and how you serve! It is about what differentiates your unique capabilities and services from being a just another “me too” commodity.  

Marketing is time and communication intensive. If investment is marginal then return on investment can also be expected to be marginal. If communications are not targeted they are wasted.

Markets are diversified in interests, needs, and expectations thus market segmentation, targeting, and messaging becomes essential.  Marketing is no place for follow-the-leader strategies but it is what most practices practice. The use of worn-out, one-size-fits-all market messaging/formulary/protocol/templates only validate that the service being offered is nothing more than a commodity to be undervalued and overlooked. 

To counter that perception, practices routinely talk about how special they are - just like everyone else! Practice websites tend to be a collection of tired colors, industry jargon, and self aggrandizement. Newsletters all tend to look and sound alike - no wonder few people read them or even care. 

Prospective clients want to know how you think. They want to know why you do what you do, and how you are distinctively better. They want to know about your passion and contributions to their community. They want to sample you. They want to know how they will be treated and how they will be benefited. They want to know you care! There is an oversupply of words and empty promises in our world. People want to know you are for real!

It has been said that when market competitors are “zigging” there can be a lot of value in “zagging”. Market leaders understand this.

Effective marketing produces value, builds trust, drives preference, and results in referrals/sales. Marketing is out-of-the-box - it happens in the community not in the office. 

Most professionals are less than comfortable, proficient, or effective at marketing. Yet their participation is critical – they are the service being promoted.   Effective service marketing requires that the market be able to sample the service with minimal risk. Recommendations and endorsements are important, since it validates value and trust. Marketing professional services is about getting known, liked, and preferred. Given a choice, people prefer to obtain services from those they like. Get liked broadly! Give people something to sample, talk about, and brag about.

For most practices, the mentoring of professionals to build marketing competence, confidence, and custom-fit marketing strategies provides the most favorable return on investment.  There is huge opportunity for innovation in the marketing of professional services.

Marketing, Service and Communication are inextricably linked and interdependent…

All the Best

Bob

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Performance Builders