There are some interesting findings relevant to the marketing of professional services firms in Hinge Research Institute’s 2017 High Growth Study. But probably the most interesting one of all is how profit seems to be directly connected to a firm’s point of difference. Here is a short excerpt:
High-Growth firms are twice as profitable (20%) than No-Growth firms (10%).
High-Growth firms are more likely to offer highly specialized services, solve a particular challenge for client organizations, and help a particular role within client organizations than No-Growth firms.
Overall, High-Growth firms invested 43% more towards marketing than NoGrowth firms and enjoy 74% more impact.
This research applies to professional services firms of various sectors and sizes. In fact, small firms ($1-4.9 million) ranked as the highest growing group. You can download the study here.
Specializing inherently involves giving something up. As a result, it’s usually a difficult decision for professionals to make. This research provides factual data as a reminder that there are very good reasons to go ahead anyhow.