NOV 2-4, 2016
Life’s a Pitch
An Analytical Look at Why Clients Buy Professional Services
NOV 2-4, 2016
John Simpson Kevin Iredell
NOV 2-4, 2016
Car Buying Experience – 1984 v. 2016
2016
1984
NOV 2-4, 2016
What’s Changed?!
The most quoted statistic in B2B marketing today.
Source: Corporate Executive Board
NOV 2-4, 2016
Results, Reputation & Relationships: What Professional Services Buyers Are Really Looking For
As competition and buyers’ access to information within Professional Services sector has continued to intensify, One North commissioned research to better understand the effects of various service attributes on buyer behavior.
Research report available for download at content.onenorth.com/3rinsights
81Total Responses
78% Respondents with
revenue >$1.5B46
% Respondents VP-Level or above
NOV 2-4, 2016
Prospective Clients are a Proactive Bunch
12
30
35
31
12
86
0 20 40 60 80 100
Direct solicitations
Firms' websites
Articles, newsletters or whitepapers
Presentations or speeches
Advertisements
Referral from a trusted source
Indicate your preferred method for learning about PSOs
(% of total respondents)
NOV 2-4, 2016
Don’t Leave Referrals to Chance
NOV 2-4, 2016
Recognize How Your Assets Work Together
Source: Hinge Marketing
30%
23%
16%
Unimpressive website
Poor quality content
No-show in online search
52% rule out referrals before speaking
with them
NOV 2-4, 2016
First Round’s Unique Approach
First Round Venture Capital makes clients, influencers part of their content marketing program with 8 topic-oriented magazines.
NOV 2-4, 2016
First Round’s Unique Approach
First Round Venture Capital makes clients, influencers part of their content marketing program with 8 topic-oriented magazines.
NOV 2-4, 2016
First Round’s Unique Approach
First Round Venture Capital makes clients, influencers part of their content marketing program with 8 topic-oriented magazines.
NOV 2-4, 2016
Experience and Value Matter Most…
169
108
54 51 4433 27
0
20
40
60
80
100
120
140
160
180
Experience Value Personal relationship
Personal referral
Price Thought leadership
Well-known brand
Top 3 reasons that would place a PSO in your initial consideration set
(Weighted Average)
NOV 2-4, 2016
… But Firm Reputation Absolutely Matters
11
41
48
0 10 20 30 40 50 60
Firm's reputation
Professional's reputation
They are equally important
What is more important to your decision-making process: a PSO’s overall reputation or history, or a specific professional’s reputation
or history?(% of total respondents)
NOV 2-4, 2016
The most successful marketing highlights the experience of the
professionals in the context of the organization.
NOV 2-4, 2016
Chicago “Sadhawks”
2006: Worst Franchise in Sports (ESPN)
Worth $253M (that’s not a lot)
NOV 2-4, 2016
Built Player BrandsTapped into the
Civic Pride
NOV 2-4, 2016
Built the community brand
NOV 2-4, 2016
Set an example for other franchises
NOV 2-4, 2016
When One + One = Three
Personal and Professional brands can not only co-exist, they thrive together
• Season Tickets: 3,400 to 14,000–with a waiting list of 4,000• 3 Stanley cup victories in 6 years• Second worst attendance to league best• $1B valuation• Forbes: “The Greatest Sports-Business Turnaround Ever”
NOV 2-4, 2016
Empty Promises…
12%
88%
Promised result
Past experience
Most important attribute when evaluating a PSO(% of total respondents)
NOV 2-4, 2016
Show that you know why it matters, not just that you’ve done it before.
NOV 2-4, 2016
Context Sets Up Your Experience
Source: The Greatest Sales Deck I Ever Saw, by Andy Raskin
NOV 2-4, 2016
Context Sets Up Your Experience
Source: The Greatest Sales Deck I Ever Saw, by Andy Raskin
NOV 2-4, 2016
Context Sets Up Your Experience
Source: The Greatest Sales Deck I Ever Saw, by Andy Raskin
NOV 2-4, 2016
Context Sets Up Your Experience
Source: The Greatest Sales Deck I Ever Saw, by Andy Raskin
NOV 2-4, 2016
Context Sets Up Your Experience
Source: The Greatest Sales Deck I Ever Saw, by Andy Raskin
NOV 2-4, 2016
Quality, Experience and Personal Referrals
Quality
Personal Relationships
Promised Results
Past Experience
Past Experience(88-12)
Quality(89-11)
Most important attributes when
evaluating a PSO(% of total
respondents)
NOV 2-4, 2016
Leverage your relationships only when you are in a position to win.
NOV 2-4, 2016
Times Have Changed…
Personal Connection
Business Value
“Personal connections and being liked helps the seller become essential. In fact, our research found that sellers who weren't liked lost sales. However,
being liked alone was not enough to consistently win sales. Sellers who were only liked and did nothing else still lost.”
Source: “Is Relationship Building in Sales Dead?”, by Mike Schultz, Rain Group
NOV 2-4, 2016
Know When to Pass…
HIGH
LOW
HIGHPERSONAL RELATIONSHIP
QUALITY/PAST EXPERIENCE
Reap the rewards
High risk, high return
Live to fight another day
Bang head against wall,
repeat
Your relationship may anoint you an
invitation to the dance. But it means very little without the experience to back it
up.
NOV 2-4, 2016
Contrary to Popular Belief, Service Trumps Price
Most important attribute when evaluating a PSO(% of total respondents)
Client Service
Price
72%
28%
NOV 2-4, 2016
Counter price objections with service excellence.
NOV 2-4, 2016
Service Excellence and Price
Source: Huffington Post
Most clients will pay more for service
excellence. But stakes are high if promises
aren’t met.
NOV 2-4, 2016
Relationship Between Service and Price
• Charges 10x the competition
• Paid out only $120,000 on sales of $33 million
• Built the entire business backwards from guarantee
Source: Harvard Business Review
NOV 2-4, 2016
If You Have the Experience, In-Person Is Best
21
20
15
0
44
0 10 20 30 40 50
Website
Articles, newsletters or whitepapers
Conference panel discussions or presentations
Advertisements
In-person
Most Valuable Way PSOs Can Explain Their Services
(% of total respondents)
NOV 2-4, 2016
Translate your experience into insight.
NOV 2-4, 2016
Oh, the Irony!
B2B buyers want proof that you’ve done it before … but they want to feel that their issue is unique.§ “50% of respondents state that sales people are essential to them.”
§ “68% of respondents said that listening and understanding their business are VERY important when deciding to work with a salesperson.”
Source: Leopard 2016 B2B Business Insights Report
NOV 2-4, 2016
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Interested in Learning More?
“Marketing-driven companies talk. Market-driven companies listen.
There are times when talking is appropriate.
Listening is always appropriate.”
“Build the relationship before asking for business.”
“An advisor that has outside perspectives is one I want to
hire.”
NOV 2-4, 2016
Life’s a Pitch
An Analytical Look at Why Clients Buy Professional Services