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In the upcoming Future of Lead Generation for Professional Services benchmark research report (to be released on RainToday.com in early February, 2007), we asked 726 leaders in professional service businesses a number of questions about their lead generation practices. One question we asked was, "In the next two years, how do you expect your lead generation efforts to change?" We gave them 5 choices of answers. Here's what they said....
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I've spoken with a particular partner of a successful business to business services company at least once in each of the last three years about her frustrations with her partners: they won't get serious about marketing. The problem is, like many other service firms, they do good work but the phone isn't ringing like it used to.
Each year she tries to kick off some kind of marketing and initiative so her firm can stay competitive with the other firms in her field that seem so much more aggressive. Last year she couldn't even get her partners to agree they should "send a letter out" to introduce the firm to businesses in their area. All her partners seem to talk a good game of wanting to get the letter done. Then the letter dies a pocket-veto-like passive aggressive death as the partners never come back with a, "Yes...go ahead and get it done."
 And so it goes. One year turns into the next, Sisyphus keeps pushing that rock up the hill, and the phone rings less and less.
Message to this partner, her partners, and the rest of the professional services world with their heads still in the sand: it's going to get worse.
In the upcoming Future of Lead Generation for Professional Services benchmark research report (to be released in Wellesley Hills Group's content site RainToday.com in early February, 2007), we asked 726 leaders in professional service businesses a number of questions about their lead generation practices.
One question we asked was, "In the next two years, how do you expect your lead generation efforts to change?" We gave them 5 choices of answers. Here's what they said.
41% said, "We'll significantly increase our lead generation efforts"
43% said, "We'll moderately increase our lead generation efforts"
13% said, "No change"
3% said, "We'll moderately decrease our lead generation efforts"
0% said, "We'll significantly decrease our lead generation efforts"
In other words, 84% are going after your prospects, your clients, and the market in general with more lead generation energy, resources, and rigor, and 3% are doing less.
In terms of service industries, here are the percents that are going to either significantly or moderately increase:
91% – IT Services and Consulting
89% – Training and Executive Education
87% – Architecture, Engineering, and Construction
85% – Accounting and Financial Services
83% – Marketing, Advertising, and PR
82% – Other Professional Services
81% – Financial Services, Investments, and Real Estate
80% – Legal Services
77% – Management Consulting
The lead generation heat is turning up across the board.
How's that letter campaign coming?
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Comments
OK, so the PS folks are finally starting to think "lead generation". Key question is how many teeth will you have to pull to get them to actually follow up on those leads?
Posted by: Paul Barsch | 01.16.07
My observation is that the survey doesn't tell us the most important aspect about how they will increase their efforts. In my experience, lead generation projects are horribly done and result in very little: It is the primary complaint of sales.
Creating a list of local businesses, in my mind, is not lead generation. Might as well hand sales the Yellow Pages. Poor and broad-brush-stroke leads are why direct marketing so often results in little to no results.
When we begin investing in the process instead of in generating untargeted business names, direct mail (and email) will generate profits that no partner or CEO can ignore.
Posted by: Lewis Green | 01.16.07
Lewis,
Indeed, the blog post does not mention how they intend to increase their efforts. The report itself does, though. For example, we asked questions so we could understand:
- What are you using that is working / not working for you, and in what mixes?
- What are your top most successful lead generation tactics?
- With what tactics are you going to increase or decrease your efforts?
- "If you had $100,000 to apply to any lead generation tactic - that you're currently using or not - where would you apply it." (Gets to their lead generation wish lists."
We'll publish breakouts of the data by industry and by firm size.
We also asked the survey participants to rate themselves on their company's overall lead generation effectiveness. We're currently comparing the tactics used by the firms that rate themselves as excellent vs. those that self report that their lead generation results aren't all that excellent. We'll report on whether the best firms are using different mixes and tactics than the rest of the pack.
The results of the survey are not yet published. As we find data that is worth commenting on, I'll post more blog entries.
- Mike
Posted by: Mike Schultz | 01.16.07
Mike,
Great questions! I can't wait to read more results.
This information is not only critical for business learning but we consultants need to better understand what works and what businesses think works.
Posted by: Lewis Green | 01.16.07
Can't wait to see the results, Mike. Will complete results be open to anyone, or just the summary?
Unless professional service firms hire someone inside or outsource the responsibility to drive their marketing/lead generation efforts, it can't happen easily. After all, they're accountants, lawyers, engineers, etc. and not marketers.
I wonder - are professional trade publications including articles on marketing professional services? It makes sense to start with education on the subject to get buy-in.
Posted by: Elaine Fogel | 01.16.07
Elaine,
Thanks for the comments. The summary results will be available on RainToday.com in about 3 weeks and will be open to all. The complete results of the survey will be available for a fee.
Keep watching RainToday.com (or just subscribe to the free newsletter) as we'll be releasing continued data as we analyze it, and we'll also be notifying people when the report is completed.
Mike
Posted by: Mike Schultz | 01.18.07
Mike:
Are you dealing only with lead generation activities in your survey or are you looking at this activity as part of a larger system for generation and lead development/nurturing/follow-up?
Your readers on this blog would benefit from seeing the 2004 study by the CMO Council " Gauging the Cost of What's Lost" (Free download) http://www.cmocouncil.org/resources.html
10-20% sales increase per annum could be achieved by a systematic approach to lead generation and follow through, as per company surveys.
I have the enviable task of working on a team, establishing a complete leads generation program for our company, who has committed dollar and people resources. The value of beating our competitors to the punch speaks for itself.
Posted by: A. Foster | 01.18.07
A. Foster,
Looking at it in the larger system of lead development/nurturing/follow up.
For example, we asked the respondents to tell us how many of their leads were sales ready, how many needed further nurturing, and how many were not good fits at all for their pipelines. So we have that data as well as other relevant points. I'll try to blog about it more next week.
In the meantime, you can find a lot more about the lead nurturing / systematic approach here: http://www.whillsgroup.com/pages/29526_download_making_lead_generation_work.cfm
Mike
Posted by: Mike Schultz | 01.20.07