In Marketing, Less Really Is More
April 30, 2013
Last week’s blog Best Professional Service Marketing Strategies could be considered the marketing application of the ‘Less-Is-More‘ principle.
Based on a survey asking over 10,000 consultants how they marketed their services, the post identified networking and referrals as the source of most money. These strategies are just two of 13 identified marketing activities.
Consistent with the the ‘Less-Is-More‘ principle, 78% of respondents reported spending less than $6000 on marketing each year.
Focus On What Generates The Most Revenue
The lesson here is to focus resources on those strategies that generate the most revenue.
Another key finding of the survey addresses clients served and the fee average fee revenue that they generate.
Once again, consistent with the ‘Less-Is-More‘ principle 87% of respondents report working with fewer than 20 clients each year.
But these clients pay well: 93% of responding consultants report average the first time fee from new clients to be more than $500, with 61% reporting these fees to be greater than $2000.
Applying The Insights
For the sake of completeness, 68% of respondents typically charge on a monthly or project basis.
As a model for marketing all professional services, this survey offers two great insights.
In terms of marketing our services, the best approach is to narrow the focus to those strategies that work best for us…probably networking and referrals. But keep in mind that the other 11 strategies can support primary strategies.
Similarly, instead of trying to help everyone who could conceivably benefit from your assistance, focus on serving and satisfying a few ideal clients.
Ideal clients truly appreciate the value that you deliver…and are prepared to pay the higher fees that you charge and deserve.