{"id":3983,"date":"2022-01-18T19:57:05","date_gmt":"2022-01-18T19:57:05","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/18\/digital-marketing-transformation-for-the-professional-services\/"},"modified":"2022-01-18T19:57:05","modified_gmt":"2022-01-18T19:57:05","slug":"digital-marketing-transformation-for-the-professional-services","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/18\/digital-marketing-transformation-for-the-professional-services\/","title":{"rendered":"Digital Marketing Transformation for the Professional Services"},"content":{"rendered":"

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The need is clear. Professional services and other knowledge driven firms must be visible where their target clients are looking for insight and help. More and more clients are choosing the ease of digital communications. In many ways the discussion has become not whether to go digital, but rather how to do it successfully. That\u2019s what we will explore in this post.<\/span><\/p>\n

We\u2019ll draw upon two sources of insight. The first source is recent studies by the <\/span>Hinge Research Institute<\/a><\/span>\u00a0examining <\/span>digital transformation in the professional services<\/a><\/span>, <\/span>changes in buyer behavior<\/a><\/span>, and the practices of the <\/a><\/span>fastest growing and most profitable firms<\/span><\/a>.<\/p>\n

The second source of insight is Hinge\u2019s experience with our own digital marketing transformations (we have had several) as well as our Hinge Marketing business unit\u2019s work assisting dozens of professional services firms make their own transformations.\u00a0<\/span><\/p>\n

By drawing on both sources, original research, and practical implementation experience, we hope to demystify the digital marketing transformation process and help more firms experience the benefits. Let\u2019s start by defining the core concepts.<\/span><\/p>\n

Digital Transformation Defined<\/b><\/h2>\n

Digital transformation<\/b> is the reimagining of business processes, products, and client experiences for the digital age by applying advanced digital technologies and design thinking.\u00a0<\/span><\/p>\n

The business goal is typically to provide improved client value, a better client experience, and\/or operational efficiencies that result in a sustainable competitive advantage and improved financial performance. Digital transformation thinking can be applied to multiple areas of a business and often crosses traditional functional lines.<\/span><\/p>\n

Digital Marketing Transformation Defined<\/b><\/h2>\n

Digital marketing transformation <\/b>is the reimagination of the marketing and business development functions for the digital age by applying design thinking and advanced digital technologies to the entire client journey. Think of it as a particular type of digital transformation, with its own priorities and challenges.<\/span><\/p>\n

While many digital marketing transformation projects are aimed at improving the effectiveness and efficiency of new client acquisition by responding to <\/span>changes in client buying behavior<\/a>,<\/span>\u00a0others are aimed at developing new product and services offerings, new pricing models, or improvements in the client experience.<\/span><\/p>\n

Digital\u00a0Transformation Examples<\/b><\/h2>\n

Example 1: Substituting digital for traditional techniques. <\/b>This is perhaps the simplest type of digital transformation to make and a great starting place for many firms. Almost every traditional technique had a <\/a><\/span>digital counterpart.<\/span><\/p>\n

\"Donut-online-offline\"<\/p>\n

Figure 1. <\/strong> Online vs. offline techniques.<\/p>\n<\/div>\n

Figure 1 shows several examples of widely used traditional techniques such as networking or public speaking and their digital counterparts. Instead of face-to-face networking, shift to networking on social media. Likewise substitute webinars for traditional public speaking. These types of shifts, or additions of digital techniques to your marketing strategy, are easy to understand and have obvious benefits such as broader reach and lower costs.<\/span><\/p>\n

But make sure you have the right talent to get off to a good start. If you don\u2019t have the talent onboard, retain it from outside. Research shows <\/a><\/span>this strategy improves outcomes.<\/span><\/p>\n

Example 2: Developing digital products. <\/b>Another example of a digital transformation is to develop digital products or product and service combinations. A consulting firms that specialized in helping their clients develop innovative new products had long delivered their services via on-site workshops. They transformed their face-to-face workshops into a combination on live digital workshops and pre-recorded learning modules. The net effect was dramatically lowered costs and a higher capacity with existing staff given the elimination of time intensive travel.<\/span><\/p>\n

Another variation on this theme is to develop new digital products where there was no pre-existing traditional service. For example, when Hinge recognized the need for ongoing client education in professional services marketing, we developed <\/span>Hinge University<\/a> <\/span>as a digital product from the start.<\/span><\/p>\n

Example 3: Developing a digital pipeline. <\/b>Perhaps nothing exemplifies a digital marketing transformation more than the development of an all-digital new business pipeline. In a digital pipeline, leads are generated and nurtured, opportunities are identified and qualified, and new clients closed, all using digital techniques.\u00a0<\/span><\/p>\n

This is the path that Hinge has followed, and the impacts have been transformative. We now receive over 85% of our leads through inbound techniques, more than half of which are fully qualified. These leads are choosing to reach out to us based on our digital thought leadership campaign. Because they are responding to our thinking, either generally or around a specific topic, they are already \u201cself-qualifying\u201d. Since our thought leadership reflects who we are, they are easy to close.<\/span><\/p>\n

Our digital funnel is driven by a robust search engine optimization (SEO) strategy supported by social media and digital PR. <\/span>Research<\/a><\/span>\u00a0both informs our marketing decisions and <\/span>serves as premium content<\/a>.<\/span> This allows us to develop content that both speaks to targeted client needs and is highly credible. Research is the most credible and trusted form of content.\u00a0<\/span><\/p>\n

The process is supported by digital technology such as CRM and marketing automation and is largely automated. Importantly, the strategy was developed specifically for our professional services target audiences and bears little resemblance to a B2C pipeline.<\/span><\/p>\n

With these examples in mind, lets turn our attention to the most common goals of a digital transformation. Why do firms attempt a digital marketing transformation in the first place?<\/span><\/p>\n

Goals\u00a0of Digital\u00a0Transformation<\/b><\/h2>\n

The most common goals of digital transformation efforts in professional services firms fall into four broad categories:<\/span><\/p>\n