With the launch of our 2018 State Of The Industry survey and upcoming report, we thought it would be useful to collate the professional services marketing data from our 2017 report. We have summarised data regarding professional services in law, accountancy, finance, IT and management consultancy firms in easy-to-read bullet points below.

If you find this information useful, then take part in our 2018 survey and have access to 2018’s report for free, as well as getting the chance to win an Apple Watch for taking part.

 

General Professional Services Marketing Data

  • 84% of law firms feel digital marketing is either effective of highly effective in their industry
  • 96% of law firms feel that professional services marketing as a whole needs to embrace proactive digital marketing in order to get ahead
  • 75% of finance firms that don’t leverage online marketing tools receive no new business enquiries per month
  • 40% of IT firms that use no marketing tools receive no referrals per month
  • 55% of management consultancy firms that hold a marketing budget receive 1-5 new enquiries per month
  • Firms acquiring 20+ enquiries a month leverage an average of 4.25 different marketing techniques (such as blogging, social media advertising, content marketing and email marketing)

 

The return on investment (ROI) of marketing budgets

  • Professional services firms converting 45% or more new enquiries use an average of 16% more marketing tools than those converting 5% new enquiries or fewer
  • 33% of professional services firms that spend between 0-£5k per annum get no new business enquiries each month–compared to 75% of firms spending £20k+ per annum get 20+ new business enquiries per month
  • Professional services firms that use marketing tools generate 10% more new business enquiries than firms that are using none
  • 93% of law firms that allocate £20k+ per year to marketing receive between 5-20 new enquiries per month
  • 34% of top-performing finance firms allocate £20k+ to marketing per year. Of those:
    • 79% receive 1-20 new business enquiries per month
    • 50% receive over 20 new enquiries per month
  • IT firms receiving 1-10 enquiries per month use paid digital marketing tools such as:
    • 41% use search engine marketing
    • 11% use web banners/display ads
    • 22% use paid social media
    • 63% use organic social media
    • 44% blog
    • 26% use content marketing
    • 48% use email marketing
    • 30% send out an email newsletter

Online

  • 88% of professional services firms that have a website receive new enquiries every month
  • 96% of law firms have a website & 99% of these firms receive at least 1 new business enquiry a month
  • Of the 96% of law firms that have a website, of those 99% received at least one new enquiry per month and 99% of those converted into paying clients
  • Web content downloads provide 50% of top-performing finance firms new enquiries
  • Web contact forms provide 50% of top-performing finance firms new enquiries
  • Web contact forms provide 67% of top-performing accounting firms new enquiries
  • Web contact forms provide 59% of top-performing IT firms new enquiries
  • Web contact forms provide 36% of top-performing management consultancy firms new enquiries

 

  • 100% of accounting firms that allocate a marketing budget use the following methods and receive 20+ new enquiries per month:
  • 17% use search engine marketing
  • 17% use web banners/display ads
  • 50% use paid social media
  • 67% use organic social media
  • 67% use blogging
  • 67% use content marketing
  • 83% use email marketing
  • 100% send out a newsletter
  • Only 22% of accounting firms say they allocate £20k+ per year to marketing, yet 92% of those receive 1-20+ enquiries per month:
    • 64% get 1-10 new enquiries
    • 4% get 10+ new enquiries
    • 24% get 20+ new enquiries
  • Those who said their IT firm allocates £20k+ per year to marketing, of those 95% receive between 1-20 enquiries per month:
  • 11% get 20+ new enquiries
  • 22% get 10-20 new enquiries
  • 62% get 1-10 new enquiries
  • Management consultancy respondents receiving 1-5 enquiries per month use digital marketing tools such as:
    • 11% use search engine marketing
    • 11% use paid social media
    • 47% use organic social media
    • 53% blog
    • 14% use content marketing
    • 25% use email marketing
    • 17% send out an email newsletter

This data shows that firms allocating a budget towards professional services marketing are the most successful at generating new leads every month.

Events

  • Events such as conferences and networking events provide 50% of top-performing finance firms new enquiries
  • Events such as conferences and networking events provide 67% of top-performing accounting firms new enquiries
  • Events such as conferences and networking events provide 33% of top-performing IT firms new enquiries
  • Events such as conferences and networking events provide 47% of top-performing management consultancy firms new enquiries

Social Media

  • 100% of financial firms that have no social media presence do not receive any business referrals per month
  • Unpaid social media is the highest digital marketing method used in professional services marketing

Conclusions

  • 41% of professional services firms surveyed don’t allocate a marketing budget per annum and the findings suggest those that don’t, don’t perform as well
  • Contrastingly, 59% have a dedicated marketing budget (of between £1k-£20k a year) and invest in a varied marketing approach. 89% of those said they consistently received new enquiries every month
  • The percentage of firms that allocate a larger budget (£20k+) and receive a higher enquiry rate per month are:
    • Legal industry –  50%
    • Financial services – 21%
    • Accountancy – 18%
    • Management consultancies – 9%
    • IT consultancy – 2%

Accounting firms summary:

    • 38% of accounting firms that get 10+ new business enquiries per month use social advertising (paid social)
    • 38% use search engine marketing
    • 13% use web banners and/or display ads

Phone calls

  • Phone calls provide 42% of top-performing financial firms new enquiries
  • Phone calls provide 100% of top-performing accountancy firms new enquiries
  • Phone calls provide 48% of top-performing IT firms new enquiries
  • Phone calls provide 53% of top-performing management consultancy firms new enquiries

Law firms summary:

26% of law firms that get 10+ enquiries per month use social advertising (paid social)

31% use search engine marketing

21% use web banners and/or display ads

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Law firms summary:

26% of law firms that get 10+ enquiries per month use social advertising (paid social)

31% use search engine marketing

21% use web banners and/or display ads

Law firms summary:

    • 26% of law firms that get 10+ enquiries per month use social advertising (paid social)
    • 31% use search engine marketing
    • 21% use web banners and/or display ads

Management consultancies summary:

    • 60% of management consultancies that get 10+ business enquiries per month use social advertising (paid social)
    • 60% use search engine marketing
    • 60% use web banners and/or display ads

Financial services summary:

    • 41% of financial services firms that get 10+ business enquiries per month use social advertising (paid social)
    • 76% use search engine marketing
    • 35% use web banners and/or display ads

What we can gather from this data is that it is clear a wider range of marketing tactics means more enquiries for professional services firms as a whole. We discovered that paid print receives only 17% of enquiries across all industry respondents, meaning that audiences are moving away from old marketing tactics and are being drawn in with online tactics. This shows us that firms also need to move in that direction to keep up to date with their target audience. This idea of moving towards digital marketing is reflected in our data, that highlights having a website gives firms an edge while others lag behind. To reach target audiences, firms must get on board with digital.

Another conclusion we’ve drawn from our data is that within digital marketing, paid-for digital marketing efforts support and increase new business enquiries more than unpaid. Even though unpaid social media is the highest digital marketing method used in professional services marketing, this does not mean it is generating leads. From our data it is clear that the more money you invest in marketing, the higher the number of legitimate enquiries you will receive.

If you have any questions about the data provided from our 2017 State of the Industry report, then reach out to us and ask away. If you want to receive other tips and useful data, sign up for our newsletter here.

This data would not have been possible without your help and we are doing the same this year with our 2018 State of the Industry survey. If you answer our questions before the 3rd April, then you will be in with a chance to win an Apple Watch and be one of the first to analyse our data for free.

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