Many professional service firms have, for a long time, been suffering from marketing-scepticism. And it’s not without good reason. Having been consistently promised results, which never materialise, these firms have become burnt out, frustrated and, in a lot of cases, out of pocket. Because of this, many now believe that referrals are the only method of growth they can rely on.
However, in today’s digital world, 94% of B2B buyers conduct online research before making a purchasing decision (Source: Accenture). This means that there are opportunities to attract new business online, between the referrals firms are already receiving. The difficult bit has always been distinguishing between what works and what doesn’t, when it comes to attracting those key decision makers.
This need to understand what digital methods high-growth firms are seeing the benefits of, has been the driving force behind this industry analysis report, which is featured in City AM and the Law Gazette.
Law: The digital marketing situation
Our industry analysis research report shows that the legal sector is the sector most open to embracing the digital direction when compared to other sectors such as management consultancy, I.T. consultancy, accounting, and financial services. Many legal firms are already fully on board, taking the reins and enjoying the benefits.
As an example, 96% of respondents from legal firms have a website – a higher concentration than any other sector in the professional services industry. Of those, 99% receive at least one new business enquiry each month and 44% receive over 20 each month.
This is a stark contrast to the 27% of respondents from management consultancies who said their firm doesn’t currently have a website. This explains why, compared to the 44% of respondents from law firms, of all management consultancy firms, 78% receive at least one new business enquiry each month but only 5% receive more than 20 enquiries.
So the legal sector is investing in digital marketing, but is money being spent in the right places?
Despite 84% of respondents from legal firms believing that digital marketing is either effective or highly effective in their industry, 27% of firms don’t allocate a dedicated marketing budget and therefore (unsurprisingly) 44% aren’t happy with the quantity, quality or both, of the leads they’re generating as a result.
Statistics revealed in this report illuminate where legal marketing money is being spent and what tools are producing the best ROI.
Where does your firm rank? Understand your firm’s position in the market place
Propero’s State Of Digital Marketing In Professional Services report looks deeper into the numbers behind digital marketing’s success. The industry analysis report acknowledges its obstacles and aims to establish digital marketing’s place in the future of professional service firms’ growth and survival.
The report houses a general industry analysis section which looks at the state of digital marketing in the professional services industry as a whole, followed by sections specific to law, finance, accounting, I.T consultancy and management consultancy sectors.
To close, eight overarching conclusions are drawn which take a deeper look into the meaning behind the numbers and the differences between sectors.
You can find a full copy of the report here.