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Professional Services

INDUSTRY FACTSHEET Industry Overview Professional services are defined as infrequent, technical or unique functions performed by independent contractors whose occupations are based on rendering these services. Professional services often involve providing expert advice (such as consulting), but also include routine operations, transactions processing, design work and project supervision. This industry includes specialties such as: accounting, advertising and marketing, architectural, consulting, engineering, IT, legal and scientific research services. Other examples of professional services contracts are: public relations professionals, recruiters, copywriters, translators, value-added resellers and web designers.

Business Challenges Impacted by Economy: During times of economic challenge, many corporate customers minimize outside expenses or delay moving forward with certain projects. This could mean limiting the usage of professional service firms, thus impacting the firm’s revenue. Greater Liability: Since professional service individuals are heavily involved in the operations of their corporate customers, they are faced with a great risk of blame or liability if their advice doesn't produce the desired results. Success Relies Heavily on Credibility: Those within the professional services industry strongly rely on name recognition and reputation, especially in highly competitive sectors. Damage to a firm or individual’s reputation could result in loss of business and hinder client retention. Not to mention, reputation damage to a professional services firm can be challenging to repair.

Industry Opportunities Companies Outsource Services: Due to the need to drive greater efficiency, corporate outsourcing is increasing as companies move away from maintaining a large internal staff of professionals. In other words, companies are practicing a management model where in-house staff coordinates work with outside vendors, such as professional services firms. Greater Need for Expert Advice: As technology, trends and regulations evolve, corporate operations become more complex leading companies to seek expert advice outside their organization. In many cases, professional services firms are called upon to assist, rather than training existing employees on new technologies or regulations. International Expansion: Many professional services can be easily delivered to clients outside the country in which the firm resides. With the use of Internet technology and international conferencing tools, firms can expand the reach of their services outside national borders.

Copyright Š 2011 by Research and Management. All rights reserved.


Professional Services

INDUSTRY FACTSHEET Providing Multi-Service Solutions: Some professional services are similar in nature, such as marketing and advertising; graphic design and web design; architecture and engineering; or management and IT consulting. This opens the door for firms to offer multi-service solutions.

Digital Marketing Trends Search Advertising Spending When evaluating search advertising of the professional services industry in the US, we see that attorneys and legal services spent an average of $2,560 on search advertising during Q3 2009, targeting approximately 105 keywords. Meanwhile, dentists targeted an average of 74 keywords and spent $2,004 on search advertising during that period. Approximately $1,666 was spent on search advertising by those who work in air conditioning services (55 keywords). Physicians and surgeons spent $1,728 on search advertising based on about 57 keywords. During the third quarter of 2009, plumbing contractors targeted about 74 keywords and invested $1,904 advertising on search engines. Meanwhile, construction contractors spent about $1,428 on search advertising and targeted 40 keywords. Meanwhile, those who offer landscaping services invested $815 on search advertising and targeted 33 keywords while doing so. Other professional services mentioned in the eMarketer study include: pest control companies, auto repair and service companies, chiropractors, movers, electric contractors and more (see the chart on the right).

Social Media Usage In the chart below, we can see the social media uses of companies within various industries including those in the professional services industry. Specifically, this chart illustrates the percentage of those currently using social media, planning to use social media and not currently using social media or have no plans of using it. When evaluating the services industry, we see that 66% currently use social media as part of their marketing strategy, while 21% have plans to start integrating social media in their marketing mix. Only 11% of respondents from the services industry said they are not using social media or have no plans of using it.

Copyright Š 2011 by Research and Management. All rights reserved.


Professional Services

INDUSTRY FACTSHEET Other services mentioned in the study include communications companies in which 71% stated they currently use social media; 16% indicated they are planning to use it; and only 9% said they are not currently leveraging social media or have no plans on using it.

Digital Marketing Opportunities Immediate Areas of Focus for Social and Mobile When we look at the latest digital marketing opportunities of social media and mobile for the professional services sector, their main considerations and focus should be on how they can use these technologies to ensure the expertise of their company is effectively communicated by their experts on staff and their overall brand reputation is positively maintained. Some Professional Service companies have jumped onto the social and mobile train sooner than others. But for the most part, when it comes to what social technologies and mobile marketing strategies they should focus on, below is where we see the majority starting from a strategy standpoint.

Social Technologies Blog

Facebook

Twitter LinkedIn YouTube News Feeds/ Social Alerts

Social Bookmarking

Mobile Marketing Mobile Site

Mobile Local Search

Mobile Ads/ Text

Mobile Apps

Copyright Š 2011 by Research and Management. All rights reserved.

Forums

Review Sites


Professional Services

INDUSTRY FACTSHEET Additional Considerations for Social Media Primary Uses for Social Media

Biggest Concerns for Social Media

Intelligence gathering and prospecting to improve competitive advantage Increased visibility through increased web traffic or enhanced Google search page rankings Enhanced reputation and sales effectiveness Potential for greater client satisfaction and/or communications

Potential reputational risk A lack of control of both the message and the medium The internal resources required for engagement

Recommendations for Social Media When promoting experts using social media, select candidates carefully Ensure experts have a good balance between their personal brand and the brand/reputation of the firm itself Focus on quality of content and conversation, rather than quantity Establish guidelines to ensure consistent presentation of the firm and its brand

Popular Pay-Per-Click Keywords Keyword professional services canon professional services professional services council msa professional services professional services agreement it professional services professional services marketing professional services group professional services contract professional it services professional business services professional services industries selling professional services services professional professional services management business professional services professional services online professional services business professional services it professional services guideline

Advertiser Competition 0.14 0.04 0.05 0.04 0.23 0.77 0.35 0.02 0.36 0.85 0.14 0.05 0.13 0.09 0.35 0.2 0.18 0.15 0.54 0

Global Monthly Searches 6600 1600 1000 720 590 590 590 390 320 260 260 210 170 140 110 73 58 58 36 22

Copyright Š 2011 by Research and Management. All rights reserved.

Estimated Cost per Click $4.69 $1.62 $6.43 $0.60 $1.45 $9.07 $3.07 $9.61 $0.64 $9.44 $5.22 $2.07 $2.32 $0.10 $12.04 $4.55 $0.10 $16.46 $8.86 $0.10

Professional Services Fact Sheet (Digital Marketing) by WSI Online  
Professional Services Fact Sheet (Digital Marketing) by WSI Online  

WSI Online (www.wsionline.ee) has made market research to find out Digital Marketing Facts in Professional Services Industry. This report i...

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