Just 25 years ago, the professional services industry looked radically different from what it does today. We’ve transitioned from phone books, manual data/information entry, and having to wait to physically be in a position to do business—to a time when we hold the world’s information in our hands and can demand answers instantly.
Consumers not only prefer their solutions to be delivered quickly, they demand it.
Now, in a brand-new decade, more is changing in the landscape of professional services. Those in the legal and consulting professions are faced with the challenge of needing to continually offer their clients more value for their money. Services are expected to become more automated and commoditized, as clients increase their data knowledge and can Google anything.
We are entering a time when clients are beginning to rethink their purpose and the purpose of their business models. It is not surprising that we are also entering a new time of disruption—an age that has the potential to become an industry in and of itself. But what is causing this disruption in the first place? And what can we as marketers do to rise above it?
Technological improvements, new business model developments, distribution channel replacements, and rapid digital scaling all contribute to disruption—as well as the impact that disruption will have on many industries and business models. Technology is poised to replace many jobs that involve knowledge-sharing and has already replaced numerous others. Let’s take a look at the main causes of disruption.
An incredible amount of competition can be expected as market alternatives come forward or the structures of businesses are altered. This is why it’s imperative to partner with knowledgeable professionals that are poised for digital strategy and adopting new methodologies. Still not sure how to differentiate yourself or your company and meet the increasing demands for value propositions? Here are some examples that will help you get started:
It may come as a surprise that 2020 will bring drastic changes in how clients buy and interact with professional services. The a la carte model has become increasingly popular, which brings about the need for frictionless selling. Customers do not want to encounter distractions and unnecessary additions to what they want, and with diversification ever-increasing, you can count on the customer moving on quickly if they have to think too much.
Seventy-one percent of C-suite executives surveyed by Raconteur said that they found content from brands to be “boring, repetitive, and self-serving.” People are not engaging with branded content, and that content is not doing a good job of challenging existing consumer perceptions about the foundations of running a successful business. How, then, do you differentiate, and have your clients/consumers see you as a thought leader?
Automation is coming for professional services, and it is on a fast-moving trajectory. Technology has opened the world to better knowledge sharing, but it has also made way for that knowledge to be transparent and automated in its delivery. Technological advancements can be viewed as either threats or opportunities, and that decision lies on your willingness to reinvent.
2020 has the potential to be your most successful and growth-driven year, but it could also be the year that technology and the disruption it’s causing will be your downfall. Don’t let that happen. Whether you need to sell smaller, more customized engagements as a professional services provider or you need to upgrade your technology stack, investing in and integrating the right technologies can help your company run more efficiently and see bigger results.