Hinge Strategy Research Study 'How Buyers Buy' Examines the Mind of the Client of a Professional Services Firm
Comprehensive research offers advice about how to deliver services that clients value
Reston, Virginia (PRWEB) May 19, 2009 -- Hinge Incorporated, a strategy and branding firm focused on the professional services marketplace, released results from its research study How Buyers Buy, focused on the needs and requirements of customers of professional services firms. The national survey sought to understand the dynamics of the decision-making process throughout the life of a professional services engagement.
"The prospect of selling the intangible is truly challenging," said Greg Boucher, Managing Director of the McLean Group (http://www.mcleanllc.com). "In their new survey on buying habits, Hinge has uncovered some new information that will add clarity to the process. Hinge is demonstrating their leadership in brand strategy and messaging, and professional services providers will find the insights accumulated from their series of market studies invaluable."
Research Director and Managing Partner of Strategy, Lee Frederiksen, Ph.D., highlighted the strategic importance of this data at a launch gathering in April 2009, bringing together a representative group of professional services leaders. "In this time of economic challenge, it is more important than ever to be laser focused on delivering services that clients need, and to deliver them in way that continually demonstrates value," stated Frederiksen. "No one has time to take chances; it is imperative that companies over-deliver on their promise to clients."
The study gathers primary feedback and research from a collection of buyers, all purchasers of services in the following industries: architecture, engineering and construction (AEC), technology services, management consulting and accounting and finance. The study compiles the findings of 137 buyers, with questions that included perspectives on the firm selection process, competitive marketing approaches, client expansion, the importance of referrals and an examination of why clients leave.
According to Unanet, another Hinge customer: "I was so impressed with the results of the study that I asked Dr. Frederiksen to present a synopsis at our Annual Unanet Customer Meeting, comprised mainly of professional services people," said Fran Craig, Founder, President and CEO of Unanet (http://www.unanet.com/).
Of the buyers surveyed, 53% of the respondents are government agency buyers and 47% are private-sector purchasers. Key findings include:
| | - Focus on customer issues, not services: Professional services companies want their vendor partners to come to them with solutions to practical problems, and not be sold on services. They want firms to understand their business, anticipate needs and make suggestions, rather than hear a presentation of capabilities.
- Why clients leave: Respondents indicated that the number one reason companies leave their service provider is not due to unhappiness, but they have no ongoing need for a particular service. This creates an opportunity for firms to cross-sell other solutions.
- Expanded service offerings are unclear: 64% of the respondents indicated they don't have a full understanding of what their service providers can do beyond original scope. There is an opportunity to continue providing services by consistently educating clients.
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In addition, the findings indicate a positive experience with current service providers and a willingness to refer other business to those firms. The primary reason referrals don't happen (69% of those not referring) is due to a lack of initiative on being asked to be a reference or placing companies in a position to do so (interacting with other clients, for example).
To find out more about what buyers want, particularly in a down market, download a complimentary copy of "What Buyers Buy" at http://www.pivotalbrands.com/resources/surveys/how-professional-services-buyers-buy.html
About Hinge Incorporated
Founded in 2002, Hinge Incorporated provides breakthrough marketing strategies and award-winning brand design to professional services firms. From strategic analysis and assessment to market research and strategy development, Hinge helps clients build highly competitive brands. With a specialty in accounting, architecture, engineering, information technology, management consulting and government contracting firms, Hinge has built an expertise in finding and marketing the competitive advantage in any professional services business. The firm's work has been featured in magazines and design books and has won over 100 major awards. Learn more about Hinge at www.pivotalbrands.com.
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