Emerging Business Development Trends in Professional Services

Emerging Trends in Business Development of Professional Services Ghulam Mustafa Qazi, FCMA Vice President ICMA Pakistan Managing Partner, TQMC, Financial and Management Consultants

* World has turned into Global Village * Technology has changed everything * Traditional methods of doing business have changed * Communication is fast * Internet has become a need of everyone Today s Business Scenario

Only 20 years ago, a business owner used to promote his/ her products in his/ her city or country. Touching global market was difficult But now he/ she can approach customers across the globe while sitting in office anywhere Customer is one click away Target Markets have shifted

*Intangible banking, cleaning, consultancy, education, insurance, expertise, or transportation. *Sometimes services are difficult to identify because they are closely associated with a good; such as the combination of a diagnosis with the administration of a medicine. products such as accounting, medical treatment, Services Defined

*Business service is a general term that describes work that supports a business but does not produce a tangible commodity. * Examples include information insurance, accounting and consulting. technology, Business Services

Core Marketing Concepts

Branding

Services Brands

*53% of Americans are now owning smartphones *The amount of time people spend on a mobile device is growing at 14 times the rate of desktop usage. *Mobile is becoming a more prominent channel for commercial transactions Use of Smart Phones

Tangibility Spectrum Salt Soft Drinks Detergents Automobiles Cosmetics Fast-food Outlets Intangible Dominant Tangible Dominant Fast-food Outlets Advertising AgenciesAirlines Investment Management Consulting Teaching

*No transfer of possession or ownership takes place when services are sold *Intangible -Cannot be stored or transported *Heterogeneous Cannot be replicated *Are instantly perishable *Come into existence at the time they are bought and consumed. *Pricing of Services is a difficult subject *Quality is subjective and their perception varies by recipient *Service delivery is different from products delivery *Mass production of services is difficult *Unlike products, services cannot be returned or resold Some Characteristics of Services

Defining and improving QUALITY Communicating and testing new services Communicating and maintaining a consistent image Motivating and sustaining employee commitment Coordinating marketing, operations and human resource efforts Setting prices Standardization versus personalization Challenges for Services Business

*Service Management: Delivering the expectations *Difficulty in relating services to financial benefits *Customer Satisfaction *Quality: Maintenance, proving quality *Customer retention *Investment in research Services- Key Challenges

*SME Sector generally does not understand the significance of service need *Large enterprises prefer international/ large service providers *Marketing is difficult Key Challenges

*Keeping up with new technologies *Retaining key human capital when required *Availability of human capital *Pricing *Gaps in assessment of deliverables Key Challenges

*Understand the expectations/ deliverables *Discuss before you proceed *Get the deliverables and needs signed by client (Terms of reference, Requirement Specifications, Contract) *Assess the skills available *Carefully select Project Team *Commit only what you can deliver Managing Challenges

Relationship with Client Quality of Service Achievement of Client s objectives Price-Value perception Factors Influencing Customer Satisfaction

*Discuss and explain what has been delivered *Explain the associated benefits- long-term as well as short-term *Associate the financial benefits (cost saving, client retention etc.) *Respond to questions *Follow-up *Send relevant information (newsletter) Achieve Customer Satisfaction

*fresh thinking that creates value Richard Lyons * new products, business processes and organic changes that create wealth or social welfare .. OECD *change that creates a new dimension of performance.. Peter Drucker *Innovation is converting ideas to numbers Innovation

*To look different/ better *To serve customers needs more efficiently *To be market leader Why Innovation?

*Keep up with latest development/ research *Offer something different from your competitors *Present innovatively Be Innovative

Marketing & Promotion

Services Marketing Triangle Company (Management) Internal Marketing External Marketing enabling the promise setting the promise Employees Customers Interactive Marketing delivering the promise

The Services Triangle and Technology Company Technology Customers Providers

Product Price Place Promotion People Process Physical Evidence Expanded Marketing Mix of Services- The 7 Ps

Expanded Marketing Mix for Services PRODUCT Physical good features Quality level PLACE Channel type PROMOTION Promotion blend PRICE Flexibility Exposure Salespeople Price level Accessories Intermediaries Advertising Terms Packaging Outlet location Sales promotion Differentiation Warranties Transportation Publicity Allowances Product lines Storage Branding

Expanded Marketing Mix for Services PEOPLE PHYSICAL EVIDENCE PROCESS Employees Facility design Flow of activities Customers Equipment Number of steps Communicating culture and values Signage Level of customer involvement Employee research Employee dress Other tangibles

Gaps in Service Quality Expected Service CUSTOMER Customer Gap Perceived Service External Communications to Customers Service Delivery COMPANY GAP 4 GAP 1 GAP 3 Customer-Driven Service Designs and Standards GAP 2 Company Perceptions of Consumer Expectations

Gaps in Service Quality * Customer Gap: *difference between expectations and perceptions * Provider Gap 1: *not knowing what customers expect * Provider Gap 2: *not having the right service designs and standards * Provider Gap 3: *not delivering to service standards * Provider Gap 4: *not matching performance to promises

Varies from Customer to Customer and Type of Service Desired Service Zone of Tolerance Adequate Service Customer s Zone of Tolerance

Relationship with Client Quality of Service Achievement of Client s objectives Price-Value perception Factors Influencing Customer Satisfaction

Outcomes of Client Satisfaction Retention of client Positive word-of-mouth communications and Referrals Increased revenues 100% Loyalty (retention) 80% 60% 40% 20% 0% Very Dissatisfied Neither satisfied nor dissatisfied Satisfied Very satisfied dissatisfied Satisfaction measure

* Having a dynamic website * Online Selling * SEO * Emails * Blogging * Forums * Etc.. Presence on Web

Social Media Marketing * Linkedin .. Company page, ads * facebook, ..Pages, Groups, Ads * Youtube Product/ Services videos * Skype .. Online calling, meetings * ebay .. Online selling * Twitter.. Promotions * OLX * Regularly Update Some New Ways to Marketing

* Register on Business Directories * Search Engine Registration * List Your Products with Shopping Comparison Bots and Auction Sites * Online paid marketing * Pay per click * Google Ad words etc. Marketing Online

* Quick contact * Professional Design * Effective Message * Email signatures * E-marketing outsourcing * Avoid Spamming * Newsletters * Blogs and Articles Email Marketing

* Visiting Cards *Traditional cards *Mention your website, email, facebook, linked, skype links * eVisitng Cards--- Your introduction *Profile *Products and services *Contact details Visiting Cards

* Web portal * Selling Globally * Online payments * Home Delivery Online Selling

* Events, contests * Referral Schemes * Online meetings and Video Conferencing * Offer something free Other Strategies

Online Consulting/ Outsourcing

* Blogging * Articles Writing * Online response to queries Write Online

International Affiliations always Pays

* Employees are your Assets * Motivate them * Reward them * Teach Them Take Care of Your Team

*Develop personal relationship with clients make client your FRIEND * Discuss about business and related issues he is facing *Visit them frequently have a cup of tea or coffee with him * Invite clients to your office * Know and share new developments and resulting requirements of clients Other Tips

Always be sincere to yourself and your clients. Give them best advice Be Sincere

* Reward yourself * Focus on Your Family * Avoid Tensions * Be HAPPY BECAUSE YOU are the Most Important Person And FINALLY

Thank You