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Many professional firm owners know they can sell new work, given a level playing field and a qualified prospect. When times are good, there’s enough to go around. However, right now times are tough, and when the going gets tough, what do the tough “guys” do? Some say the tough get going. Others say they go shopping. I would like to think that the tough are smarter. They should have been better prepared for this market with a long range perspective, positioning the company and the establishment of a successful brand.

However, the establishment of a brand and long range planning usually isn’t easy for a small firm. It has enough to do just to sell enough business, collect receivables and meet payroll. Without a brand, it has a dilemma and an additional long term risk.

The dilemma exists when experts in their respective fields who individually enjoy excellent reputations and a following of loyal clients decide to leave, or retire, or they simply fall from grace?  How does the firm make up for the shortfall, and maintain business development momentum? Does the brand get tarnished?

If the firm is young and the principals/partners of the firm have strong relationships with their respective clients, then are the individual professionals the real brand?  If your lawyer or accountant should leave the firm and you were the client, would you stay with the individual or stay with the firm? Would the same be true if the firm were an engineering or software firm?

Effective branding may not prevent the professional from walking away, but it could prevent the client from riding piggy-back. Consistency is important. The key to good branding is inherent in the purpose, message, experience, commitment, capabilities, the quality of service, promotion and shared vision which create a powerful brand and more customer loyalty. What questions need to be answered?

1. The Client.

   Who are your clients? What do they say about you? Why did they buy from you? What do they remember most about you?

2. The Service.

What does your firm do best? Is there a niche? Is there a competitive advantage? What is your value proposition?

3. The Market.

Does the market know who you are? Who are your competitors? How are you different and positioned? Are you focused?

4. The Firm.

Is your marketing machine operating on all cylinders? Are employees articulating the message? Is there a corporate commitment and support? What is your firm’s reputation? How do you want to be known?

When a principal of the firm calls for an appointment or submits a proposal, does the recipient know your firm and its best qualities? It’s tough enough to sell new business, and it never hurts to soften the beach before the soldiers land.

Business development goes hand-in-hand with marketing strategy. Brand development is a key component of marketing strategy, as is differentiation and positioning. Brands create loyalty. For example, when you think of the “lonely” Maytag Repairman, you tend to think of reliability and quality. How do you want to be known?

Buyers of professional services want to know the following:

1. Do you have the expertise to solve my problem, and how good is it?
2. Are you reliable?
3. Do you have a good reputation?
4. Can we work together?
5. Is your pricing reasonable?

If you take anything away from this article it’s the importance of a niche. With the development of a solid niche comes a more powerful corporate brand, greater differentiation, competitive advantage and steadier sales. You might say that the niche has many advantages, and very few disadvantages. As an example, McGraw-Hill (NYSE) has niches in many markets for its publications. To increase revenue, it simply increases its subscription prices, and therefore only has to sell a marginal amount of new business. Utility companies as you know have the ultimate niche-the monopoly, but they have to sell the Public Utility Commissions on their proposed rate increases.

In Summary

Developing a brand is more than a new logo, new brochure, business cards, trade name, tag line, advertisement or a web site.  It’s your identity, your vision, your values, your expertise and resources, and the message to be articulated to the market. It requires information gathering, analysis, interviews, market research, competitive intelligence, and knowledge of professional services marketing and business development. When the brand strategy is developed it should include your value proposition, message and theme. Branding needs internal support to succeed, so that the message and theme is articulated multi-fold and consistent throughout the market place. 

The strength of your brand will increase your capability to win more clients, increase profits and expand your service offerings either geographically or by additional services tied back to the theme and message of the brand. It will also provide you with greater client loyalty, leadership in the market place and a better bottom line.