Aust Cham Oct 09 Marketing Psf In Asia

Aust Cham Oct 09 Marketing Psf In Asia

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  Marketing Professional Servicesin AsiaAustralian Chamber of Commerce HK, 22nd October 2009Robert SawhneyManaging DirectorSRC Associates Ltd1www.srchk.com
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  The State ofPlayFinancial crisisGlobalizationDemanding clients (end of high leverage)?Dissatisfied seniors and juniorsOpening of emerging marketsCompetitorsExternal ownership (UK 2011)LPOSocial media and Web 2.0www.srchk.com2
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  What one GCthinks!Pfizer GC, Amy Schulman talks about law firm-client relationswww.srchk.com3
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  How PSFs areDifferent!Product resides in the structural, social, and humancapital of firm – knowledge and learning keyKey marketer is the professional who interacts with clientDifferentiation is harder to achieve – ‘we do better audits’Branding at the individual, practice group, and firm levelMarketing and BD coupled together – misunderstanding?Professionals don’t take easily to being ‘managed’, strategy bottom up and involves all or no one (are they interested)?www.srchk.com4
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  And the difficultyof…Fundamental misunderstanding by professionals of what marketing isGrowth of 10% per annum, who needs it?Strong resistance by seniorsBelief in conflict with professional ethics and association guidelinesCombined role of producer/managerShort term orientation and lack of longer term strategic thinkingwww.srchk.com5
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  Marketing and clientvalueFirstly – what marketing is not:PromotionClever logo and new brand nameRun by the marketing/BD peopleSomething that can be turned on and off according to prevailing conditionsIn its entirety, something that cannot be measured using ROIwww.srchk.com6
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  Cont’dWhat it is:Abusiness process about creating client valueA firm culture that has the most significant impact on firm performanceThe guiding force for strategy and strategic management The bed rock of firm performance (market orientation) www.srchk.com7
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  Me arguing withsomeone!http://www.thenewlawyer.com.au/article/firm-marketing-inspires-email-vitriol/493687.aspx#commentswww.srchk.com8
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  We are nowin the ‘value’ eraClients want their PSF to be more commercially oriented and demonstrate the value they provide (i.e. cost savings, risk mitigation, business improvement)According to HBR (March 2006): value propositions should have a resonating focus with clients that identifies a few key points of difference (with points of parity)www.srchk.com9
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  What Professionals ReallySellAccording to research conducted at the Centre for Management of Professional Services (Said Business School, Oxford University), a firm's ability to differentiate itself and create a sustainable strategy relies on four factors:
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  · Expertise- knowledge and experience
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  · Relationships- clients and other stakeholders
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  · Reputation- expertise, experience, and engagement
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  · Service- processes, services, and engagement
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  According to theauthors, a sustainable strategy can be built around these four factors whereby they create a virtuous cycle of innovation, organisation learning and knowledge management, as well as access to new markets. The authors' research demonstrates clearly that for a firm to create differentiation that means something (ie value perceptions to client), a firm must spend time on factors aside from technical quality of work.www.srchk.com10
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  Research in HongKong for Law Firms(Source: Asian Counsel Magazine, 2009)www.srchk.com11
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  What marketing reallyis: Bed rock of firm performancewww.srchk.com12
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  What Does itMean to be Market Oriented?Marketing is a business philosophy that puts creating and delivering customer value at the heart of all that an organization doesIt is an organization culture that acquires and disseminates information-cross functionally and across hierarchies, and acts upon that informationThis sharing and information coordination tolerates no functional silos www.srchk.com13
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  Thank You!If youwant any of the full references for work cited or have any questions, please feel free to contact me:[email protected], www.srchk.comBlog: www.marketingasia.typepad.comTwitter: http://twitter.com/robertsawhneyLinkedIn – Robert Sawhneywww.srchk.com14