The pandemic has changed and accelerated the way we do many things — from shopping for groceries to even visiting with the doctor. The way we sell professional services has also been impacted, but how so? Have clients’ priorities and buying methods changed as a result of the environment?
He said: Historically in our profession, buyers of professional services would hire individual accountants and tax advisors. I argue that we are at a tipping point where branding has become more important than the efforts of individuals. Today, buyers are more focused on brand than on the individual relationship.
She said: I respectfully disagree. No matter how solid your brand is, how sophisticated your marketing machine is, or how polished and interactive your website is, if your professionals can’t effectively communicate and sell, your firm will not experience continued growth.
He said: I think this is dependent on the service or product. For example, I recently went online to purchase a car and never spoke with a real person. People go to H&R Block for tax services because the brand is well-known, not because of an individual tax preparer. Many people buy insurance online, for example.
She said: Those are different services. Let’s not forget we are in a people business. We are not selling tires or pencils or widgets. We are the product. We are the service — especially when it comes to advisory work. Sophisticated buyers understand the importance of being able to collaborate with their accountants and advisors. The way we sell is, indeed, a reflection of the way we serve. Buyers know this. Many times, the relationship with your CPA is one of the most, if not the most, important professional relationships you have.
He said: Brands mean something to buyers; they provide peace of mind. The Big Four all have strong brands. Fortune 500 companies select one of the Big Four firms nine out of 10 times due to the trust in these brands. The selection of the person comes second. Brands can be promoted more easily than people, especially through social media and advertising. The primary reason branding is important to a professional services firm is because it’s how a firm gets into the selection process.
She said: The brand may get you to the table, but the people keep you there. I’m not arguing branding isn’t important. There is no question it is. I believe that closing, growing and retaining business is a result of the efforts of the professionals. People buy from people they like and trust — especially in our profession. Personal branding is becoming more and more critical as well. The key is to align your personal brand with your organization’s brand, but also let people know what you individually specialize in and areas where you are passionate.
They said: Firms should focus on building a solid brand that team members can get behind. Firms should focus on developing professionals who can communicate well, articulate value, and work collaboratively with one another and with clients to close business. In this highly competitive environment, the impact of a strong brand and professionals with these skills should not be underestimated.
