To begin, let’s look at the professional services industry as a whole. The accounting sub sector alone generates around $180 billion a year and over $2 trillion is the combined revenue of all professional service firms in the United States (2018). And, approximately 9.3 million people are employed in the industry. This shows us that there is a lot of opportunity for growth.
The professional services industry has been faced with a number of disruptors including a diminishing talent pool, a technological revolution, and certainly new business models that include services that are personalized but maybe not ‘in person.’ Those firms that have pivoted and rolled with the punches have held on and maybe even flourished; those that sat stagnantly, likely haven’t survived. While the road has been long and dark, the profitability of the industry is looking up. With careful planning, professional service providers can get back to doing what they do best, serving others. Digitalization is essential to almost every industry, and it is certainly key in the professional services industry. What are the challenges you have been facing?
More and more consumers are using software to complete many professional services like accounting. Firms in a multitude of vectors in the professional services industry will need to use sophisticated technologies in unique ways in order to compete and help their clients.
With more and more consumers and businesses using accounting software programs, firms will need to use sophisticated technology in different ways to help their clients.
Other challenges facing the professional services industry is creating awareness of who they are and what they have to offer. Additionally, they struggle to align teams across departments as well as logistically connect remote workers with real-time customer information. Communicating internally as well as sharing expertise have also traditionally been a challenge for many professional services companies. Likewise, segmentation and targeting key accounts and high priority prospects needs to be a focus of growth for many in the industry.
Professional services companies are struggling to garner enough awareness around their brands to generate the leads they need to grow their practice. Part of that struggle is being able to impart their expertise to a buyer that has lees understanding of what they need to succeed. Also, professional service companies struggle to build authentic relationships with buyers, and when they do, they don’t know how to convert them into sales opportunities.
Alignment is a primary challenge for professional services companies. Being able to meet the needs of a variety of stakeholders has been challenging. Also, many companies struggle to make sure that remote workers and departments are aligned with real-time customer information, and they lack the tools to coordinate tasks and meeting schedules across teams.
Communicating their expertise and thought-leadership is often challenging for professional service companies because they are busy providing services not writing or sharing that expertise on their website, internally, and/or across their social media networks.
Targeting is essential for professional service companies to grow. They need to foster relationships with key accounts and segment their prospects so they can prioritize and nurture those leads. They also need to target their messaging for various key audiences and stakeholders.
As with most industries, professional services has been hit with customers who have developed exceptionally high expectations. To put it bluntly, they are spoiled, and they want things, the way they want them; in fact, 69% of customers expect new ways to get professional services, for example remotely. The good news is that 84% of customers reward excellent service with future purchases and loyalty. Another important statistic to consider is the cost per lead which is on average $132.
What else do consumers want? They want things to be easy to use, whether it is your website, video content, booking appointments, and so on. They also want things to be customizable and personalized, and most of all, they want individualized treatment.
Now, let’s think about how HubSpot can help you overcome the challenges facing your industry and meet the needs and wants of your buyers.
HubSpot’s tools allow you to confront many of the disruptors in the industry from the diminishing talent pool to the technological revolution to new business models that include services that are personalized (but not necessarily in person). Nearly 50% of CFO’s plan to speed up plans to digitize, automate, and make everything doable, remotely. Firms have to cast nets for talent further and wider than before, and they have to adopt new business models, like subscription-pay and lay old ones to rest.
HubSpot’s CRM platform has all the tools and integrations you need to solve for the many challenges we mentioned above. HubSpot was created so that never again do you have multiple databases that you are trying to force to work together, instead everyone is operating from one single source of truth. Likewise, each one is intuitive and easy to use for the ultimate customer experience. Each product in the platform is powerful alone, but the real magic happens when you use them together.
Hubspot’s CRM will help you to create a connected customer experience for individuals and companies seeking your services. It also allows you to automate and unify your sales, marketing, and service teams so everyone is on the same page. Likewise, you can create workflows that make communication more efficient while at the same time tracking them to ensure all leads are followed-through and buyer’s needs are met.
HubSpot’s Sales Hub is a time-saving tool that provides you with an in-depth 360 degree view of your prospects while minimizing your busy work and giving you time to close deals. The Sales Hub will also help you leverage documents, track bids and proposals, ensuring the right follow-up communications occur. The Sales Hub also helps you track revenue by deal stage across various pipelines as well. You can also create email onboarding sequences to automate deal stage communications and reduce manual follow-up for recurring communications. And, that is just the tip of the iceberg.
As we mentioned above, HubSpot deals provides a single location for sales cycle details which can help your teams’ performance numbers and revenue goals. Likewise, the document library will help you manage content, make it self-serve, and aggregate data about its usage so you can gauge content effectiveness.
HubSpot’s Marketing Hub is a CRM-powered marketing platform that allows you to create, manage, and track your campaigns. It provides you with everything you need to get found, engage new people, and nurture them. It also provides you with informative data to steer future marketing efforts and track your PPC ad campaigns all in one platform. You can also use the Marketing Hub to develop lead nurturing workflows to educate consumers and manage and automate your social messaging.
With HubSpot, you can create dynamic personalized emails at various stages of the buying process to connect with customers at all stages of the buyer’s journey. Triggers for various behaviors and different stages will help your customer get the right email at the right time, while you get notified when they are ready to commit.Also, with HubSpot’s workflow tool, you can publish and schedule to publish content to your social accounts at the recommended time for your target audience.
The Service Hub is another well-crafted HubSpot tool that allows you to provide superior customer service. You can create custom properties to track leads and customer’s preferences to enable a highly tailored and connected experience. The Service Hub also allows you to leverage tickets and a customer portal to track, manage, and resolve customer issues. You can also develop knowledge-based content that allows customers to self-solve. With Service Hub, you are able to monitor how quickly a customer’s questions are answered and problems are resolved as well as create surveys to measure customer satisfaction and your companies net promoter scores.
With a shared inbox, you can connect you teams. Email, live chat, Facebook Messenger, and more to one universal inbox to make everything visible to your teams and make it easy to manage. Video messaging is available right inside HubSpot as well. You can create and use them to build stronger relationships during your onboarding process or for customer relationships.
In your industry, where a majority of your customers are searching for you, it’s essential that they are greeted with a high quality website with all the information they might need to make a decision. With CMS Hub, you can create a secure, mobile-optimized website that is responsive, easy to understand, and optimized for quick, mobile, on-the-road inquiries. Also, you can compile a resource center to leverage forms and essential information consumers want and need while you gather information about potential buyers. The Hub will also help you to create a modern and attractive website with a chat option where customers can ask the questions that are on their minds in real time, 24/7. Likewise, HubSpot’s CMS Hub has the tools to manage your on-page SEO as well as monitor traffic sources.
HubSpot’s SEO tools make it easy to optimize your website for search engines and searches and even provides recommendations to improve your SEO performance. Likewise, with website tracking, you can track every visitor to your site in one place and use your CRM data to create personalized digital experiences.
The Operations Hub seamlessly integrates with all the other tools and allows you to connect data and automate processes for a friction-free experience between your teams. You are essentially aligning large amounts of data around a secure, single source of truth and presenting it in a clean, consistent, and easily accessible manner. Likewise, the Operations Hub helps you streamline processes that allow you to reduce manual work while at the same time personalizing your messaging and improving customer experience.
Once you decide that HubSpot is right for you, Lovable Marketing makes it easy for you to integrate, get up to speed, use it, and experience success quickly. With dedicated onboarding and one-to-one training, your teams will be up and running swiftly. You can also rely on HubSpot day or night with 24/7 phone support.
Now, let’s dig into how HubSpot has helped other professional services companies like yourselves.
As you can see, HubSpot has worked with many companies in the professional services space to solve challenges with awareness, alignment, communication, targeting and much more. Let’s take a look at a couple.
Townsend Security in Olympia, Washington is a small company specializing in helping enterprises meet compliance and mitigate risk of data breaches. They were struggling to create content that was converting into leads. With HubSpot’s help, they were able to increase their lead generation by 80%.
The competition in their sector is fierce which meant they had to find a way to build awareness without the same budget as larger competitors. Their organic traffic was down by 38% and leads down by 23% until they doubled-down on website optimization and content creation. The insights and metrics provided by HubSpot helped them to strategize and make changes. The Sales Hub Pro and CRM also helped their sales and marketing teams to align and fight the competition. They were able to increase their traffic by 55%, increase leads 12 times what they were producing before and generated 600 leads.
Ignite is a leadership community that provides mid-level leaders with an engaging learning platform and curriculum to help them thrive. With a cobbled tech stack, they were unable to prevent non-members from attending free events; they were unable to produce them efficiently; and they needed to switch from a consumer model to a corporate model. With Hubspot Payments, they increased free trial sign-up by 300%, and 50% less time was spent on payment management. They were also able to establish workflows that helped them automate event processes, and therefore, they were able to cut their their time spent on training production by 30%. Finally, they used HubSpot’s marketing tools to get in front of corporate clients more easily and demonstrate their value to their new target audience.
Eastridge provides global contingent workforce solutions for a broad range of clients here in the United States. Before Hubspot, they were struggling to standardize operations and systems as well as centralize campaigns. With HubSpot’s help they were able to increase their customer growth by 10%.
Eastridge had a lack of connectivity, no automation, and no standardized operations between sales and marketing. Likewise, they didn’t have access to reliable data to track leads and guide marketing. With HubSpot, they established workflows and automated processes, and with reliable data, they were able to group leads and track engagement. Likewise, they executed strategic marketing campaigns that aligned with sales processes and core services, then measure and evaluate their successes.
As you can see, HubSpot can solve the sales, marketing, and operations challenges facing professional services companies today. HubSpot continues to be recognized for being world class in this space and was awarded for fastest implementation and most implementable in 2021. Who wouldn’t want that?