Tech as a differentiator and the ‘networking gap’

By July 29, 2020August 4th, 2020Blog

For Professional services an opportunity exists right now to differentiate yourself and the practice to potential clients, through your intermediary supply chain. It is a consequence of good management and has been accelerated by the Covid experience.

Go to the video explanation here or read on.

Background to this NEW opportunity.

Over the last couple of years the use of technology in professional service firms has rocketed, delivering a faster more effective service. No need for cheaper. Faster more effective is great and worth shouting about

Pre-covid relationships with intermediaries were built on the age old and I mean ages old, meet at event, lunch, coffee at office, hospitality, nurture, great first piece of work, nurture further. All well and good. BUT possibly not so good, as it belied the ‘new’ grasp of technology. Or as one of our clients said 21st century service marketed through 19th century methods.

Tech as a differentiator and the ‘networking gap’

Lockdown came along and a couple of things happened. Firstly Quite a few firms have experienced an exponential acceleration of tech. use. Others though remain stuck in the ‘wet signature’ mentality and dark ages. For our legal, investment management and accountancy clients, the ‘online’ ability to deliver service has rocketed, a real point of differentiation. Secondly we all became hugely introspective, focused on our business processes, clients and staff. This has left a 15 week gap or more in networking.

Recap

Your service delivery is faster, more effective and focused. It’s more online.

It is different and worth shouting about. There’s a gap in the intermediary space. Actuaries have not courted independent trustees, investment managers have not courted private client lawyers, and corporate commercial lawyers have by and large ignored the accountants and IFAs.

How are you going to fill the gap, old way or new way?

A few thoughts on differentiation before we look at a new way.

Being different is a good start. However a true and relevant point of distinction is better. I like to see differentiation in the following way.

Differentiation is therefore not just ‘marketing’ but a visible and relevant difference through your service supply chain.

Time for a differentiated approach to intermediaries

Create an online meeting with a presentation that takes the intermediary through, introductions to establish mutual ability and integrity, discussion on the likely scenarios they will encounter from their clients (the need), your service and benefits and final discussion on business next steps opportunities etc. Wow them make it look and feel modern and alive, exciting and fast, spell out the services and benefits, make sure they have a download etc. 

Study corporate commercial law

As of July / August 2020 we assume that in late 2020 there will be a surge in demand for corporate legal services. Examples include, restructuring, insolvencies, mergers, asset protection, debt recovery and more. Accountants are very good intermediaries or referrers of work to lawyers. They also like fast efficient service. What better opportunity to have a focused online meeting, looking at the potential woes their client base might experience and finding solutions such as merger pre-packs etc.  35 minutes. A discernibly different and relevant range of services presented in a similar fashion

What next?

Do it now before your competitors and everyone else gets in on the act.

Take one step at a time. This can be as simple as a prescribed route through a meeting, backed by an interesting PowerPoint, delivered on Zoom. It doesn’t need to be earth shattering, only noticeably superior than your competitors at those things that are significant to your intermediaries.

We can and would love to help. For a free discussion email Peter Rosenwald peter@chartdev.co.uk

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