Wednesday 22 January 2020, London
A few weeks into a new decade, the PM Forum members gathered to hear the findings from the 2020 Marketing Leaders' Benchmark and discuss what the professional services industry can expect to see in the ten years ahead.
The event was kindly hosted by Turner & Townsend in their City of London offices, and attended by a full house of PM Forum members. Welcomes were extended by Matthew Crimes (Turner & Townsend) and PM Forum Regional Director, Susanne Pugsley (PSBD).
The event was led by Alastair Beddow of Meridian West who was joined by an esteemed panel made up of Ed FitzGerald (RPC), Katy May (LCP), Samantha Bisson (Buzzacott), Nicole Bisson (Turner & Townsend).
Alastair opened the presentation by describing the last decade - characterised by the global financial crisis, challenges to billings and the emerging impact of technology. He then posed the question: “Who thinks the 2020’s will be a better place to be a professional services marketer?” and taking a straw poll from the audience.
The findings from the floor showed:
Overall more positive than the past with lots of opportunities for change.
Highlights from the Marketing Leader’s Benchmark Report 2020
1. Competitive and changing industry backdrop
Themes:
2. New service models and technology dominate strategic priorities
Top-three anticipated activities over the next year:
3. Feedback comment: “…initially a charge into AI technologies, followed by a pushback from clients who want quality and the human touch. A lot of smaller or mid-sized firms will go or merge...”
4. One in four say their focus is to relaunch the brand
Top-5 activity priorities for 2020
5. Feedback comment: “Innovative new competitors who use process, tech and data analytics to challenge the law firm model, which isn't just a marketing issue but is something that will transform law firms and, as a result, the way they manage marketing. It will be a case of changing the way law firms engage with marketing or fail as businesses.”
6. Feedback comment: “Consolidation in the market is likely to continue due the increasing significance of scale. The larger firms become, the easier it is to lose sight of the client experience…”
7. However, budget increases remain modest
Anticipated change over the next 12months
8. Technology adoption
Today By 2022 change
• Website analytics 96% 100% +4%
• Social media monitoring 82% 94% +12%
• Content management 74% 92% +18%
• CRM system 69% 98% +29%
• Paid/targeted adverts 61% 77% +16%
• Client listening tech 27% 64% +37%
• Predictive marketing analytics 10% 55% +45%
• Chatbots to answer client queries 4% 29% +25%
9. Which KPIs do you measure today?
Top-four measures
10. Feedback comment: “We will see the industry moving to a more personalised marketing approach…”
Panel Q&A Session, chaired by Alastair Beddow
The following are a set of discussion questions that formed the basis of the Q&A. The single theme that emerged above others was that of the ongoing impact of technology and its effect on the businesses and roles for professional services marketers.
1. Which initiative in the last 12months are you proudest of?
2. How important is data in 2020?
3. What are you doing to innovate the business model?
4. Is there an increasing unbundling of services, into more commoditised services delivered by technology? (Milan Dalal – Brook Intelligence Centre)
5. Is lower investment in digital/social a sign that they are now embedded in marketing? (Charlie Green – Tml Partners)
6. Is the ‘human touch’ always value adding/positive? (Clare Rodway – Kysen PR)
7. Brand development – what are the lessons from a brand refresh/change?
8. Are the timelines of measurement/KPIs (e.g. 12mths) and sales cycles (5yrs) aligned?
9. Are we going to recruit more commercial (non-qualified) managers as Partners in law firms?
10. What’s the relationship between CTO and CMO, and how many data scientists do you have?
11. Final question: Do we feel more positive about the next decade?
Suzanne – I want to give a final big thank you to Alistair, and to all of the Panel for an engaging and thought provoking meeting.
Here’s to embracing the opportunities presented in all of the change ahead in the new decade!
Miles King
Strategy and Marketing consultant