{"id":34178,"date":"2020-10-05T08:00:23","date_gmt":"2020-10-05T12:00:23","guid":{"rendered":"https:\/\/hingemarketing.com\/?p=34178"},"modified":"2020-10-05T09:55:22","modified_gmt":"2020-10-05T13:55:22","slug":"understanding-your-target-market-applying-the-latest-market-research-on-professional-services-buyers","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/understanding-your-target-market-applying-the-latest-market-research-on-professional-services-buyers","title":{"rendered":"Understanding Professional Services Buyers: Inside the Buyers Brain"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">These are unprecedented times. Chaotic times. Strange times. But most of all, these are times of profound change. And this dizzying change is affecting everyone\u2014you, your clients, and your prospects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyers need to know how to assess products, services and providers in today\u2019s environment. And sellers need to understand how buyers are behaving in these topsy-turvy times. In short, both buyers and sellers need to know what\u2019s going on inside the buyer\u2019s brain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s why we are pleased to announce the 3rd edition of our pioneering study of professional services buyers and sellers. It\u2019s called <\/span><a href=\"https:\/\/hingemarketing.com\/library\/article\/inside-the-buyers-brain-third-edition-executive-summary\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Inside The Buyers Brain<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This research couldn\u2019t have come at a better time.<\/span><\/p>\n<h2><b>About the Research<\/b><\/h2>\n<p><a href=\"https:\/\/hingemarketing.com\/#email\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">At Hinge, <\/span><\/a><span style=\"font-weight: 400;\">we\u2019ve studied over 30,000 buyers and sellers, giving us unparalleled insight into the professional services industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our most recent study details the perspectives of over 1,900 buyers and over 1,600 sellers of professional services. We were able to compare results between buyers and sellers across five different groups of firms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Accounting &amp; Financial Services<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Architecture, Engineering &amp; Construction<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consulting<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Government Contractors<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Technology &amp; Software\u00a0<\/span><\/li>\n<\/ul>\n<div class=\"cta-link\">\n<p><b><a href=\"https:\/\/hingemarketing.com\/library\/article\/inside-the-buyers-brain-third-edition-executive-summary\" target=\"_blank\" rel=\"noopener noreferrer\">Download the Executive Summary<\/a><\/b><\/p>\n<p><span>This study conducted by the <\/span><a style=\"font-size: 16px;\" href=\"https:\/\/hingemarketing.com\/research-institute\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Hinge Research Institute<\/span><\/a><span> provides insight into how professional services firms can win new business and grow faster by better understanding their buyers.<\/span><\/p>\n<p>It is organized around several key questions that are critical to understanding today\u2019s buyers and their relationships with the professional services firms that service them.<\/p>\n<\/div>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How well do sellers really know their buyers?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What are buyers\u2019 key business challenges?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do clients feel about their service providers?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do buyers search for service providers?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do buyers evaluate service providers?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How does your industry compare to other professional services?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here are some of the themes that run through the results.<\/span><\/p>\n<h2><b>Some Key Findings<\/b><\/h2>\n<p><b>Digital marketing dominates<\/b><span style=\"font-weight: 400;\">. This edition of the series documents the extraordinary rise of digital communications. Increasingly it is where your prospects are going to research business issues, gain valuable insights and learn about professional services providers who can help them with their challenges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0If you aren\u2019t all-in with <\/span><a href=\"https:\/\/hingemarketing.com\/blog\/story\/digital-marketing-strategy-for-professional-services\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">digital marketing<\/span><\/a><span style=\"font-weight: 400;\">, your firm\u2019s days are probably numbered. In today\u2019s marketplace, digital is how new business is won.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And, of course the <\/span><a href=\"https:\/\/hingemarketing.com\/library\/article\/how-professional-services-firms-are-responding-to-the-covid-19-disruption-special-report\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">COVID-19 pandemic<\/span><\/a><span style=\"font-weight: 400;\"> has forced many firms into a virtual environment where digital interactions are now routine. With so many gaining experience and comfort with virtual services, one might expect that this trend will continue.<\/span><\/p>\n<p><b>The rise of relevance.<\/b><span style=\"font-weight: 400;\"> One of the most significant findings is the continued rise in relevance as a key driver of buyer behavior. Figure 1 shows the proportion of buyers who believe that their professional services provider is very important to addressing their most pressing current challenges.<\/span><\/p>\n<div id=\"attachment_40728\" style=\"width: 1610px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-40728\" class=\"wp-image-40728 size-full\" src=\"\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM.png\" alt=\"\" width=\"1600\" height=\"1203\" srcset=\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM.png 1600w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-300x226.png 300w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-1024x770.png 1024w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-768x577.png 768w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-1536x1155.png 1536w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-1000x752.png 1000w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-189x142.png 189w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-310x233.png 310w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-230x173.png 230w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-181x136.png 181w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-100x75.png 100w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-500x376.png 500w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-60x45.png 60w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-1500x1128.png 1500w, https:\/\/hingemarketing.com\/wp-content\/uploads\/2018\/11\/Screen-Shot-2020-10-01-at-3.45.43-PM-490x368.png 490w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><p id=\"caption-attachment-40728\" class=\"wp-caption-text\"><strong>Figure 1. <\/strong>How important are the services your firm provides to addressing client challenges?<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Buyers seek out, are loyal to, and refer firms that they believe can drive their success. With the rise of digital search it is becoming easier and easier to find a firm that is an \u201cideal match\u201d with your needs. Increasingly, it takes specialized expertise and deep industry knowledge to beat the competition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a service provider is able to connect the dots between their service offering and the challenges their target market is trying to solve, relevancy has been established. Our findings suggest that buyers view their service providers are more relevant today than they did just a few years ago.<\/span><\/p>\n<p><b>The traditional marketing model is in trouble.<\/b><span style=\"font-weight: 400;\"> Client loyalty, satisfaction, and referrals are in a slow downward spiral. This has been happening since well before the disruptions of 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is much easier for buyers to do a web search than it is to reach out to a friend or colleague for advice or a referral. Loyalty suffers if the client does not see you as highly relevant to current priorities and concerns.The old strategies and techniques simply won\u2019t cut it anymore.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is the alternative?\u00a0 In today\u2019s marketplace, a modern, digital-fueled <\/span><a href=\"https:\/\/hingemarketing.com\/blog\/story\/content-marketing-key-component-professional-services-marketing-plans\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">content marketing<\/span><\/a><span style=\"font-weight: 400;\"> approach hits all the right notes. No, traditional approaches are not dead, just much less effective and more expensive. Use them with caution.<\/span><\/p>\n<p><b>Talent acquisition is now a business development function.<\/b><span style=\"font-weight: 400;\"> Having great talent is the top factor that tips the scales for buyers. That means the quality and visibility of your team directly affects your ability to close new business, and ultimately, the bottom line. Having <\/span><a href=\"https:\/\/hingemarketing.com\/blog\/story\/the-visible-expert-how-ordinary-professionals-become-thought-leaders\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">high visibility experts<\/span><\/a><span style=\"font-weight: 400;\"> on your team makes everything else easier. It\u2019s easier to gain visibility, establish your firm\u2019s expertise, generate leads and close new business. It\u2019s even easier to recruit better talent!<\/span><\/p>\n<div class=\"cta-link\">\n<p><a href=\"https:\/\/hingemarketing.com\/library\/article\/inside-the-buyers-brain-third-edition-executive-summary\" target=\"_blank\" rel=\"noopener noreferrer\"><b>Download the Executive Summary<\/b><\/a><\/p>\n<\/div>\n<h3><b>A Final Thought<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If professional services firms are able to better understand their <\/span><a href=\"https:\/\/hingemarketing.com\/blog\/story\/target-market-research-for-the-professional-services\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">target market<\/span><\/a><span style=\"font-weight: 400;\"> and thereby improve their marketing and business development, they are undoubtedly able to grow faster.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>These are unprecedented times. Chaotic times. Strange times. But most of all, these are times of profound change. And this dizzying change is affecting everyone\u2014you, your clients, and your prospects. Buyers need to know how to assess products, services and providers in today\u2019s environment. And sellers need to understand how buyers are behaving in these&#8230;<\/p>\n","protected":false},"author":83,"featured_media":40681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[397],"class_list":["post-34178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding Professional Services Buyers: Inside the Buyers Brain - Hinge Marketing<\/title>\n<meta name=\"description\" content=\"In order for a business to be competitive in today\u2019s professional services industry, savvy marketers must build their strategy around a core understanding of their target market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hingemarketing.com\/blog\/story\/understanding-your-target-market-applying-the-latest-market-research-on-professional-services-buyers\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Professional Services Buyers: Inside the Buyers Brain - 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