Published June 11 2020 by Lucia Mendes
For any business, growth is likely at the forefront of the mind when it comes to top values year to year. Given the current pandemic climate, growth may take a backseat to maintaining status quo. So an important question to ask when it comes to either a growth or maintenance strategy is, what’s the plan? What course of action is in order to achieve our goals? In order to get a grasp on what professional services organizations in the industry are focusing on, we surveyed top executives in the industry. Here’s what they had to say.
The top concerns across the board for professional services include growth of existing clients and new product/solution launches. Surprisingly, the acquisition of new logos (or new clients) was ranked the lowest. What does this mean? Unknowingly to most, companies who focus on acquisition are likely to spend more money and time in the long run. This approach is more costly and time-consuming, according to Business2Community, acquiring new customers can cost five times more than satisfying and retaining current customers. In fact, growing your customer base can increase company profits by 25% to 135%. It’s no wonder 61% of respondents in this survey report are opting for a more cost-effective way to increase revenue by focusing on existing clients.
How do your priorities compare? Are you in a growth or maintenance mind-set?
Download the full report here to get instant access to full survey report and analysis: 2020 Professional Services Industry Trends: Survey Result and Analysis.