Professional services firms are merging or being acquired in Private Equity roll-ups.
Competing with the major national and international firms, for business and talent, is getting harder than ever.
Most professional services firms find themselves more commoditised than ever. Competing on price, still swapping time for money. Trapped in a race to the bottom.
Ironically, this is largely a choice, albeit an unconscious one, many professional services firms are making.
Professional services firms often struggle to differentiate themselves. So their clients are forced into making ‘apples to apples’ comparisons. Under these conditions, we all buy on price.
If you’re not sure what we mean, here’s an exercise that’ll make things clear (and probably shock you).
Do a website survey of firms in your sector, within your local geography. Note the key message in the header - the ‘sell’ clients use to differentiate one firm from another - and keep a tally.
Notice how often the same message, with minor variation appears on almost every professional services firm page? When you look like everyone else, clients can only make decisions based on price.
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