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Industry Overview
Professional services are defined as infrequent, technical or unique functions performed by independent contractors whose occupations are based on rendering these services. Professional services often involve providing expert advice (such as consulting), but also include routine operations, transactions processing, design work and project supervision.
This industry includes specialties such as: accounting, advertising and marketing, architectural, consulting, engineering, IT, legal and scientific research services. Other examples of professional services contracts are: public relations professionals, recruiters, copywriters, translators, value-added resellers and web designers.
Business Challenges
- Impacted by Economy: During times of economic challenge, many corporate customers minimize outside expenses or delay moving forward with certain projects. This could mean limiting the usage of professional service firms, thus impacting the firm’s revenue.
- Greater Liability: Since professional service individuals are heavily involved in the operations of their corporate customers, they are faced with a great risk of blame or liability if their advice doesn't produce the desired results.
- Success Relies Heavily on Credibility: Those within the professional services industry strongly rely on name recognition and reputation, especially in highly competitive sectors. Damage to a firm or individual’s reputation could result in loss of business and hinder client retention. Not to mention, reputation damage to a professional services firm can be challenging to repair.
Industry Opportunities
- Companies Outsource Services: Due to the need to drive greater efficiency, corporate outsourcing is increasing as companies move away from maintaining a large internal staff of professionals. In other words, companies are practicing a management model where in-house staff coordinates work with outside vendors, such as professional services firms.
- Greater Need for Expert Advice: As technology, trends and regulations evolve, corporate operations become more complex leading companies to seek expert advice outside their organization. In many cases, professional services firms are called upon to assist, rather than training existing employees on new technologies or regulations.
- International Expansion: Many professional services can be easily delivered to clients outside the country in which the firm resides. With the use of Internet technology and international conferencing tools, firms can expand the reach of their services outside national borders.
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Providing Multi-Service Solutions: Some professional services are similar in nature, such as marketing and advertising; graphic design and web design; architecture and engineering; or management and IT consulting. This opens the door for firms to offer multi-service solutions.
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Digital Marketing Trends
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Search Advertising Spending
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Social Media Usage
Digital Marketing Opportunities
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Immediate Areas of Focus for Social and Mobile
- Additional Considerations for Social Media
- Popular Pay-Per-Click Keywords
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