 Professional B2B service firms (PSFs) have had to rely heavily on referrals, third party rankings and media coverage to build their brand equity.
Unlike consumer brands that can monitor product reviews and web forums to get a feel of market perceptions and feedback, service brand managers will agree that perceptions are difficult to measure without embarking on a full-fledged market research study.
Take advisory or information services for example. It is much easier to position a firm according to its services, as these are parameters that can be benchmarked relatively easily. The chart shown only took about 5 minutes to put together.
The Importance of Client Values
What is harder and more important is to benchmark against client values. Fortunately, client values have not changed much over the years even as brand perceptions may have.
The most critical client values typically include:
1. Rate of delivery on promises
2. Practical advice based on a proven track record
3. Innovative ideas that boost competitive advantage
4. Open and collaborative knowledge-sharing
Increasingly, values that have become more important over the past few years include:
5. Efficient turnaround
6. Network of offices, particularly in emerging markets
Demonstrating Client Values
Leading PSFs have attempted to demonstrate how they meet client values through different methods. Other than case studies and testimonials, here are three examples that stand out:
1. Putting a value behind it
 Bain & Company did this by measuring the value of their clients’ stock prices, with the underlying message that they do help enhance shareholder value.
While this is a useful method, we also know however, that other factors also play a part in determining share price movements, particularly in the current global credit crisis.
2. Putting a face behind it
 Using brand association in a fresh way, Accenture features the values behind Tiger Woods’ winning streak in all its advertisements. The company even takes it one step further by featuring Woods on the home page of its website.
On the flip side, the danger of any celebrity endorsement is the risk of being associated with scandal that may hit the person you have paid millions of dollars to sponsor.
3. Putting lively ideas behind it
 The idea of producing white papers, research and articles to demonstrate expertise is not new. Firms such as McKinsey & Company for instance, have taken it one step further with multimedia delivery.
The McKinsey Global Institute offers information through MP3 audio articles, video interviews, slideshows, interactive graphics and podcasts– almost to the point of almost looking like a ‘BBC’ of the industry.
Bain & Company, Accenture and McKinsey are good examples of PSFs that are taking active steps to differentiate themselves from their competitors.
Each method has its pros and cons but there’s no doubt that demonstrating client values will continue to be a challenge to all PSF brand managers.
Read our entries on:
Rolling out a brand campaign successfully
Cultivating your brand evangelist
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