Professional services companies that generate a large proportion of business leads via online sources grow faster and more profitably than firms without such lead capabilities, according to a new study by Hinge Marketing, which also found that SEO, blogging, and Web analytics are among the most effective online marketing tools for such high-growth firms.
Below, additional findings from the study titled "Online Marketing for Professional Services Firms: How Professional Services Firms Can Achieve High Growth and Profits with Online Marketing," based on a survey of 500 professional services companies.
Among professional services firms surveyed, 77.1% generate at least some new-business leads online; most (48%) generate less than 20% of total leads online and nearly one-quarter (22.9%) generate no leads via online sources.
However, 14.8% of firms generate 40% or more of their new business leads online and such firms lead the pack in business growth and profitability.
Impact on Growth
For example, among companies that generate 40-59% of leads online, the median two-year growth rate is 63.9%, compared with 15% among those that generate no leads online. That balanced approach of traditional and online marketing strategies may represent a "sweet spot" that creates optimal results:
Impact on Profitability