After more than a year of discouraging economic news, the services industry appears poised for a rebound. For most of last year, the stocks of major service businesses rallied, and analysts now predict growing client demand for services. CEOs anticipate more hiring for 2010 than in 2009, and there’s evidence of economic growth in many world economies.
Granted, the progression of any “recovery” will be uneven, impacting demand in some industries at different times than others. For some firm leaders and individual practitioners, though, good news can’t get here soon enough.
No matter how your practice fared in the past, this is a good time to position yourself to take advantage of an uptick in your market.
You can begin by looking at how you’re framing the issues your clients now face. Are you emphasizing solutions that reflect your clients’ current priorities? If you’re a change management consultant, for example, is your main message still the same old challenges of change? If you focus on succession planning, are you still stuck on the generic importance of planning for executive turnover?
I’m not suggesting that you abandon these messages entirely. But shift your focus to address the new challenges your clients must meet as they navigate their own recoveries. Once their priorities match your service offer, you have an opportunity to demonstrate value and win work.
If you try to market and sell using the same old tactics, expect to sit on the sidelines.
How are you responding to the changes in your market?
{ 2 comments… read them below or add one }
Michael, I see opportunity in being part of the change itself. Valuable resources have in effect been re-positioned rather than ‘displaced’ in such a way that as consultants (for example) we can readily see the contrasts: old “competitive advantage” vs. new business models & new market conditions. To the extent that we can re-establish routes to value in these emerging circumstances, demand for our advice and contribution will increase. If you can shake off the anxiety, this is a good time for re-invention.
Great point, Peter. For many clients, value is different today than it was in the past. As service providers, we have to understand that new perception of value, even if it means shifting what we offer to clients.
I think you’re right. It is an anxious moment, but reinvention now is an excellent bet.