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3 Trends Impacting Revenue Growth at Professional Services Firms
Biz dev took a hit earlier this year, but these firms learned to adapt and thrive.
When 7Summits, a firm that helps customers digitally transform their business using Salesforce, tried to land a substantial deal with a global media conglomerate, they didn’t hop on a plane to wine and dine decision makers as many professional services firms have done in the past.
Instead, they turned to their existing private Salesforce community known within the company as The Peak.
“These potential clients opened up the content right away and started posting questions about our proposal on The Peak,” said Paul Stillmank, CEO of 7Summits. “That virtual collaboration automatically provided data and insights that aren’t available in more traditional media and in-person meetings.”
For example, Stillmank could see who downloaded a document and posted questions on a forum attached to that document. Those actions signaled an engaged buyer, which informed how they prioritized their next steps and further customized the proposal.
7Summits was ahead of the curve with its virtual business development, but since the pandemic hit in March, other firms have pivoted in this direction. Seventy-eight percent of those working in business development at professional services firms say they’ve had to adapt quickly to new ways of selling, according to data from the recent State of Sales research, which surveyed nearly 6,000 sales and business development professionals worldwide.
That finding was among several major trends transforming business development in the professional services industry uncovered in the research.