Seven MegaTrends of Professional Services – Build strategic transparency
Download the complete White Paper: The Seven MegaTrends of Professional Services
Continued from Responding to Mega Trends – Lead your clients into knowledge-based relationships. Full table of contents below.
Build strategic transparency
Don’t fight the trend—you’ll only end up getting run over. The MegaTrend of Transparency can be your friend, if you take a thoughtful, strategic approach. Rather than waiting until clients demand transparency, if you provide it proactively on your own terms, you can make it work for you, and in the process create real differentiation from your competitors. The first step is to create greater visibility of work-in-progress. This is a challenge for most professional services firms, both in implementing supporting processes, and in shifting culture. Professionals are used to providing clients with a clean end-product. However there is massive value in getting clients involved along the way. They gain comfort from being able to see what is going on, the understand the value being created, they feel they are participating in what is created, you gain deeper knowledge of the client and what they want, you build stronger relationships, and you demonstrate how you are different from competitors, all of which begin to create client lock-in.
It is now relatively straightforward to give clients access to everyday information on the projects and matters you are undertaking for them. However your relationship leaders need to understand the benefits of working in this way. Internal education is required in order to show professionals how and why to use these tools. Client education is required to show them how to get value from seeing and getting involved in the professional process. The intention is not to be absolutely open to clients about everything, at least not in the early stages of the relationship. The issue is how to use the MegaTrend of Transparency to build deeper, more embedded client relationships. Done the right way, that’s exactly what it can do.
Table of contents
– MegaTrend 1: Client Sophistication
– MegaTrend 7: Commoditization
Responding to the MegaTrends
– Lead Your Clients into Knowledge-Based Relationships
– Build Strategic Transparency
– Create a Highly Networked Firm