Many professional services firms are spending 20% of turnover on marketing and business development when fee earners time is included. Yet most struggle to see the kind of top line impact that should be expected for such a sizeable investment. So why aren’t these firms getting better results?
Our research suggests that the problem is less about the quantity of time and effort invested and more about the way it is deployed. Marketing and business development costs are often spread across multiple accounting pots with different owners. The outcome can be an unproductive jumble of activities with many not executed well.