Client Feedback Is Here
to Stay
What are the strategic priorities for
marketers in 2016 and beyond?
www.meridianwest.co.uk
2016 Benchmark: most robust market snapshot to date
84 senior professional services marketing leaders
Job role
Other
Marketing
Role, 5%
Marketing
Manager,
13%
Sector
Role remit
Management
Consultancy, 4%
Other,
15%
Director / Head of
Marketing /
Marketing Partner,
82%
Legal,
56%
Office, 4%
Multinational,
8%
National,
46%
Global,
24%
Accountan
cy, 20%
Regional,
18%
Property
Consultanc
y, 5%
Which of the following best describes your role?
Which of the following best describes the remit of your role?
Which of the following best describes the main sector in which your firm
operates? Base size: 84
2
Good news for
marketing
www.meridianwest.co.uk
3
Marketing budgets and headcount up
Anticipated outlook for marketing budgets and headcount
3.5%
3.2%
3.1%
2.9%
3.0%
2.7%
2.6%
2.5%
2.2%
2.0%
1.5%
1.0%
0.7%
0.5%
0.2%
0.0%
Overall marketing budget
2013
Marketing function headcount
2014
2015
2016
4
Marketing and BD spend as % of revenue
How much of your firm’s total revenue is spent on marketing and
business development?
18%
17%
16%
15%
15%
13%
14%
13%
12%
12%
10%
8%
7%
6%
4%
4%
4%
1%
2%
0%
0%
Less than 1%-1.5%
1%
1.6%-2% 2.1%-2.5% 2.6%-3% 3.1%-3.5% 3.6%-4% 4.1%-4.5% 4.6%-5% More than
5%
What is your firm’s marketing and business development spend (excluding
frontline delivery people) as a percentage of total revenues?
Base size: 76
I don't
know
5
Marketers driving strategy
93% believe marketers’
skills will play a vital role in
addressing the strategic
challenges facing their firm
in the future.
BUT:
Only 60% say they would speak
highly of their firm’s current strategy if
asked.
To what extent do you agree or disagree with the following statements
about marketing within your firm?
Base size: 84
6
3 challenges
1. How do we
become truly
client centric?
2. How do we use
technology to reinvent marketing?
3. How do we
upskill our
marketing team?
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Client service top priority for 2016
What do you plan to do more of this year? / Which is highest up your priority list?
90%
80%
79%
77%
76%
66%
70%
66%
63%
62%
60%
56%
49%
50%
49%
40%
30%
20%
10%
33%
20%
17%
11%
4%
27%
15%
4%
3%
6%
5%
5%
7%
4%
0%
Which of the following activities does your firm plan to do more of in 2016
compared with the previous 12 months?
Which one of the following activities is highest up your priority list for 2016?
Base size: 81
8
Firms embracing innovative approaches to client
feedback
100%
90%
80%
We currently do this
We plan to do this next year
16%
70%
60%
23%
50%
35%
40%
30%
69%
20%
21%
24%
39%
24%
10%
21%
12%
0%
Capture feedback
from clients through
telephone or face-toface interviews.
Capture online
feedback from
clients.
Link client feedback
Integrate client
Integrate client
insight to learning feedback data with feedback data with
and development
feedback from
financial data
programmes for feeemployees.
analytics.
earners.
Thinking about client feedback, which of the following activities does
your firm undertake?
Base size: 83
9
Client Centricity Maturity Model
From good to great
CLIENT-CENTRIC
Fully integrated with the
business
INTEGRATORS
ANNUAL AUDIT
TOP ACCOUNT
CONVERSATIONS
•In-depth interviews Individual
action plans
•In-depth interviews with top
accounts
•Survey amongst wider client
base
•Annual presentation to partners
•On-line portal
•Post pitch, post matter,
relationship reviews
•Client feedback integrated with
employee feedback and financial
analysis
•Feedback used to inform training
• Client charter
• Staff appraised and remunerated for
delivering good client feedback
• Client views used to inform firm
strategy and new product
development
61% want to tailor marketing
An equal split.
Standardising
marketing
initiatives for
uniformity and
simplicity.
14%
25%
61%
Tailoring
marketing
processes
based on
different
market or
client
segments.
Base size: 83
Look at the different pairs of options below about your firm’s approach to
marketing and choose your primary emphasis or ‘equal split’.
11
Law firms more cutting edge than accountants
Law firms
17%
Accountancies
26%
24%
0%
10%
57%
41%
20%
30%
Optimise existing technology
40%
35%
50%
Equal split
60%
70%
80%
90%
100%
Exploit latest technology
Look at the different pairs of options below about your firm’s approach to
marketing and choose your primary emphasis or ‘equal split’.
Law base size: 46
Accountancy base size: 17
12
Big growth in client feedback portals
20% of respondents
currently use technology portals
to store and automate client
feedback data analysis.
25% plan to use technology
portals in the next year.
http://www.meridianwest.co.uk/discover-compass/
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Biggest skills gaps for commerciality, data, strategy
Which three of the following represent the most significant skills gaps in
your team?
45%
40%
35%
12%
30%
25%
14%
9%
9%
15%
5%
11%
20%
16%
11%
15%
10%
5%
0%
19%
15%
5%
4%
9%
9%
13%
9%
6%
2%
4%
11%
11%
13%
5%
1st priority
2nd priority
5%
7%
6%
4%
1%
11%
1%
2%
2%
2%
3rd priority
Thinking about the collective skills and competencies of your marketing
function, which three of the following areas represent the most
significant skills gaps in your team?
Base size: 79
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Meridian West
Client-centric strategies for financial and advisory firms
39 York Road
London
SE1 7NQ
t +44 (0)20 7261 4700
w www.meridianwest.co.uk
15