Hi, I’m Sharon Berman, principal of the Los Angeles based marketing company Berbay Corporation. You may have heard the saying “you can only manage what you can measure.” And that brings us to the eternal question: How do you measure marketing for professional services such as financial services marketing, A/E/C marketing or B-to-B marketing? PR/marketing services can be notoriously difficult to measure because more often than not, you don’t see a connection between the cause over here, and the effect over here. There are many intervening steps, and we usually don’t know what they are. However, you can measure your professional services marketing to a certain extent—and it’s very important that you do.
One of the things to keep in mind is that when you’re measuring, just for instance, marketing for real estate companies, you’re talking about measuring leads and new opportunities, generated by business to business PR or what have you, that you otherwise wouldn’t have had. That’s different than just measuring new clients acquired or an increase in revenue. You can start by designating one person at the firm as the public relations results tracker or the central repository of information. And around this person, you create this comprehensive, closed system with everybody in the firm participating and everybody knowing that they’re responsible for contributing information. If they can get a call with the referral, if they get an e-mail through the website, if somebody wants to talk to them about new business because they read an article that they wrote—they need to let this record-keeper know. And over time, you create this treasure trove of information that tells you what the mix of your PR/public relations results are, basically, and you can decide what you want to emphasize more in your professional services marketing, what needs to be tweaked, etc. It’s very important to have this information if you’re going to spend your marketing dollars wisely. It’s a simple system and you can start implementing it today.