December 10, 2020
Average Read Time: 4 minutes
Due to population growth and rising income levels, the U.S. professional services industry is expected to grow over the next few years. Freedonia Focus Reports forecasts personal expenditures on professional services to reach $600 billion in 2023, rising at a 2.9 percent rate from $521 billion in 2018. According to business investment facilitator, Select USA, the overall U.S. professional services market is worth approximately $2 trillion dollars.
While the professional services industry is growing in general—even during the global COVID-19 pandemic—it, along with other industries, is impacted by new technologies across different business areas like marketing, service delivery, operations, and more. Many of these new technologies are simple to adopt, and they can offer almost immediate efficiency improvements and opportunities to maximize customer retention and growth.
The Professional Services Market is More Competitive than Ever
Whether your business is in the individual market or the corporate market, professional services customers are changing. Are you keeping up? Check out the top five ways your customers are evolving in 2020 and beyond.
The nature of competition in the professional services market continues to evolve. Technology is enabling new ways to deliver professional services. Firms are seeking new revenue streams and adding services that may have traditionally been in the purview of other professional services. For example, according to a consultants500.com blog post, traditional accounting firms are entering legal and consulting markets. And competitors are emerging from around the globe, with the opportunity to connect with clients anywhere regardless of their location.
The common denominator on both sides is technology. Websites offer search and payment capabilities and the ability for firms both old and new to provide services any time, any place. Artificial intelligence and machine learning allow services to be delivered in an entirely different way. For example, automating tax returns could free up accountants to engage in other work tasks and billable services. Thanks to the advantages technology can offer, professional services firms looking to be more efficient and price-competitive are exploring how new technologies can transform the way they operate.
Your Clients Are Online. Are You?
Even if your business isn’t quite ready to explore artificial intelligence or machine learning, it’s extremely important that professional services businesses are meeting clients and prospective clients wherever they’re shopping—in the store, online, and across social media channels.
As for your payment and billing capabilities:
Notice that an effective online presence and payment capabilities make interactions and operations more efficient for all parties involved. This helps drive growth, productivity, and profitability.
Though new technology can be intimidating, it also enables businesses to reinvent the way they do business. In that regard, technology can be the unlikely hero of your business.
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