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PROFESSIONAL SERVICES BUSINESS DEVELOPMENT AND MARKETING INSIGHTS

| 1 minute read

Eminence Gap - the difference between where your firm is and where it should be.

There is an extraordinary amount of knowledge, expertise and capability sitting in the minds of the professionals at top firms.

When clients come to a firm for a solution, it's ultimately that knowledge and capability that clients are purchasing. 

Getting the market to understand the full extent of the combined knowledge and capability of a firm's professionals is one of the biggest challenges of today's professional services marketers


Understanding the Eminence Gap.

Eminence is the acknowledgement of that expertise and capability within a particular industry or discipline.

Eminence Gap is the difference between the combined capability of a firm's professionals and the perceived capability in the marketplace.

For example:

  • A firm that has just brought on new specialists may have a bigger eminence gap as the market is unaware of the new capability of the firm.

  • A firm that is the recognised first choice for clients and talent will have little to no eminence gap as their advantage in capability is well understood by the market.

Why Eminence Gap exists. Time, Process & Priorities.

Eminence Gap increases as the interaction between a firm's professionals and the market decreases. The more visible professionals are in the market, the more they demonstrate their insights into current issues and their solutions, and the more the market comes to understand their firm's capabilities.

Process contributes heavily to the eminence gap. Busy professionals rarely have time for demonstrating their expertise when there are complicated processes for doing so.

In working with hundreds of firms (including Deloitte, Freshfields, Reed Smith and more) to close their eminence gap, the single biggest challenge that stood in the way of professionals engaging in the market is a priority.

Engaging with the market and demonstrating expertise is an activity that competes for time with all the other roles and responsibilities of professionals. Other priorities often take precedence when the value of demonstrating insights to the market isn't well understood.

Closing the Eminence Gap

It's up to marketers, business development professionals and ultimately firm leadership to remove the barriers between professionals and the market. More straightforward, time-saving and well-understood processes are needed for professionals to be able to share their insights regularly to clients and prospects.

With more global, more competitive, and less predictable professional services markets, the thing that firms must give their professionals is an understanding of the importance of sharing their knowledge with the market. The position, growth and future success of your firm depend on it.

Tags

e2e, marketing, professional services, eminence gap
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