Research and news relevant to the engineering profession
Price is positively correlated with the value perceived by clients
July 28th, 2014 | George Beaton
Beaton's research amongst 10,000s of clients of professional services firms over the last 10 years shows that perceived price is positively correlated with the value perceived by clients. Yes, that's positively correlated. In other words, the higher the price, the higher the value perceived by current buyers users of the service.
In these days of enormous price-down pressure on every firm in every profession, this finding – that perceived price is positively correlated with perceived value – warrants repeating. And explaining. And testing. And learning to use in practice. That's because it's seems at odds with everyday experience of firms. (more…)
Posted in Accounting, Analytics, beatonbenchmarks, Engineering, Highlight, Law, Legal, Professional Services, Showcase, Strategy | 3 Comments »
Cool CRM insights
June 2nd, 2014 | George Beaton
Our friend, the irrepressible Joel Barolsky, shared some cool CRM insights about professional services firms in his recent post
'Your loyalty levers: head, heart and ego'.
Here' s our riposte. (more…)
Posted in Accounting, beatonbenchmarks, Engineering, Highlight, Law, Legal, Professional Services, Showcase, Strategy | Comments Off on Cool CRM insights
Cost consciousness is a missing link for professional services firms
February 11th, 2014 | George Beaton
Very few practitioners have discovered cost consciousness. Yet, of all the client service attributes measured in Beaton’s research studies over the last decade amongst thousands of clients of professional services firms of all types, cost consciousness stands out head and shoulders in its importance – and neglect by practitioners.
Cost consciousness is a ‘missing link’. (more…)
Posted in Accounting, beaton news, beatonbenchmarks, Engineering, Highlight, Law, Professional Services, Showcase, Strategy | No Comments »
Three characteristics of professional services firms that win
September 1st, 2013 | Tristan Forrester
A winning professional services firm may be defined as one that consistently out-performs its closest competitors over an extended period of time. Winning firms have three characteristics:
1. intense client focus
2. a high performance culture; and
3. consistency in how they behave.
Posted in beatonbenchmarks, Engineering, Highlight, Professional Services | No Comments »
Why fear and fire don’t help in the PSF pricing war
March 5th, 2013 | George Beaton
This post is a really helpful insight into why law firms and their corporate clients often appear to be chasms apart on fees. And it's not just law firms that are under fire. To varying degrees accountancy, consulting engineering, management consultants, patent attorneys and all other business-related professions seem under attack. What's changed? And what's to be done about it? (more…)
Posted in Accounting, beatonbenchmarks, Engineering, Law, Professional Services | Comments Off on Why fear and fire don’t help in the PSF pricing war
Engineers did you know … engineering firms trail in client service?
September 6th, 2012 | Mel Anderson
At the risk of repeating an earlier blog post, our ad in BRW magazine today emphasises the trailing performance of the engineering profession. On client service, the best-performing consulting engineering firm in Australia ranked only 50th out of the top 100 professional service firms in Beaton’s annual benchmarks study.
Posted in beaton news, beatonbenchmarks, Engineering, Professional Services | Comments Off on Engineers did you know … engineering firms trail in client service?
Why lawyers outperform consulting engineers
November 3rd, 2011 | Tristan Forrester
Since 2003 when we starting benchmarking client-rated performance, the consulting engineering firms have always lagged the law and accounting firms pretty much across the board. And it's been this way for the 9 years of data we have. What is it about the engineering profession that leads to this lower performance? And what is it that the other professions - particularly lawyers - do so well? There are the obvious things:
- Engineers think "projects" not "clients". Professional kudos comes from being involved in big projects.
- Power in law and accounting firms comes from your client relationships and their willingness to follow you if you leave the firm. Not so in engineering.
- Personality-wise, engineers are more introverted and conflict-avoiding than accountants and lawyers.
- Engineers have been giving away margin for years – and understanding your clients' needs, and delivering on them, takes an investment of time.
However, a recent conversation with a client got me thinking about another possible cause, particularly in large, generalist firms. (more…)
Posted in beatonbenchmarks, Engineering, Professional Services | No Comments »
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