Significant opportunities exist for professional services firms with the ability to quickly adapt to current volatile market conditions. But opinions on how to do that are rife. A new report from Muzeview helps cut through the chatter.
More than 50% of the world’s leading professional services firms (PSFs) have offered analysis and insights on the economic crisis since September 1 – nearly 500 white papers, think pieces, press releases and reports. Muzeview, LLC, a fast-moving competitive intelligence firm, has compiled a new report that cuts to the chase, condensing competitive intelligence from competing firms, and identifying smart advice for firms determined to stay agile amidst the confusion.
Muzeview’s report, “The Economic Crisis – Threat or Opportunity for Professional Services Firms?” offers a usefully condensed analysis of the marketing communications and thought-leadership outputs of 120 leading law, accounting, and consulting firms in the six weeks from September 1 to October 10, 2008.
“By taking the wider body of expertise, and condensing it into a 34-page report, we offer PSFs the opportunity to quickly get a sense of what their competitors are doing. That way, they can differentiate themselves in a crowded market and, in turn, better help their clients minimize the widespread impact of the economic crisis.” said Paul Gladen, President of Muzeview, LLC. “We can also point out where PSFs stand to benefit from the current crisis, and where they can tap into significant new revenue opportunities.”
Muzeview’s report details a nine-step process that professional services firms should follow to ensure they minimize the downside, and capitalize on opportunities to help clients:
- Talk To Your Clients, Understand Their Needs
- Gather Market and Competitive Intelligence
- Mine Your Firm’s Collective Insights and Expertise
- Evaluate and Focus Your Client, Practice Area and Talent Portfolios
- Share Market Knowledge with Clients
- Communicate and Share Firm Insights and Expertise with Current and Potential Clients
- Develop Future Scenarios
- Invest for the Future
- Remain Alert and Nimble to Respond to New Threats and Opportunities
Other key findings from the report include:
- Numerous advisory opportunities are being created by the economic crisis and the government’s response in areas such as regulation, litigation, strategy, M&A and workforce issues.
- While financial services was the industry most frequently addressed, accounting for 49% of outputs, firms are beginning to explore the implications of frozen credit and recessionary outlook for other industries.
- Cutting through the forest of information to a clear action plan.
- Muzeview’s report found the Economic Crisis produced a dizzying output of opinion and advice.
- Firms’ analysis outputs increased eight-fold from the first week of September to the second week of October.
- Law firms were dominant, accounting for almost 50% of the output.
“The Economic Crisis – Threat or Opportunity for Professional Services Firms?” report is currently available to media professionals for review. Muzeview can also offer broad and informed comment and data on the professional service industry’s response to the economic crisis, or any one of a broad number of issues.