# Covid-19 Makes the Case for Technology and Automation for Business Development in Professional Services Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-07-02 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Future-Proofing Professional Services Firms Amid Pandemic Meta Description: Discover how legal, accounting, and financial services firms are shifting their business development strategies in response to Covid-19. Find out more! URL: https://financedigest.com/covid-19-makes-the-case-for-technology-and-automation-for-business-development-in-professional-serviceshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/graphicstock-rear-view-of-a-businessman-climbing-stairs-to-get-to-a-large-city-center-concept-of-success-and-appreciation-double-exposurehdipxnwejx-1736838236727-compressed.jpg) _By **Pieter Looijenga,** Account Manager at_ [_LexisNexis InterAction_](https://www.lexisnexisinteraction.co.uk/) ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/pieter-looijenga-2-225x300-1736838237551-compressed.jpg) No industry has been invulnerable to the pandemic and the professional services sectors such as legal and accounting and financial services (A&FS) are no exception. A new survey finds that (perhaps unsurprisingly), in firms around the world in these sectors, business development and sales efforts were the hardest hit. Now over a year into the pandemic, in potentially an even more competitive marketplace, professional services firms need to revisit their modus operandi – from long term commercial strategies and staffing and skills requirements, through to business development (BD) approaches and technology necessities.  This will poise them well for the future uncertainty that Covid-19 might still bring. **Digital is the future** Last year, professional services firms rose to the challenge that Covid-19 presented, making changes that will take further hold this year.  Foremost on the [talent acquisition](https://www.financedigest.com/talent-acquisition-staffing-technology-and-services-market-to-a-cagr-of-6-25.html "Talent Acquisition & Staffing Technology and Services Market to a CAGR of 6.25%") and recruitment front, in contrast to previous economic downturns, many firms increased headcount in 2020 in their marketing and BD departments. The traditional marketing and BD tactics proved not to be as effective during the pandemic, compelling firms to bolster effort to achieve their pre-pandemic [business targets](https://www.financedigest.com/schneider-and-greenyellow-target-smaller-businesses-with-energy-saving-technology.html "Schneider and GreenYellow target smaller businesses with energy saving technology"). Firms also altered their strategies to retain clients and win new business – as evidenced by the above-mentioned survey that 76% of A&FS firms overhauled their BD strategies to win new business, with the corresponding figure sitting at nearly 70% in the legal [services sector](https://www.financedigest.com/revolutionising-customer-service-three-sectors-that-are-leading-the-way.html "Revolutionising Customer Service: Three sectors that are leading the way…"). Noteworthy has been the switch to digital outreach, given that typically professional [services firms have relied heavily on referrals to grow](https://www.financedigest.com/growing-cases-of-down-syndrome-to-drive-the-speech-therapy-services-market.html "Growing cases of “Down Syndrome” to drive the Speech Therapy Services Market"). Eight out of the top 10 marketing techniques used by firms were digital, including tactics such as website, social media, and [email campaigns](https://www.financedigest.com/a-dedicated-email-campaign.html "A Dedicated Email Campaign"), among others. Some firms were more sophisticated in their adoption of digital techniques – such as webinars, virtual events, video content and podcasts – and they were rewarded for it with [higher growth compared to firms](https://www.financedigest.com/polish-e-commerce-firm-allegro-eyes-higher-q1-profit.html "Polish e-commerce firm Allegro eyes higher Q1 profit") that didn’t adopt these methods. To execute against these programmes, in 2020, professional [services firms logically leveraged technologies](https://www.financedigest.com/how-financial-services-companies-can-successfully-utilise-low-code-and-no-code-technologies.html "How financial services companies can successfully utilise low-code and no-code technologies"). Platforms for email marketing, [customer relationship management](https://www.financedigest.com/allianz-benelux-taps-into-modern-data-management-to-combat-fraud-and-foster-a-positive-customer-experience.html "Allianz Benelux Taps into Modern Data Management to Combat Fraud and Foster a Positive Customer Experience"), analytics and content management topped the list of adoption. **New challenges – data quality and metrics tracking** Whilst professional services firms have pivoted to digital-led marketing and BD, two challenges have emerged – that of data quality and the ability to track metrics – which are critical for these organisations to address for future success. The quality of the database used for [marketing and BD is of course](https://www.financedigest.com/dollar-rebounds-as-brainard-assures-markets-fed-will-stay-the-course.html "Dollar rebounds as Brainard assures markets Fed will stay the course") extremely important to ensure that the programmes are reaching the right audience. Thereafter, the ability to track metrics is essential to ensure that key performance indicators are being met, and analytics are needed so that firms can determine patterns that lead to success or ineffectiveness (as the case may be) so that [timely course-correction can take place to drive more effective](https://www.financedigest.com/how-can-financial-services-companies-compete-more-effectively-in-times-of-uncertainty.html "How can Financial Services Companies compete more effectively in times of uncertainty?") strategies. The survey supports this viewpoint. For example, law firms that saw high [growth in 2020 were four times more likely to use tracking metrics for marketing and business](https://www.financedigest.com/how-technology-can-support-insurance-business-growth.html "How technology can support insurance business growth") development efforts, compared to those firms that did not grow. This illustrates BD maturity. Fortunately for many firms, a key [technology that supports a metrics and analytics-led approach to marketing](https://www.financedigest.com/technology-will-kick-start-the-uk-housing-market.html "Technology will kick-start the UK housing market") and BD – i.e., customer relationship management (CRM) – is widely deployed in these sectors.  On the flip side, not all are utilising the technology to capture prospect and client insights and data, gain better visibility into their sales pipelines and access reporting – all of which can help them make more [timely and impactful decisions related to business](https://www.financedigest.com/why-the-new-year-is-the-best-time-to-start-your-dream-tech-business.html "Why the New Year is the best time to start your dream tech business") priorities and opportunities. **Technology adoption for competitive advantage** There can hardly be any contention that a digital approach to marketing and BD requires technology for execution, data analytics and forecasting to in turn enable better planning, budgeting, and selling. With the right technology, firms can [automate administrative and repetitive functional](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?") tasks, manage contact data, improve client engagement, optimise relationships through pipeline management and indeed ensure regulatory compliance and governance of the overall BD function. Most of all, with accurate data insights, [firms can confidently develop](https://www.financedigest.com/crypto-firms-will-develop-offshore-without-clear-us-rules-coinbase-chief-says.html "Crypto firms will develop ‘offshore’ without clear US rules, Coinbase chief says") new service offerings and devise new strategies in tune with changing business conditions, for competitive advantage. 2020 has shown that with an appropriate combination of strategy, agility and technology, BD can facilitate [business growth](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html "2016 – THE YEAR OF TECHNOLOGY FINANCING, THE YEAR OF BUSINESS GROWTH") – despite disturbances of the level that the pandemic caused.  Perhaps which is why most firms – either buoyed by their success in a difficult year or in recognition that they need to do more – are [increasing their marketing](https://www.financedigest.com/bulk-ferroalloys-market-to-witness-increase-in-revenues-by-2019-2027.html "Bulk Ferroalloys Market to Witness Increase in Revenues by 2019-2027") and BD spend in 2021. Many have also realised that prospects and clients themselves are leveraging technology and so want to [work](https://www.financedigest.com/how-collaboration-technologies-are-helping-organisations-to-embrace-a-hybrid-working-model.html "How collaboration technologies are helping organisations to embrace a hybrid working model") with firms where technological and mindset-led synergies exist. The digital thinking and approach to BD that [firms adopted](https://www.financedigest.com/99-financial-firms-expect-benefit-open-banking-improved-customer-onboarding-main-driver-adoption.html "99% of financial firms expect to benefit from Open Banking, with improved customer onboarding the main driver of adoption") last year will now evolve. Clearly their [success with this approach demonstrates that clients](https://www.financedigest.com/how-to-support-clients-with-complex-succession-planning.html "How to support clients with complex succession planning"), prospects and even employees have embraced and perhaps even grown accustomed to these digital measures. However, the firms that actively advance their technology-led BD maturity levels will be the big winners in the post-pandemic era – versus those that simply react when the next [crisis hits](https://www.financedigest.com/analysis-forget-showering-its-eat-or-heat-for-shocked-europeans-hit-by-energy-crisis.html "Analysis-Forget showering, it’s eat or heat for shocked Europeans hit by energy crisis"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---