These last couple of weeks, I’ve been working with two service providers within the regulatory law sector who operate in very different spaces. One focuses on legal compliance within EHS (Environmental Health & Safety) while the other deals with regulated financial services. One is UK, and one is Scandinavian. One is SaaS, and one is one-to-one consultancy. While their specialities may diverge, their marketing needs share a common goal: to establish clear differentiation from competitors.
Although some companies market better than others, it seems rare to find regulatory law services marketing that truly stands out. In this sector, there are numerous players who appear indistinguishable. Similarities between basic offerings, social proof and qualifications, features and benefits stem from the fact that they shape their services around the same legislation and regulatory requirements. Consequently, they end up with identical content and marketing messages.
Companies that serve the regulated financial services industry or offer legal compliance services are dealing with customers who have a need rather than a want. Perhaps their customer undergoes biannual reviews or maybe their local regulator is due to visit the customer imminently. Whatever the reason, there is a stream of business for them.
Everyone gets a slice
Therefore, it isn’t necessarily a disadvantage for these service providers to look like each other. Most businesses will secure a slice of the pie, albeit the same-sized slice. But this approach does not emphasise growth, or protect your position against economic downturns.
Reimagine your approach and strategize ways to distinguish yourself in a crowded field. Instead of blending in, strive to stand out and showcase your unique value proposition. Only then can you transcend the boundaries and secure a leading position in the market.
Here are three suggestions for rethinking your marketing if you’re seeing less than stellar results for your regulatory compliance service business.
Target Services to a Specific Customer
You may very well offer a broad range of services. But that makes it difficult for the buyer to decide your service over a competitor’s. Yes, your website needs to describe the services you offer. But you also need to show leads what you are expert at and what your dominant niche is.
Many B2B businesses think that diversification will attract more customers. In fact, it buries your expertise under a mountain of services and products and hides your core products. The ones with the margins.
Show Specificity
So many compliance and regulatory law services host basic, explanatory content on their website. Stop trying to be the Wikipedia of your sector. Yes, I know the SEO reasons. But you need to balance your website’s effectiveness in terms of being of relevance to your customer as well as Google’s algorithm.
Look and Sound Different
Find a spot in the competitive landscape where you stand out. But before you get a new logo, investigate your market’s orientation, conduct market research and align your core products with ideal customer problems. After that’s done, you’ll have a better idea of what your new brand ought to look like.
