By Suzanne Lowe
The past three years have been good to professional service firms. In fact, in the 2006 study I conducted with Larry Bodine, "Increasing Marketing Effectiveness at Professional Firms," 75 percent of the respondents said their firms grew in the last three years. And nearly 40 percent said they grew dramatically.
It would be nice to sit back and enjoy the ride of a boom period. But periods of dramatic growth aren't just good for the bottom line. They're a good opportunity for firms to evaluate their marketing strategies and build competencies that will be highly desirable if the economy tanks again.
Unfortunately, strong economic times can tempt a firm to neglect self-evaluation. The firms that understand the nuances that make them successful can use that information to carry their success through the ups and downs of the marketplace.
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