Sue Parker writes that the contract changes to be implemented by the Labor Party within the Australian Civil Service (APS) show why legal and consulting businesses should never rely on revenue and marketing success.
The new government will review all consulting and leasing firm contracts and foreign spending, as promised in the election policies.
Arbitrary staffing restrictions will also be lifted as the government seeks to reduce reliance on external contractors by 10 percent in the first year. Income savings are estimated to reach $3 billion in four years.
Finance Minister Katy Gallagher and Treasurer Jim Chalmers have recommended that they will invest approximately 500 million in reinvestment to rebuild APS’s internal capacity and capacity. The government has stated that the contracts of the four major global consulting firms will remain intact.
So what does this mean for legal, consulting and recruiting organizations? Quite a wake-up call, overall I would recommend. For companies that rely heavily on federal revenue streams, this is a call for notification. While not your own firm, you may have customers driving the changes.
But it is also a commercial reminder for all businesses to heed the impact of a change of guard and new leadership.
Outside the public sector, supplier contracts are regularly reduced or canceled. Nepotism, political manifestations and relationships can cause commercial havoc with the change of senior managers and board members.
An insurance policy mentality
Usually when small and midsize companies have big juicy contracts, they stop marketing and brand profile management.
An example of this was the devastating loss to the wine and seafood industry last year as a result of China pulling the trade pin. Immediate marketing to other countries was necessary to fill trade blindness and revenue gaps.
All businesses and law firms should think of marketing and advertising with an insurance policy mindset.
We never know when the carpet will be pulled, so it’s imperative to build a solid commercial attraction platform to cushion any blows. And an insurance policy mindset is fertile ground for expansion and new growth.
Don’t put all your marketing eggs in one basket
Another issue that bites businesses is putting all their marketing eggs in one basket. It is important to spread brands and service value across earned, owned and paid media channels.
Visibility, trust, and expert positioning are at the core of inspiring conversations and research across all earned, owned and paid columns.
Building a marketing appeal platform
- LinkedIn is mission critical. A strong profile, consistent presence and contributions from gravitas are a priority. Content that educates, informs and inspires is key.
- public relations and media. For boutique and small companies, the fruit is ripened here to adapt to target markets with expertise. As a subject authority, niche media, opinion articles, and interviews build visibility and trust.
- Events/networking/collection. Step up and be seen. Sponsoring events with industry support is also a great way to keep your brand in mind. And sharpen your position of authority by keynotes and speaking to interested audiences.
- Digital, EDM and SEO strategy. Keep the heat on Google visibility, content ranking, and digital campaigns.
- Personal profile management. Feel free to capture and convey the essence of your values and visions. Be involved in LinkedIn, websites, social media and affiliate marketing.
- values. Recent election results showed how important personal and societal values are in making decisions and adapting to leadership and vision. Communicating true values in personal and trademarks is the way forward than ever before to build trust and new relationships.
Having the foundations to smooth changes in business wealth will not only minimize revenue risk, but will also support talent attraction and brand loyalty.
Sue Parker is the owner of DARE Group Australia.