Branding In An 'Experience Good' Environment.

• Author: Noella, Lyne

Any professional service can be described as an "experience good"--a client must experience your service to appreciate and value it. (How many times have you thought to yourself: If this prospect could see how good I am, I would land this account today?) You might argue that most anything that is sold, whether it is a car rolling off the production line (a product) or a business valuation (a service), can be described as an experience good. And you would be right.

However, clients determine the value of a physical good differently than they do that of a professional service. Once you drive that Porsche or Chevy, you develop expectations for future experiences with those products and you assess a value-after only one test drive. But a professional service is always an experience good-prospects can only guess at your effectiveness on each and every job. This need to prove your value continuously is true even with established clients. For instance, your level of performance may differ according to the types of services you offer. You are likely to deal with different players and conditions with every assignment. New competitors and technologies may complicate the scenario. Certainly, your clients' needs, circumstances, and outlook are ever-changing. (No wonder you are exhausted.)

Prospects are justifiably reluctant to engage you until they have personally experienced working with you, due to experience-good dynamics. Even your existing clients need to be assured of a positive experience before saying yes to a new service. What is the best way to make the experience-good phenomenon work in your favor? One answer is to provide an environment for prospects to experience, in one way or another, your professional services. Don't give away your entire service, but offer a portion of that service experience so a prospect will become motivated to purchase. Fortunately, there is a vehicle that is ideal for helping prospects experience what you have to offer before they commit to buying: your firm's brand. Your brand is a promise-a symbol of the type of experience that clients can look forward to receiving each time they do...