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6 Key Considerations for Investing in Professional Services Through On-Demand Marketplaces

17 May 2023
2 minute read

As a business leader, you may have grappled with the decision to invest in a professional services engagement to advance your organization's cloud software or data management/analytics capabilities. 

Whether it's the build of a new data stack or deploying a CRM system or something in between, the process can be daunting. 

Marketplace platforms, including MeasureMatch, can streamline the process and offer a strong selection of exceptional service providers. 

However, it's crucial to approach these platforms thoughtfully. 

Below are five essential considerations when investing in professional services through on-demand marketplaces.

1. Secure a Budget First

Before you even begin looking for service providers or start accepting pitches, it's crucial to have a budget secured. This does not mean you need to have a large budget or you need to disclose the budget to potential service providers right away. 

However, knowing your budget constraints allows you to better navigate the market, enabling you to focus on solutions that are feasible and align with your financial capacity. This way, you can avoid being swayed by pitches that are beyond your budget, saving both your time and that of the service providers.

2. Start Small

It's tempting to dive into a large project headfirst, but this can lead to misaligned expectations and potential misunderstandings. Instead, begin with a smaller, measurable objective or set of objectives. 

This approach allows you to gauge service providers’ working styles, assess their processes, and determine the kinds of outcomes you can expect. Once you have a good grasp of these aspects, you can gradually scale up your engagement/your relationship, ensuring a smooth and fruitful collaboration.

3. Limit the Number of Discovery Conversations

While you may want to explore all possible options, being selective in your discussions can be beneficial. Stick to three or fewer discovery conversations. This limit respects your bandwidth and keeps the decision-making process manageable. Although platforms like MeasureMatch offer a wide array of excellent choices, remember that quality is always better than quantity. By focusing on a smaller pool of options, you can make a more informed and effective choice.

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For startups to large enterprises, MeasureMatch is the marketplace platform connecting business leaders with amazing consulting and professional services partners.

4. Frequent Communication is Key

Good communication is the lifeblood of any successful client/service provider relationship. In the context of a services marketplace, it is even more critical. Regular and open communication helps prevent misunderstandings, aligns expectations, and ensures the project is on track. Keep in mind that significant gaps in communication can drain the potential out of your engagement. Aim for consistent and meaningful communication to cultivate a healthy and productive relationship.

5. Play by the Rules

Remember, consulting and professional services marketplaces are built through immense hard work and are often backed by investors. They have specific rules and guidelines designed to maximize value for all parties involved. It's tempting to go 'off-piste', but this can lead to complications and potential disagreements. Respect the rules of the marketplace. This not only ensures a smoother process but also fosters trust and respect with service providers, and marketplace owners.

6. Maintain a Sharp Focus

In any professional services engagement, it's critical to maintain a clear focus. Whether you're dealing with a specific cloud software solution like Salesforce, Snowflake, or Tableau, or addressing a particular analytics challenge, keeping your engagement focused is key to its success.

Attempting to cover disparate skills or services across different areas of expertise in one engagement can lead to confusion and inefficiency. A focused approach ensures that the service provider can apply their expertise effectively and deliver the best possible results. Moreover, it enables you to set clear, achievable goals and measure the success of the engagement more accurately.

Remember, a jack of all trades is a master of none. By keeping your engagement focused on a specific area, you can leverage the service provider's specialized knowledge and skills, leading to a more successful outcome.

In conclusion, investing in professional services through a marketplace platform can be a highly strategic move for your organization. By securing your budget, starting small, limiting discovery conversations, maintaining frequent communication, playing by the rules, and maintaining a sharp focus, you can not only navigate professional services marketplaces seamlessly, but also incredibly productively. These considerations will help maximize the value of your investment, paving the way for a successful partnership with your chosen service provider partner.

James Sandoval, MeasureMatch Founder & CEO

Founder & CEO of MeasureMatch

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