(EIU: London) -- Although professional services firms often rely on their reputation to attract customers, only 40 percent of respondents in a recent Economist Intelligence Unit survey consider reputation to be a key factor in choosing a professional services firm. And 86 percent say they research firms that are unfamiliar to them, according to Engaging professional services firms, an executive summary from the Economist Intelligence Unit.



The executive summary is based on an online survey of 220 executives in the United States, each of whom had engaged a professional services firm in the areas of accounting/auditing, management consulting, information technology consulting or human resources consulting in the past two years. Although many respondents believe reputation is important, most name specific competence as their top criterion (68 percent), followed by industry expertise (51 percent) and value of services relative to cost (46 percent).



“Pragmatism drives the evaluation and selection process of 
professional services firms,” says Kim Andreasson, senior editor of 
Industry & Management Research at the Economist Intelligence Unit. 
“And the survey finds that firms could do a better job of educating 
the market about their offerings. ”



Other principle findings of the survey include:




• Executives use a wide range of media to research professional
 services.

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