Price versus value
In most competitive situations the fee will be a key element in the prospect’s decision to buy. However, unless our service is a pure commodity, where the only difference between competitors is price, the prospect will be making a judgement concerning price and value. While the price needs to be competitive, our real efforts need to go into building value in the eyes of the client. Read more here
First impressions count and they can be managed too.
When you get it ‘right’ at the start of a new business meeting a prospective client should be thinking and feeling: Read more here
Many firms when preparing for a pitch to a client spend all their time on the presentation part of the interaction and fail to prepare adequately, if at all, for the question and answer session. This is a shame and a massively missed opportunity as it is during this time that the client will get a real feel for what it is like to engage and work with you.
Preparing for the Q & A session
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Many professionals we work with admit to being nervous about asking lots of questions in business development settings. Intellectually they understand that finding out about potential clients is a great way to build and deepen relationships. However, they fear coming across as being a bit like an interrogator. Quite often they revert to talking instead – trying to impress a potential client into working with them. Read more here
Your firm spends thousands on building its reputation to attract the stars of the future. You invest valuable resources in the ‘milk round’. Your highly competent HR team invests time and money in the most rigorous selection process. Your partners get involved to assess candidates to ensure that they will be both a great fit (and a high earner) for the firm.
Slowly but surely you entice and enthuse the very best candidates to join.
Read more here
One thing which is sometimes missing in professional services firms is clarity around how marketing and business development teams can work together to support each other.
What are the best ways for marketing and business development people to work together to make the most of the resources available?
Taking PACE’s Pipeline process as a starting point, it’s probably easiest to look at each of the five sections in turn and give some ideas as to how marketing can support the sales process. Read more here
When they are writing proposals and preparing pitches I often observe a tendency in professionals to keep adding more and more to their documents and presentations. The rationale being the more they say, the more convincing their offer will be.
Yet the reality (from a client’s perspective) is very different. If you have ever had to read through numerous proposals or sit and listen to back-to-back pitches you will be aware that your mind drifts as soon as the message goes beyond what’s relevant to you. Read more here
You have just confirmed an initial business development meeting with a potential client you have been marketing to over the last year. Are you excited? Of course you are! After all this is the type of client that could bring your firm a six figure income year on year if you were successful at winning them.
Like many professionals you are very busy but recognise the need to put some time in the diary to prepare for this important opportunity. This is a client you have put significant marketing energy into and it would be crazy to not prepare to have a really impactful first meeting. If it all goes to plan you may even come out of it with an opportunity to propose for some work!
Your mind is full of positive thoughts and emotions about this exciting opportunity. Imagine the kudos if you are seen to be the one who lands this client for your firm. Others have tried in the past but all of them have failed. You control your emotions and allow your rational professional brain to kick back in and remember the FIVE P’s – proper planning prevents poor performance.
Making business development happen is key to the ongoing success of any professional services firm. Implementation however by fee earners is often variable.
So what type of management and leadership approach achieves the best results: the carrot or the stick? Read more here 
IntroductionThe Key Client Plan states that:
“…all involved in the x instruction need to build and maintain close working relationships with their clients. It is essential that an affinity and mutual respect is developed as this will make the day to day experience of working with one another more enjoyable, and in so doing encourage additional instructions.”
“Formal ‘contact templates’ should be prepared containing information and insights on all of the key influencers to use those insights to manage, defend and develop each of those relationships with responsibility allocated for each person” Read more here
…If you are ready to learn how we can help you win more business please get in touch here to arrange an exploratory meeting…
