More than two decades ago Fred Reichheld, among others, began working on a conversation and a system that helped organizations — particularly professional service firms — rethink the issue of client relationships. In his book, The Ultimate Question (now available in an updated version), the discussion zeroes in on what the author defines as the ultimate … Continue Reading
In a recent conversation, the managing partner of a business law firm asked, “why is organic business development slow, painful and, for the most part, ineffective when it comes to actually developing new business?” He went on to cite the percentage of revenue his firm invests in marketing and business development efforts, and wondered aloud … Continue Reading
No one should be surprised. It is, after all, human nature. On the other hand, it is a distraction, a resource drain and a mistake we insist on making over and over. “It” is our seemingly relentless search for a business development Silver Bullet. From the siren call of a social platform to the promises that … Continue Reading
All listening is not the same. Consider the differences in the way you listen to talk radio as you sit in traffic; to the argument of an adversary; and, for the slightest whimper from the new born down the hall. The soundtrack of a day is complex. Most of us are adept at juggling multiple channels … Continue Reading
How do we measure progress? What constitutes ROI on what is plowed into business development efforts? The practical challenge is that between the initial work necessary for productive business development efforts and any tangible signs of growth, it can be difficult to see the progress that is being made. This is especially true if real progress … Continue Reading
We’ve said it before — business development will never be mistaken for rocket science. It isn’t even Algebra I…unless you employ the most basic of formulas — Success = X + Y. But this isn’t to suggest it is easy. Strategic business development requires a combination of factors: focus; tasks and activities that are difficult … Continue Reading
Rainmakers seem to have an uncanny knack for being in the right place at the right time. How do they pull this off? In fact, it is far from happenstance. The epitome of strategic business development and marketing is increasingly about executing a plan that connects with those most likely to influence or execute a … Continue Reading
If you want to test the viability of your approach to business development (or maybe even the quality of your most valued relationships), few questions will reveal more than this one: “Have I built a bridge to the next conversation?”. When considering business development and marketing efforts in today’s environment, the temptation — in fact, … Continue Reading
“Describe your ideal target client,” I asked. After shooting me a look that said that is the dumbest question I’ve ever heard, the law firm partner said, “My ideal client is the next person that walks into my office or calls me on the phone in need of a lawyer.” Translation: “My market comes to me.” … Continue Reading
There are four ways you’ll acquire work and build a professional services practice in 2017. You’re already connected to someone who knows you and is inclined to use the services you provide; You are plugged into a group (network) that connects you and will refer or outright recommend you to someone in need of your … Continue Reading
If you find yourself wondering where work will come from in 2017, two things may be true about your marketing and business development efforts. Your professional network needs some attention; and you have a shortage of strategic targets. Many have been led to believe that a quality work product combined with excellent client service will … Continue Reading
If you’re considering a deeper dive into social media for business development punposes, are attempting to evaluate your current investment in social, or are among those just now waking to the reality that social media is actually out there changing the market, this post is for you. And it is a response to the fact … Continue Reading
Business development in the professional services sector is not rocket science. Anyone possessing the will and the discipline to follow a simple formula can, over time, build a thriving practice. (Okay — “over time” is the hard part. Much of the time we expect immediate results.) What is this formula? {Target Identification} + {Understanding of … Continue Reading
A lifetime ago, in what seems like a galaxy far away, I spent some time in the broadcast industry. More specifically, in a radio studio. At the time the fast paced “Top 40” genre topped most markets, and was designed to sound slightly anti-establishment with a shoot-from-the-hip tone. In reality, it was a highly structured, … Continue Reading
The game show Jeopardy has had it right all along — knowing the right question is the way to win big. Conventional wisdom argues the point. And most of the time we buy into the argument. In virtually every venue — from personal relationships to building a productive professional network, from pitching a pizza franchise to … Continue Reading
For a moment let’s say we really believe the notion that relationship is the key when it comes to business development for professional service providers. What do we do with that? How do you build the kind of relational equity that is at the heart of a stable practice? Warning. If you’re hoping for a silver … Continue Reading
If the only time we turn attention to marketing, business development or sales is when there is a fear things might be slowing down — or worse yet, after the slow-down has begun — three things are likely true. The experience: is decidedly frustrating; solves few if any of the short term issues; in the … Continue Reading
Recently I came across a McKinsey article titled Getting Beyond the BS of Leadership Literature. It’s worth the time (and was a bit indicting); but this is not a post on leading. This is about business development BS. Or, more accurately, what often goes unsaid when Biz Dev is the topic. If you’re concerned with … Continue Reading
Some seem to have an uncanny knack of being in the right place at the right time; but when it comes to business development, success is rarely happenstance. In fact, the epitome of strategic marketing and sales is taking the steps necessary to reach the right target, at the right time, with precisely the right … Continue Reading
