Monday, November 19, 2012

Business Development: CRM to Social Responsibility


"I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel” –Maya Angelou

Have you ever had to tell the staff that your best client just fired you?  How many great clients have you lost in the last five years?
What was the cause?  Sometimes it is neglect which on its face sounds like something no firm would ever commit.  Often, it is our reliance on technology to cover the marketplace with our marketing and business development activities.  Advances in CRM capabilities have given many firms a crutch and misperception that client relationships are solid. It is easy to track client activity and for management to keep track of business development resources.

Whether your contact management system is Deltek Vision,  Act or custom fields in Access, you have to remember the devil is in the details of business development.  In other words, turning data into new business is only accomplished when yo ur actions use data to your advantage.  Remember, data is not an action word.  CRM is a great tool when professionals take the appropriate actions.
In the Business Development Professionals training and consulting activities we stress that contact management is one piece of the puzzle.  It may be the glue that brings the pieces together, but glue by itself is only a sticky mess.  We stress that firms need to be diligent in assembling as much data as possible. 

Analyzing your data is only one step.  In order to complete a $100,000 sale, you need a $100,000 relationship.  The key word in CRM is relationship.  In a digital world where we are bombarded each day with thousands of messages, data helps us keep focus on the important client issues that will move opportunities forward.  Relationships are personal, with each client requiring a different approach.  Obviously, the size of the expected contract has something to do with the requirements for strengthening the relationship.  When we drill down to building relationships will all of the key decision makers, the process gets more complicated.  Data is needed on multiple people, vendors, competitors, industry changes, government regulations, the economy  and historical data on the client.  If we are bombarded with messages, we must remember that our clients are experiencing more.
The larger the potential fee, the greater the need for building a Platinum relationship.  Your business development and marketing professionals need to be client advisors.  Every one of your competitors can provide solutions to your client’s problem.  The $60,000 question for most firms is how to become a trusted advisor.  Rainmakers and principals of most firms have selected clients where they are viewed as trusted advisors.  However, times are changing.  The management at companies has changed over the last 10 years.  Are you still the trusted advisor for all of your clients?

Clients leave firms for many reasons.  There are many reasons why your firm is successful in acquiring clients.  The reasons are not exclusively economic.  In our training programs we have attendees analyze both the influence their decision maker has in the selection as well as their personal needs.  Why is this important?  It is not always about the money.
There are many sites on social networks where industry professionals are asking questions about business development and marketing practices.  Some come from seasoned professionals, but most are from people just starting out in the industry.  What is the key piece of advice that both groups can be offered?  What is the common thread that runs through all of the questions?  The key question being asked is about strengthening client relationships.  They don’t ask about the number of times a client should be entertained or whether it is important to know personal details such as birthdays and anniversaries. 

Mayo Angelou had it right when she said, "I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel”  You become a trusted advisor because the clients remembers how you made them feel.  Were you with them when there wasn’t a project?  Did you provide business advice when they were at a crossroad?  Did you ever ask them, “How can we help you?” 
Social responsibility is a new buzz word in our culture today.  It is an age-old practice of people helping people.  When Jesus told his Disciples the story of the Good Samaritan, it was about social responsibility. The firms that benefit and are successful being socially responsible do not do it for the photo op or an article in the company newsletter.  They see their values reflected in the good they do for others.

This could mean swinging a hammer alongside a client while building a home for Habitat for Humanity. It could be joining a client on a walk to fight breast cancer as one of his employees is fighting the disease.  You might have heard the saying, “You will find your treasure where your heart is.”
The mission and values of your company go beyond making profits, solving client problems and providing opportunities to employees.  They are also the final ingredient of a successful marketing and business development program.  Technology, the economy and culture do not change these.  Sometimes we just need to be reminded that at the core of our business, we are a group of people helping another group of people achieve their dreams.  In our industry, it just happens to be something built with brick and mortar.

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