"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.
