Contributing to professional services firms

How marketing leaders contribute to professional services firms’ management committees. Full article http://bit.ly/vpwQk3

Top 10 ways marketing offers value to management:

  1. achievement of strategic goals
  2. a change agent
  3. managing risks
  4. building brand equity
  5. providing new revenue streams from existing and potential clients
  6. offering a client perspective for decision-making
  7. relationship building with clients
  8. building client loyalty
  9. assessing market demand
  10. doing tactics relevant to the marketplace

Are you open to change?

I am anticipating the arrival of a new CMO come 2012. A new person means new philosophies, ideas, priorities, or can it mean status quo? A new person in an organization normally means some change.

How well do firms manage change? My view is change is not managed well by most organizations. I find especially in the legal industry, there is a aversion to change. Being in the legal industry is often about relying on precedents, and mitigating or averting potential risks. The result of change is at its essence unknown even if planned and prepared for.

Change, if not managed appropriately, can undo all the great intentions and positive results that can occur. To a certain extent marketing and business development professionals are the change agents for firms. We tend to be less risk adverse, deal often with the unknown or the not well known, and know that change is necessary to be competitive. We need to bridge the gap between the need for change and the change adverse. Below are a few tips to help bridge the gap.

  1. Get people involved early.
  2. Gain a champion(s) from leadership.
  3. Communicate often – be informative.
  4. Know who the influencers are and who can be the barriers to change. It may take more work to persuade those who tend to put up barriers. Those people may have valid reasons that need to be assessed.
  5. Stick to it and manage change fatigue.
  6. Know that not everyone will agree.
  7. Don’t expect everyone to adopt the change at the same pace, if at all.

Year-end is near, four things you need to evaluate

Though it is still November, I have written Christmas cards for friends and family this past weekend. Last year I left doing my cards and shopping so late that I felt I was continually rushing. After the chaos of 2010, I did a review of what I could do better in 2011. After some planning, I have taken the stress out of the season as well as saved time, effort and some cash (okay, so not all my shopping is finished but I am definitely in a better position this year!).

It is also that time of year where a review of the marketing, communications and business development strategies of 2011 is prudent for the future planning. I hope that the year-end review isn’t the only one you will do, whether monthly or quarterly or after each campaign, a debrief is necessary to assess success and whether changes are required. For this time of year, an overall review helps with the planning for 2012. Below are four things to focus on:

  1. The spend – look at the financial and human spend on the marketing, communications, and business development tactics made throughout the year. Assess each tactic, whether an event, the corporate website, speaking sessions, sponsorships, business trips, referral networks, etc.
  2. Acquiring/converting leads to clients – review the conversion percentage of each tactic as well as what amount of revenue the conversions produced. For example, business trips to law firms in other countries to build a referral network may produce 15 new files with revenue of $100MIL referred from a specific law firm. The referral network may be a profitable business development strategy that you emphasize in 2012.
  3. Retaining clients – what tactics support client retention? Review programs in place that may include client feedback, free educational seminars, client thank you events, etc.
  4. Compare against 2010 – what marketing strategies in 2010 did you do again in 2011? Was there an increase, decrease, no change with how those strategies performed? Are there longer-term trends (i.e. online advertising versus print advertising). Are the goals for the firm still the same for 2012 or is there a drastic shift in focus? Has technological change influenced the type of strategies (social media was not popularized until a few years ago)?

Incorporate the four evaluation practices above in your year-end review to help you plan for 2012. Even if you don’t get all the answers you need, it provides a great habit of looking at the return on investment and offers intelligence that you could be currently overlooking.

Do you host clients?

Can you host clients too much?

If you are in the business of developing business, impart through client hosting, this month is probably becoming hectic. With client events, holiday lunches, managing personal activities that can include school Christmas pageants, corporate holiday parties and planning for 2012, there doesn’t seem to be enough time in a day. There is pressure on wrapping up client hosting events before December in order not to impede on clients’ personal activities. So why do we do it?

There may be multiple reasons why we host clients during this chaotic period, everything from saying thank you to the client for a great year, making up for not taking them out earlier in the year, using up budget that wasn’t readily available previously. Whatever the reason or the time of year, can you host clients too much?

Being in the relationship building business means taking care of your clients, learning about them and understanding what keeps them up at night. Taking a client out once a year doesn’t cut it but taking a client out once a week might be overkill. Finding the balance can take some planning. Below are some tips that can help you to manage your client relationships and keep you from burning out.

  • Determine your criteria for prioritizing your relationships – whether it is current profitability, future profitability, long-term strategic, short-term transactional, new relationship, existing relationship etc.
  • Look at opportunities to leverage corporately held events where your client and you can have some face time.
  • Realize that not every client requires as much hosting as others – plan accordingly.
  • At least once a year schedule time to discuss your client’s business.
  • Build a simple 30/60/90 day plan and schedule your client hosting activities for your relationships.
  • Take note of what your clients enjoy, it may include spousal or family events – make the most of the time with clients by hosting events that you and your client can enjoy together.
  • Involve others in the client relationship. You can’t do everything, so bring in others to help you.

I don’t believe that you can host clients too much and with some planning, it doesn’t have become something you no longer enjoy! Have fun and focus your energy.

Keeping it simple (marketing _ business development)

Why is it that people try to make things complicated when it comes to business development? Speaking with some folks, they develop this convoluted plans that take up their time so they don’t end up implementing them!

Planning is useful if it enables ACTION – keep it simple.

Some tips from successful sales and business development peers in B2B that have helped me include:

  1. Keep positive – even the top sales people don’t get the results they were hoping for right away. Don’t give up!
  2. Prioritize your contact list – who you want to meet with in the next 30, 60, 90 days. Keep the list manageable - if you make it too long it can become daunting.
  3. If you aren’t great at cold calling and have already used your connections, hire a consultant to do the cold calling for you to set up the initial meetings. Individual consultants can be relatively inexpensive with great returns – be clear with your goals for the project with the consultant and work with them on the script.
  4. Know your goals for attending networking events – stick to it. Going alone and not with colleagues can be a benefit for networking as you may end up just talking with your colleague, unless you both have a strategy.
  5. FOLLOW-UP. Put together a systematic approach  for your follow-up after a meeting, an event, a chance encounter, introduction etc. It can be as simple as an email summarizing the meeting action items so that everyone is clear or sending  information relevant to a conversation with a contact. Think about how you can help them.
  6. Use the technology available to get warm contacts – i.e. LinkedIn
  7. Don’t pitch or sell on first contact, listen to them.

The above is not inclusive by any means and other tips through the comments are welcome.

Three Key Contributors to Brand Success

A few years ago when I travelled overseas, I was in a rural area of a country famous for its wine but not necessarily food.  During a conversation with a couple from ‘North America’ that I’d met, the male stated he was craving KFC and the woman added that the coffee isn’t the same as Starbucks. Why did this couple mention these brands specifically? They didn’t say ‘fried chicken’ or ‘coffee’. For them, there was a comfort in the brands – familiarity, experience, consistency in the product they would receive.

I believe there are three key elements that contribute to a company’s brand. These contributors influenced the couple I had met.

The first contributor to brand is the client’s experience.       

In early March I was at a legal marketing conference and was privy to a panel of  in-house counsel who spoke candidly about what gets law firms on their preferred provider list.  Some of things they spoke of included service level, business knowledge and a collaborative approach — things that contribute to those in-house counsels’ experience.

What is the experience you want your clients to have?

All the actions you take contribute to the overall experience and performing them consistently and better than competitors leads to a powerful Brand.

The second contributor to brand is your company’s behavior. 

Is your organization a good corporate citizen? Do you give back to your community? Are employees encouraged to give back through volunteering?

When I have interviewed potential candidates, questions about what is the company involved in from a volunteering perspective is asked – this is something companies can’t ignore.  Investing in your people factors in the brand as each individual’s interaction impacts the brand. If your people are proud to work for a firm because of contributions back to the community, this will come through the brand.

Some clients align with companies that support certain charities, are environmentally conscious, or have similar cultures. You are what you eat, or in this case, you are a reflection of your clients.

The behaviour of an organization makes an impact on the community, clients, current and future employees perception of your brand. The way your company supports or doesn’t support its people, clients and community contributes to the brand.

The third contributor to brand is the consistency with communications.   

 The internal and external communications rests with all individuals of your company.

Marketing cannot be the only driver of the brand —- in fact, if only marketing is ‘living’ the brand, it will come through loud and clear. For example, have you ever witnessed a company’s advertising that was completely out of touch with the experience you encountered with that company?   I am sure there are many different organizations that come to mind. 

Everyone in your organization needs to live whatever the brand promise is so it works for you as individuals but also adds to the overall success of the organization. Think, feel and act with the brand in mind.  Put the brand promise on your wall as your mantra to the success of this firm. By living the brand in everything you do, it allows for consistency in the message – which keeps the brand alive.

The client experience, the firm’s behavior and your communications all contribute to the success or failure of your company’s brand.  Take a look around you at successful brands and determine for yourself what has contributed to their success .

Integrating Foreign Workers into the Alberta Workplace

Is your business looking to hire foreign workers? Are you aiming to retain current foreign workers within your organization? If you or someone you know is interested in the topic of foreign workers in Alberta, do not miss our luncheon on “Integrating Foreign Workers in the Alberta Workplace” presented by Ricardo Carlos. There are events in both Calgary and Edmonton covering this topic, February 23 and February 24 respectively.

Ricardo is the manager of the Cultural Crossroads Centre for Race and Culture and is responsible for a variety of programs in regards to cultural and racial diversity in workplaces, schools and social services organizations.

To register for the event go to: www.owitalberta.org

Though this particular presentation is directed to Alberta, I am sure that there will be many tips that I can share that makes sense to other locations.

Exporting – Steps to Success

What are most suitable alternatives for your company to manage and establish a viable approach toward planning, and implementing an exporting strategy that provides a sustainable competitive advantage? For markets to flourish, it is recommended that all stakeholders participate in the forming of a proposed strategy that includes international market research, market screening, entry strategy, market segmentation, product adaptation, and implementation preparation. Read more …

Client Centric – Part 2

Attaining a Client-Centric Culture

It is a continual cycle that involves four key elements relating to your clients or your prospects:

  1. Understanding them
  2. Meeting their needs
  3. Building relationships with them
  4. Retaining them once they become clients

Read more …

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