Tenandahalf's a z of how to win new clients

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Tenandahalf’s A-Z of how to win new clients

helping smarter professional service firms grow

Z A

How do smarter fee earners win more work? The first rule is there is no magic wand. New client acquisition is about all elbow grease and success will require a bit of time and effort. However, if you apply your elbow grease a little more intelligently, we guarantee you will reap the benefits. While direct mail, corporate hospitality and the same old advertising opportunities offer a security blanket, do they really work? At Tenandahalf we suggest not! We think the most effective business development tool any professional service firm has is you - the fee earners. However, the challenge for every firm is to make sure you have the confidence and focus to act in ways that will generate tangible results. The following 26 practical tips are designed to give you some of that confidence and we trust this little white book will, over time, become your very own trusted advisor.

A is for Action You will have heard it before but there is no magic wand and no fairy dust. If you’re going to win new clients, you’re going to have to do something. You can have the best plan/ideas/intentions in the world but the fact is if you don’t take action, you won’t win work.

B is for Benefits It’s one of those old sales clichés but you can sell features all you like, people only buy when they see the benefit. But, like all clichés, it’s clichéd because it’s true. Your location, the number of offices/partners/practice areas you have are all features (and pretty uninspiring). The fact that working with you will in some way save your clients time, money or hassle (or preferably a mix of the three) are benefits, the very benefits your prospective clients are looking for.

C is for Confidence Clients, like dogs, can smell fear. It sounds daft but it’s true – why would you pay an advisor anything upwards of £200 for their advice if they do not appear to be totally at ease with you, your problem and the required solution? It’s a simple thing but you have to appear totally confident in your ability, your firm’s abilities and your ability to solve weighty problems. Confidence can be manifest in things as obvious as your smile, handshake and the level of eye-contact you maintain. Additional confidence can be built up by embracing ‘soft skills’ training.

D is for Day job The traditional excuse that business development is a bolt-on or an unpaid extra has to go. More than that it must quickly be replaced by a uniform acceptance that the ability to generate work is a core element of a career in the professional services. Without a uniform recognition that business development is not only part of the day job but an essential part of the day job, there is absolutely no doubt that solicitors, accountants, patent attorneys and barristers will find life increasingly difficult indeed as competition intensifies.

E is for Email How often do you run out of time before making a call to arrange a meeting with someone you meet? How often because of the stresses and strains of the day do you just not feel like it? Email is the solution. It could be a quick personal two line message to someone you recently met. It could be a ‘saw this and thought of you’ type mailing to a range of contacts you haven’t spoken to for a while. However you use it email offers a quick and socially acceptable solution to the perennial problem of keeping in contact between meetings. Without this extra contact, turning contacts into clients becomes almost impossible.

F is for Focus Trying to be all things to all men is not an effective strategy. What it will be is a shortcut to frustration and finding marketing more than a little over-effacing. Given the limited time you have available for business development, it is much smarter to focus. Focus on the most relevant targets, focus on the events/publications/speaking platforms that will give you access to those targets and focus on converting those opportunities by employing the activities you enjoy.

G is for Generosity Giving isn’t normally associated with selling but it is one of the most powerful tools when it comes to establishing trust. If you switch the focus of any conversation from “this is what I can do for you …” and onto “how can I help you?” you will notice an immediate change in your marketing fortunes. Offer introductions, recommendations, advice and second opinions rather than more and more information on your firm, your credentials and the work you could do for the person you’re speaking to.

H is for Hospitality Yes, you can use hospitality in its traditional corporate format. People like lunches and football tickets and horse racing and whatever else. But if you are going to invest in what is an expensive initiative like hospitality there needs to be some ground rules. Will it pay for itself three times over? Are you setting measurable targets and inviting people because of the opportunity they offer? Are you doing something a bit different so that people are more likely to come? And talk about the event to others afterwards? Are you picking events that will boost your visibility in the right areas while you entertain your guests? Does your hospitality extend to visits to your offices? Stack the odds of instruction in your favour by doing everything you can to extend a warm, hospitable welcome to everyone who comes through your door.

I is for Implementation Business development may be an addition to your day job but it is an essential addition if you are going to be successful. Before you plan, work out the time and resources you have available. Then make sure the activities required to put your plan into action are those best suited to you. Your plan will be easier to implement if it is based on realistic goals and activities you are comfortable with.

J is for Join clubs This is the middle ground between Networking (see N) and Likemindedness (see L). Everyone has an interest and everyone needs to grow their network and generate referrals from friends so why not put the two together? If you were to join a club (sporting or special interest) in an area you like you will meet people and, at the same time, will be much less likely to dodge the next meeting which, let’s be honest, can happen with business networking! Better still if you can join a club where you are actively paired with people you don’t already know in competitions, you will have no option but to spend time with potential new clients and referrers.

K is for www.thekoffeepot.co.uk This is a very nice coffee house but yes, the eagle-eyed amongst you are right, this is the most contrived entry (and I include X and Z). However, it does underline one of Tenandahalf’s core principles – stop selling and drink coffee. Rather than waste time on recreating the 80s by forging a singularly unattractive elevator script or bore people into submission with the same old stories about your year of incorporation and how many offices and partners you have; just meet up and have a chat over coffee. No selling, no pitching, just a good opportunity to build your key relationships and start turning contacts into clients. Another plus from your FD/COFA/Managing Partner’s point of view is that coffee is a darned site cheaper than every other form of hospitality … even if you buy a cake to go with it! .

L is for Likemindedness I hate to be the one to break this to you but there are thousands of lawyers, accountants, attorneys or barristers just like you. Many will be fighting for the same clients and there is little the uninitiated can use to tell you apart. This is where ‘The Law of Likemindedness’ comes in. People not only buy from people they like, they buy from people that are like them. Spend the lion share of your time with people who share your outlook and values and you will get on better and, the better you get on, the more likely it is these people will become clients.

M is for Momentum Successful BD isn’t something you can pick up and put down when there’s time or you feel your pipeline could do with a bit of a boost. It can’t be a fad where, following a spell of all hands to the pump, personal and departmental plans are left to their own devices to implement themselves. Once you’ve got things going it’s time to push harder. I was once told ‘success breeds success’. I didn’t understand what it meant at the time, now it’s obvious. Get things going, promote success, encourage people to achieve their own success and keep pushing to maintain momentum.

N is for Networking (without working the room!) Like it or loathe it networking is a necessary evil. After all, if you don’t meet anyone you won’t know anyone and referrals will become hard to come by. However, networking doesn’t begin and end with the local Chamber of Commerce or Round Table (productive though they can be). It also doesn’t have to include outmoded ideas like ‘working the room’ or ‘closed twos and open threes’. Networking is really about building an effective professional network around you and there are many different ways you can do this. Think about the activities, hobbies, sports and food and drink you have in common with your most valuable contacts and invent an event around them. As long as you are engineering regular face time and generating new introductions, the whys and wherefores aren’t important. Who knows, you might even enjoy yourself!

O is for Obvious One of our clients described the way we approach business development as “nothing we didn’t know but everything we forget to do”. I could (like those in the marketing agencies of Madison Avenue or Fitzrovia) hide behind an ever-expanding list of acronyms and scientific formulae to boost my ego and make it appear the dark arts are a god given talent not to be understood by mere mortals. It wouldn’t be honest though. Whether you call it marketing or business development, what needs to be done is downright obvious. Get out into your particular market

Get on with the people you meet

Get in with them and build trust until the time comes for

you to get your first instruction

P is for Persistence “I tried that once and it didn’t work”. “I spoke to them last year but there was no work”. “Yes, met him but they have a lawyer/accountant already”. Any of these sound familiar? The truth is that 99.9 times out of 100 there will be no immediate opportunity to work with anyone you meet. The trick though is to stay in touch, stay visible and make sure you’re best placed when your services are required or when your contact’s current advisor makes a mistake. If you give up straight away you not only ensure any future opportunity will be lost, you also unwittingly tell the contact you weren’t that interested in the first place.

Q is for Questions There is nothing more unattractive than someone who endlessly talks about themselves (or their firm or their opinions). Worse still, there is nothing more unattractive than having to listen to someone tell you what they can do for you. Effective questioning skills are essential. They will help you really find out about the person you are talking to. They build trust. They open up opportunities for you to help. They also help define what a person is actually looking for which may be totally different to what you had initially assumed.

R is for Responsiveness As we’ve said before your technical skills aren’t in doubt. The flip-side of this is your competitors’ technical skills aren’t in doubt either. As the purchasers of professional services become more discerning – and more disposed to jumping ship if every aspect of the delivery they pay for isn’t perfect – things like service, added value and clientcare are becoming increasingly important. Responsiveness has to be the first step towards achieving the highest levels of service and client care. Thanks to smart phones, emails and mobiles, immediate response (even if it’s just a quick holding message held as a template) is instantly achievable. It is also mandatory. These are the tangible aspects to clients and, therefore, the aspects you’ll be judged on first and foremost.

S is Small talk Too many professionals consider themselves bad at small talk and all too often use it as an excuse not to network or (if their big, nasty BD director has forced them into a networking situation that’s led to the collection of a few business cards) as the reason not to follow up. The truth is “I wouldn’t know what to say” is not an option. If you are going to win work you’re going to have to learn to small talk. Keep up to date with the news, the arts pages and the sports pages. A quick scan will give you a headline you can use. Be prepared to share good holiday locations and better restaurants. If you’re prepared to talk, you will find something to talk about.

T is for Targeting The ability to target is absolutely pivotal to effective business development. With no targets, your efforts will lack direction and ultimately will not yield any results. If you want results, you need to make clear cut choices. Which industry sectors or groups of individuals do you want as clients? Better still, look at your sector or the local market and put names on those targets. Choose exactly who you want to work with then pursue them. From there you can target the events and promotional vehicles you need to get in front of your physical targets much more easily. Targets also give you a benchmark against which to monitor your progress and success and nothing will motivate you more than knowing you are reaping rewards from your efforts.

U is for Ubermensch Although it’s a horribly unwieldy phrase ‘thought leadership’ is still a credible objective and a powerful platform from which to win new clients. The only trouble is I used ‘T’ for targeting so had to find it a new home! In the majority of situations the process of choosing a professional advisor is centred on the ability to mitigate any potential risk surrounding your choice of appointment. The best way to stack the odds in your favour is to show you understand the nuances and peculiarities of the particular sector you are targeting. This can be done in a variety of ways. You can use the right language. You can put forward case studies or anecdotes directly relevant to your prospective client. You can quote current trends affecting or influencing the sector in question. You can also be on hand to quote, write or speak on the subject in front of the right audiences. If you are able to do a mixture of these activities, your position as ubermensch is assured!

V is for Value We hear too much about price. “Our prices are too high”. “Such and such a firm’s prices are lower than ours”. “We always lose work on price”. However, the truth is value will negate cost every time … as long as it is articulated clearly. What is your value proposition? Where can you add value over and above your competitors? Set some time aside to work out your value proposition and learn to articulate your proposition so it really resonates with your target market.

W is for Writing Writing is a very powerful way of getting your thoughts and your name in front of a large and very targeted audience. There are titles for everything. If you sell your services to individuals there is a plethora of local consumer press that includes not only the local paper and glossies but also an increasing number of community websites. If you sell to specific industry groups they will be served by their own trade publications – believe me, I’ve researched enough niches! Writing is also preferable to (and much cheaper than) advertising. Think about it, what would you trust - carefully written promotional copy or a 1500 word article that tackles an issue that affects you in language you understand. Yes, thought so!

X is for X-selling Remember your job is to win work for the firm as much as it is to win work for you. While you may think cross-referrals may go unnoticed internally, they don’t. Know all of the services your firm offers and keep them front of mind when you are out and about. It may be another practice area or project offers an immediate opportunity but don’t close your ears and walk on. Instead pass it on and then make a note to stay in touch with both client and colleague so you are best placed if there is an opportunity for you longer term.

Y is for You If you are really going to be successful in winning new clients (directly or by referral) the most effective change you can make to your conversations, your written communications, your online approach … everything, is to change the focus from “we” to “you”. It’s not about the firm and the work you could win, it’s about what you can do for your client and, more importantly, how these actions will benefit your client short, medium and long-term. Start by looking at your firm’s ‘About Us’ page. Substitute the word ‘we’ for ‘you’. Make the sentences make sense. Sit back and marvel at the added impact!

Z is for Zeitgeist While this may look like it’s been shoe-horned in just so there’s a ‘z’, the definition of zeitgeist is “the defining spirit or mood of a particular period of history as shown by the ideas and beliefs of the time”. However, if you look at the massive changes facing the professional services market during this particular period in history and the accompanying threats and scaremongering, maybe there is an opportunity to define a spirit that will counter those changes and ensure your continued success. We would argue that spirit should be to have confidence in the services you offer your clients, the focus to concentrate on the targets and opportunities that offer the best chance of success and the wherewithal to take action.

Now we have your attention, what next?

If you would like a FREE initial 45 minute consultation please get in touch Call Doug McPherson on 077865 40 191 Email [email protected]

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