Towards strategic marketing - consortiumbiz.co.uk · © Copyright Kim Tasso 2018 Some technology developments • Intapp (Self-managing data) – Integration platform ...

© Copyright Kim Tasso 2018

www.kimtasso.com

Strategic marketing and BD:

Joining the dots

Consortium 360 degree conference Kim Tasso BA(Hons) DipM FCIM MCIJ MBPsS MBA

Tuesday 17th July 2018

© Copyright Kim Tasso 2018

www.kimtasso.com

• Specialist in professional services marketing

• Over 20 years’ marketing and sales experience

• Previous senior in-house positions at Deloitte and Nabarro (BNP Paribas Real Estate, haysmacintyre, Hempsons, Mayer Brown, Olswang, Royds, Weil Gotshal)

• In 20 years won/retained over 300 clients

• Illustrative clients: Allsop, Anderton Gables (NED), Arup, Anthony Gold, Boodle Hatfield, Brown & Co, Colliers CRE, D&AD, E A Shaw (NED), Earl Kendrick (NED), GB², Grant Thornton, Haines Watts, Herbert Smith, Keating Chambers, KPMG, Jordans, Lane Clark & Peacock, LawSouth, Lexis Nexis, McGuire Woods, MHA Moore & Smalley, New Square Chambers, QEB, Rix & Kay, Russell-Cooke, SEGRO, Stiles Harold Williams, The Lawyer, Thomson Snell & Passmore, Woodfines, Wrigleys

• Honours degree in psychology, diplomas in marketing and coach/mentoring, counselling, NLP and an MBA

• Journalist for legal, marketing, banking and property (Estates Gazette) magazines. Former judge on Property Marketing Awards

• Lead trainer for Professional Marketing Forum and trainer for CLT and MBL

• Co-author of “Media relations in property” and author of “Dynamic Practice Development - Selling Skills and Techniques for the Professions”, “Growing your property partnership – Plans, Promotion and People” and “Rainmakers and Trailblazers – a step by step guide to business development for lawyers”

© Copyright Kim Tasso 2018

www.kimtasso.com

Better Business Relationships - DACRIE™

1. Difference - Understanding yourself and other people

Perception, emotions, empathy, EQ, NLP, personalities, cognitive styles, gender, generation, culture

2. Adaptation - Learning to change

Habits, comfort zones, changing self, changing others, reframing, stress

3. Communication fundamentals

Face to face, Non-Verbal Communication, informal and formal communication, storytelling, telephones, public speaking, presenting, written, emails, influence and persuasion

4. Relationship formation and conflict management

Relationship management competencies, relationship formation, types of relationship, commitment and loyalty, online relationships, disagreements and disruptions, rapport and trust, difficult behaviour, managing conflict, negotiation

5. Internal relationships

Workplace culture, bosses, politics, assertiveness, buy-in, groups and teams, mentors and coaches, managing virtual teams, delegation, coaching, motivation, leadership

6. External relationships

Client service, self-confidence, first impressions, building a contact base, differentiation, networking, social media selling, sales processes, exploring needs, decision making, questions, active listening, first meetings, pitching and tendering, key account management, referrer management

Available September 2018

http://www.kimtasso.com/better-business-relationships-new-book-pipeline/

© Copyright Kim Tasso 2018

www.kimtasso.com

Topics

1. The BD landscape for large and small firms

2. Align with business aims and strategy

3. Marketing

- Select and integrate critical projects

- Segmentation and personas

4. Business development

- Integrate marketing, selling and relationship management

5. Balance technology and relationships

© Copyright Kim Tasso 2018

www.kimtasso.com

The fee-earner perspective of business development

© Copyright Kim Tasso 2018

www.kimtasso.com

© Copyright Kim Tasso 2018

www.kimtasso.com

Integrate the business development process

Marketing

“Broadcast”

Strategic/planning

General needs

Service development

Market development

Pricing

Brand/Profile building

One to many

Lead generation

Selling (New business development)

Targeting and acquisition

Enquiry handling

Estimates/quotes

Networking/Opportunity to meet (events)

Pitches and tenders

EOIs/RFPs/ITTs

Specific client/needs

Pipeline management

One to one

Lead conversion

Client/referrer

relationship

management Retention

Development

Client care/CEM/CRM

Cross selling

Specific client/referrer

Key account management

Many to one

Relationship development

© Copyright Kim Tasso 2018

www.kimtasso.com

Defining marketing

“The management process responsible for

anticipating and meeting client needs profitably” (CIM)

Marketing is a process for:

o Defining markets

o Quantifying the needs of client groups (segments)

o Determining the value propositions to meet these needs

o Communicating these value propositions to all those people in the

organisation responsible for delivering/getting their buy-in

o Playing an appropriate part in delivering these value propositions to

the chosen market segments

o Monitoring the value actually delivered

© Copyright Kim Tasso 2018

www.kimtasso.com

The marketing mix – Those 4 Ps

Product

People

Promotion

Communications

Evangelism

Price Cost

Exchange

Place

Convenience

Everywhere

Client needs

Experience

Brand

Marketing strategy:

Getting the right product to the right place at

the right price with the right promotion

© Copyright Kim Tasso 2018

www.kimtasso.com

© Copyright Kim Tasso 2018

www.kimtasso.com

Segmentation - STP

“The process of

dividing up large

heterogeneous

markets with similar

needs into smaller

markets according

to shared

characteristics”

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www.kimtasso.com

Markets and services matrix vs. personas

2015 Financial

services

TMT Real

Estate

Retail &

Leisure

Charities &

Not for

Profit

Corporate

Commercial

Banking and finance

Private client/Trusts

Intellectual property

Regulation

Litigation & Dispute

Resolution

Family

etc

2016 Financial

services

TMT Real

Estate

Retail &

Leisure

Charities &

Not for

Profit

Corporate

Commercial

Banking and finance

Private client/Trusts

Intellectual property

Regulation

Litigation & Dispute

Resolution

Family

etc

2017 Financial

services

TMT Real

Estate

Retail &

Leisure

Charities &

Not for

Profit

Corporate

Commercial

Banking and finance

Litigation & Dispute

Resolution

Intellectual property

Regulation

etc

https://www.kimtasso.com/back-basics-importance-

segmentation-personas/

© Copyright Kim Tasso 2018

www.kimtasso.com

The strategic process

1. Where are we now?

AUDIT

2. Where do we want to be?

VISION & SMART OBJECTIVES

3. How will we get there?

STRATEGY/CAMPAIGNS

© Copyright Kim Tasso 2018

www.kimtasso.com

Audit for insight and innovation

Audit (SWOT)

Environment (SLEPT)

Clients and referrers

Markets

Internal

(Skills & Services)

Profits

Competitors

© Copyright Kim Tasso 2018

www.kimtasso.com

Contents of a strategic marketing plan

Mission statement

Financial summary

Market overview (SLEPT analysis)

SWOT analysis

Issues to be addressed

Portfolio summary

Assumptions

Marketing objectives

Marketing strategies

Resource requirements and budget

(The New Marketing: Transforming the corporate future

Malcolm McDonald and Hugh Wilson)

© Copyright Kim Tasso 2018

www.kimtasso.com

Other marketing strategy models

• SOSTAC™

– Situation

– Objectives

– Strategy

– Tactics

– Action

– Cost/Control

• ROSIER

– Research

– Objectives

– Strategy

– Implementation

– Evaluation

– Resources

© Copyright Kim Tasso 2018

www.kimtasso.com

Marketing strategy choices in a PSF

• Markets (segmentation, niche development)

• Services (portfolio management, new product development, innovation)

• Recruitment of new teams and skills

• Client Experience Management (CEM, technological efficiency, relationship skills)

• Pricing

• Reputation and branding (differentiation)

• Internal marketing

• Profile raising and positioning

• Digital marketing (PPC, SEO and content management)

• Thought leadership

• Client intimacy and existing client relationships (cross-selling)

• Targeting, contact marketing and selling

• Key Account Management (KAM)

• Referrer and intermediary management

• Collaboration and co-creation

http://www.kimtasso.com/marketing-planning-in-a-nutshell-

selecting-a-strategy/

http://www.kimtasso.com/differentiation-strategies-innovation/

© Copyright Kim Tasso 2018

www.kimtasso.com

The end goal – An illustrative campaign plan

M A M J J A S O N D J F

Project planning/monitoring

Analysis and research

PROFILE RAISING/ENGAGEMENT

Media briefing/articles/blogs

Conference speaking

Networking (external)

INTEREST/LEAD GENERATION

Email newsletter

Social media

Seminar invitations

EVENTS/INTERACTION

Referrer/intermediary meetings

Our seminar series

Seminars with referrers

SALES MEETINGS/CONVERSION/DEVELOPMENT

Telemarketing calls

Prospect/client meetings

Pitches/presentations

MARKETING

SELLING

RELATIONSHIP

DEVELOPMENT

© Copyright Kim Tasso 2018

www.kimtasso.com

Analysis and research

Strategy and planning

Brand

Campaigns/Communications

Product/service development

Internal communication

Business Development

Sales and Pitching

CLIENT CARE/CEM

Touch points

and “moments of truth”

Service excellence

RELATIONSHIP MANAGEMENT/

CLIENTOLOGY (CRM)

Serving, communicating with

and developing all clients

KEY CLIENT

MANAGEMENT (KAM)

Structured approach

for largest clients/referrers

SECTOR GROUP

Tailoring products/services

© Copyright Kim Tasso 2018

www.kimtasso.com

Marketing - Sales - Account Management Spectrum © Kim Tasso 2003

Aw

are

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Action

Pro

sp

ect

Co

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ct

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Clie

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On

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erv

ice

Ad

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r

Pa

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Clie

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Marketing (Brand/Communications)

Selling

Client relationship management

• Advertising

• Public relations

• Media

• Publications

• Referrers

• Seminars

• Internal marketing

• etc

• Direct and digital marketing

• Sales promotion

• Research

• Information systems

• Market know-how

• Analysis & Targeting

• Sales management

• Networking

• Telemarketing

• Events

• Proposition development

• Presentations

• Pitches and proposals

• Client care/clientology

• Satisfaction interviews

• Account plans

• Cross selling

Ma

rket re

se

arc

h -

Str

ate

gy f

orm

ula

tion -

Se

gm

en

tation -

Po

sitio

nin

g

Service development

Proposition development

© Copyright Kim Tasso 2018

www.kimtasso.com

Planning Attract &

Engage

Nurture & Convert

Deliver

Retain &

Develop

Planning

Client Experience Management (CEM, Cx, client journey mapping)

Aims/Objectives

Strategies

Pricing

Product/service development

Monitoring, measurement and evaluation KAM plans

Research Internal analysis

External environment

Competitors

Markets/segments

Referrers

Channels/Media

Clients/target information

Analytics

Conversion rates

Mystery Shopping

Pitch debriefs

Quality

Service level agreements

Satisfaction

KAM profiles

Brand Branding strategy

Design/Tone of voice

Web site

Social media accounts

Communications

Marketing

communication

Content Management Plan (and thought leadership) , campaign planning and project management

Segmentation/Sectors

Personas

Media relations

PPC/SEO

Digital communications

Social media

Community engagement

(on and offline)

CRM/database management

Newsletter subscriptions

Downloads

Enquiry management

Events

Selling/Pitches/Tenders

Client alerts/updates

Events

Client-specific

communications

Third party relationships

Client Relationship Management

Fee-earner

relationships

Internal communications/internal marketing (Buy-in)

Education/training

Reward/motivation

Personal BD planning

Content development

Social media

Enquiry management

Events

Meetings

Presentations/Pitches/tenders

Sales coaching

Client communications

Service delivery

Work/case management

Account management

Billing and invoicing

Cross-selling

Referrer management

KAM teams

Joining the marketing/BD dots© Kim Tasso 2018

© Copyright Kim Tasso 2018

www.kimtasso.com

Some technology developments

• Intapp (Self-managing data) – Integration platform to access and interrogate all of your firm’s data – regardless of the system

– Integrates information from external proprietary systems

– Search narratives on time recording, invoices and documents emailed by fee-earners

– Prompts fee-earners to provide details of clients/transactions where data are missing

– Enables sophisticated analysis to support pricing decisions and profitability improvement, client relationship management and the assembly of pitch documents

– Uses artificial intelligence (AI) and machine learning to highlight trends it detects

• Vuture (automated and personalised client experience management) – Potential for end-to-end automation of communications campaigns

– Creation of web sites and event domains, content management, email marketing and newsletter support

– On-line event management where clients enter their dietary and workshop options themselves

– System tracks client interests and ensures that they receive further information automatically

– Deals with GDPR

• Passle (Content management and distribution) – Allows fee-earners to create and share content – and to monitor the engagement on each item

– Powerful analytics to monitor that content across the firm in the omni-channel environment.

• Performance Leader (Performance and feedback management) – Allows clients to rate their advisers at any time and provide feedback at any stage of a project

– Supervisors can monitor KPIs, career plans and internal and external feedback for individual fee-earners in real time

https://www.kimtasso.com/marketing-technology-revolution/

© Copyright Kim Tasso 2018

www.kimtasso.com

Nine generic properties of a good marketing strategy

1. Clarity of scope

2. Definition of intended competitive advantage

3. Internal consistency and synergy

4. Degree of uniqueness

5. Congruence with the external environment

6. Consistency with the firm’s objectives

7. Acceptable risk level

8. Feasibility within the firm’s resources

9. Provision of a level of guidance to tactical activity

© Copyright Kim Tasso 2018

www.kimtasso.com

Four ways to improve your strategic thinking skills (HBR Nina Bowman)

1. Know: Observe and seek trends - Understand industry context

and business drivers

- Heads up and observe external and internal trends

- Focus, prioritise and be proactive

2. Think: Ask tough questions - How do I broaden what I

consider?

- Be more curious

- What would success look like?

3. Speak: Sound strategic - Prioritise and sequence

thoughts

- Structure message to focus on core message

- Challenge underlying assumptions

4. Act: Make time for thinking and embracing conflict

- Evaluate tasks (urgent vs important)

- Block out thinking time

- Embrace debate and invite challenge

- Clarify decision making criteria

https://hbr.org/2016/12/4-ways-to-improve-your-strategic-thinking-skills

© Copyright Kim Tasso 2018

www.kimtasso.com

Learn to say “No” and make choices (Good strategy, Bad Strategy -

Richard Rumelt)

• “Most complex organisations spread rather than

concentrate resources, acting to placate and pay off

internal and external issues”

• “Good strategy requires leaders who are willing and able

to say no to a wide variety of actions and interests”

• “Strategy is at least as much about what an organisation

does not do as it is about what it does do”

• “Strategy involves focus and, therefore, choice”

http://www.kimtasso.com/book-review-good-strategy-bad-strategy-the-

difference-and-why-it-matters-by-richard-rumelt/

© Copyright Kim Tasso 2018

www.kimtasso.com

http://www.kimtasso.com/property-marketing-case-study-client-key-client-

relationship-management-jll/

http://www.kimtasso.com/accountancy-marketing-case-study-haines-

watts-accountants-love-money-thought-leadership-campaign/

http://www.kimtasso.com/case-study-law-firm-marketing-mishcon-de-reya/

© Copyright Kim Tasso 2018

www.kimtasso.com

© Copyright Kim Tasso 2018

www.kimtasso.com

© Copyright Kim Tasso 2018

www.kimtasso.com

© Copyright Kim Tasso 2018

www.kimtasso.com

Kim Tasso BA(Hons) DipM FCIM MBPsS MCIJ MBA

RedStarKim Limited

199 Argyle Avenue Whitton

Twickenham TW3 2LR

Telephone/Fax: 020 8898 0631

Mobile: 07831 687882

Email: [email protected] www.kimtasso.com

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