Prepresentation
ALWAYS APPEAR PROFESSIONAL AND PREPARED.
It is often the little
things that separate the firm from the competition. Therefore, always look professional (e.g., wear a suit or appropriately formal attire) when meeting a prospective client. Even if the prospective client is not dressed in a suit, he or she will appreciate your professionalism. Further, whenever you travel to a meeting, always park far away from the entrance to the building to allow an opportunity to assemble yourself without appearing disheveled or disorganized to the potential client, who may be looking out the window or awaiting your arrival at the entrance.
WALK IN SMART.
Before your meeting, call the prospective client to in-
troduce yourself and thank him or her for agreeing to meet with you. During this conversation, ask pointed questions that will help you discover information about the prospective client’s situation and allow you to tailor your presentation accordingly. Further, during this call you will be able to assess the prospect’s sincerity and confirm that the prospect has the resources, decision-making authority, and mind-set to hire you.
Your success depends on how well you understand your potential client’s business. The SWOT analysis will assist you in pinpointing the company’s strengths, weaknesses, opportunities, and threats. Weaknesses and threats are “pain points”—areas where the organization is vulnerable and needs attention. This, combined with the specific client feedback garnered in the previous step, will be the basis for the solution you offer in the presentation.
CREATE A STORYLINE.
Based on the information uncovered through the
SWOT analysis, build a presentation that communicates your understanding of the prospective client’s industry, illustrates your related experiences, and convinces the prospect that you can solve their problems. While your industry experience may make for interesting chatter, all a prospect really wants to know is: “ What can you do for me today?” Therefore, it is important to include only information that is directly relevant to the prospective client in your presentation.
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ANTICIPATE YOUR AUDIENCE. Your presentation should fit the audience
and the environment. Presenting to an entrepreneur at a local coffee shop is far different from meeting with a CEO and his or her management team in a conference room. Assess your audience so you can make educated decisions about format, for example, a slide show versus a printed presentation versus a conversation, equipment and audiovisual requirements, and even dress code.
Presenters should always bring a few more copies of material than they believe they will need, to provide for unanticipated participants.
If the meeting includes multiple people in a conference room, plan on a more businesslike format. However, if you are meeting one person in a home office, you will likely just talk. Regardless, make sure your audience knows what to expect before you arrive.
REHEARSE . . . A LOT.
You have the meeting. You are smart and know
your business. You offer a quality service that your competitors do not. You want this client. Remember to rehearse at least once, preferably several times. This is particularly important when you are presenting with a colleague to ensure that you interact proficiently.
While the basic presentation may be universal, you will likely change anecdotes or success stories for different prospects. However, it is important to make sure you are comfortable and conversant with the storyline. You will likely have only one chance to secure the business. Further, it is certain that you will have only one chance to make a first impression. Do not blow it.
Presentation
The presentation is where the “rubber meets the road” in the business development process.
OWN THE ROOM AND THE MEETING.
Always arrive at least 20 minutes
early to allow time to check your appearance, set up and test your equipment, and decide where you and your team should sit or stand in the room.
Sometimes, a prospective client may have requested presentations from several firms. If you arrive early, it is surprising how often you will find a competitor ’s materials left on a conference room table. This allows you an opportunity to glance at your competition and to make sure you differentiate yourself.
Once your prospect arrives and you have made all of the appropriate introductions, recheck to determine how long you have to state your case.
You have rehearsed and have your presentation down to the minute. However, you always must be prepared to truncate your presentation and adapt to changes in circumstances. It is better to know at the beginning than to have your prospect interrupt you on his or her way out the door to another meeting.
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CLOSE THE LOOP.
Be sure to restate your understanding of the prospec-
tive client’s issues, the budget, timing, when results can be expected, and the manner in which the working relationship will be structured. Your goal should be for you and your prospect to be clear on these issues when the meeting ends. Mention again how much you want the business.
Postpresentation
Follow-up and pursuit after the presentation will help close the deal or, at a minimum, glean learnings from the client to provide improvement in future performances.
MANNERS MATTER.
At this point, the firm must plan on waiting for the
client’s response. Send a thank-you e-mail and any requested materials in a prompt manner. Also, make sure to answer any questions that may arise. If you do not hear back from the prospect within an agreed period of time, the firm should not give up. Stay in touch with the prospect, alternating between leaving a friendly telephone message and sending e-mails.
Never act annoyed or impatient because of the lack of response. Seeming curious is an appropriate approach. Remember, while closing the business may be your top priority, hiring you may be at the bottom of the prospect’s list. At some point, sooner or later, the target client will need the services of the firm, and ruining a long-term relationship because of short-term impatience is a bad choice.
LEARN FROM FEEDBACK.
Requesting feedback is another technique.
Regardless of whether you land the business, ask what the prospective client thought of your presentation, what was learned, what was missing, and how you can improve. We all like to be asked for our opinion. This discussion allows you to show your respect for the prospective client—and the process—while gaining vital insight for your next presentation.
Summary
There are numerous models and techniques that successful professionals use to market themselves and their firms in an effort to develop business. However, there are a few essential points, including organization, diligence, and focus. Given the cost of human capital to the professional services firm, it is imperative to take an organized and diligent approach to ensure that you maximize the firm’s resources. Further, remember to have patience. Developing business can be a long and arduous process. Do not expect immediate results, and be prepared for the long haul. Additionally, perseverance is a non-negotiable quality of any successful rainmaker. It is one of the ways you
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can separate yourself from your competition. Finally, preparation and focus in pitching new business is critical and lack of preparation can rapidly undo many weeks of business development effort.
NOTES
1. Charles Richards,
2. Rob Levinson, “Help! I Got the Meeting, Now What Should I Do?” Wall Street Journal—Startup Journal, accessed March 2004. Available from http://www
.startupjournal.com/columnists/marketing/20031203-marketing.html.
6
Service Line and Intellectual
Property Creation
THOMAS MARBACH
They are all people who are in trouble about something and want a little enlightenment. I listen to their story, they listen to my comments, and then I pocket my fee.
—Sherlock Holmes1
The business world is splitting into two types of companies: those that have intellectual property and those who do not.
—Gordon V. Smith and Russell L. Parr2
This chapter presents two major elements of the professional services firm’s creative process, the ideation and maturation of services that are offered to prospective clients as products or firm proprietary knowledge, and the subsequent protection of intellectual property that often comprises the essence of these services. Exhibit 6.1 depicts an overview of this creative process.
Why This Topic Is Important
In Sir Arthur Conan Doyle’s first tale of his infamous consulting detective, Holmes informs Watson that it does not matter to him whether the earth orbits the sun or the moon. Watson sees Holmes as a paradox. Holmes’s ignorance of topics such as the earth’s orbit is beyond comprehension while his knowledge of seemingly minor and unrelated topics is extraordinary. As Holmes reasons, he is merely being practical, and in his eminently practical 143
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Service offerings
Intellectual property
Propose idea
Identify
Commit support
Raise awareness
Develop and test
Protect
Launch and grow
Monitor
Exhibit 6.1
The Service Firm’s Creative Process
view, he believes it is the skillful worker who focuses solely on relevant knowledge. Similarly, Albert Einstein was reputed, when asked for his phone number, to have looked it up in the phone book. When asked why he did not know his own phone number, Einstein allegedly replied “ Why should I mem-orize something, when I know where to find it?”