Business development is client service and relationship building. Let’s not over complicate it.
A few years back, I was involved in Market Research with 150 professional services firms here in Australia and New Zealand who claimed they did 5 hours of BD/Marketing each week. Not sure I believed them, but on close inspection, 70% of this time was undertaken at their desk. Only 30% was done out of the office in a face to face environment. When pushed, they admitted that when they successfully landed new clients, it was indeed as a result of one of those in person meetings.
My conclusion therefore, is that despite new technologies like Zoom, Vidyard and Shootsta to name but a few, we still need to make the effort to get out from behind our desks.
The best sources of new business for professional services firms are usually existing clients, referral sources and trade associations, which are all based on face to face meetings. At these meetings you build relationships, friendships and eventually, trust. After two years of relative inactivity, it is time to re-engage!
The sort of questions you should be asking of these connections are all about the client’s business. Where is the business up to? How are they reacting to current market conditions? Are there any new developments with services or people? Any new initiatives to take advantage of market trends? Make sure you do research before your visit where possible. What problems do they have that you or your network can help them solve? Build a valuable eco-system of non-competing service providers to your ideal clients. Become the person they turn to when seeking advice.
Cold calling can be done from your desk but is tough and not usually used by those in the market perceived as experts. I am not saying don’t do it, but few people enjoy it and that will show in your voice and manner. Do what you are comfortable with. If you like writing, start with blogs. If you prefer talking start a podcast.
Public speaking is said to be the number one way to attract new clients but not everybody likes doing it. I personally enjoy it and it saves lots of valuable time when building relationships en-masse. If it is not for you, maybe you substitute inviting potential and existing clients around to your house for a meal instead.
Where are you going to find the time to do this marketing/relationship building to raise your visibility and credibility? Try and incorporate it into things you already do. If you go for a morning coffee, invite a referral source to go with you. You should try and get at least one lunch meeting per week dedicated to marketing yourself to a client, prospect or referrer. Ideally more. Join industry associations where you will meet relevant business people at least once per month.
Every one of your friends, family, neighbours, children’s friend’s parents etc should all know what you do. Don’t keep it a secret. If a business development opportunity raises itself in a social environment so be it. It won’t always happen when you are sat at your desk.
Business development is not an event but a process. You are unlikely to reap immediate rewards. You will be successful in the longer term if you stick at it. Top Business Development professionals always know a lot of people and have more relationships than the average person. These are not just superficial relationships but where people tell them what their problems are and share ideas. Network=Networth.
When visiting clients, find out what their top goals are for the year. Even better, find out what they are measured on and see if you can help them achieve success. They will love you for it.
The best performers are rarely stuck at their computers in the office (or now just as likely at home). They are usually out meeting people. People still like to buy services from people they know and trust. People also like to buy from people not just organisations. You need quality time with potential clients to convince them of your worth. It is well accepted that people need to be heard, and you need to become the source that people turn to, when they offload their problems.
Start by grading your clients/contacts based on importance and future potential. Then create a client meeting calendar where you commit in advance to seeing top clients monthly, good clients quarterly and all clients annually where possible. If you were to have only one or two extra meetings per week, (50 – 100 per year!) I guarantee good things will happen to your revenue stream.
Good things happen when you go and talk to people.
Just do it.