Rainmakers
Eight Strategies To Grow Your Business In Any Market Conditions
By Dr. Clifford Ferguson
One of my clients, a global consulting firm, wanted to build a relationship with a FTSE 100 company in the North of England. This company never used consultants, and my client had virtually no pre-existing relationships with their management. However, my client was determined to win them over. They asked a senior partner to spend most of his time, for one year, trying to build a sustainable relationship. He rented an apartment in the city where they were headquartered. Through persistent outreach, he got meetings nearly every week with managers and executives at the company. They all started the meeting the same way, saying,“ You know, we don’ t use management consultants!” It was a pretty tough slog.
But you know how this story ends( or else I wouldn’ t be telling it!). My client persisted and eventually built up enough goodwill to get a small project. His firm over-delivered on that engagement and won others. Based on trusted relationships( which took a while to establish), strong thought leadership marketing, and quality delivery, the relationship grew rapidly.
Within three years, they were doing over £ 100 million a year with the company.
This approach to growth- I call it the flagship growth strategy- is just one of many you can draw on. Whether you work with a large firm, or have a one-person business, these principles will help you identify avenues to grow your revenues. Yes, even in a down market. This summer, my own firm has never been busier- we are getting new inquiries weekly, and I’ m not exactly in the business of selling high-demand pandemic services like video conferencing! Seriously- if you’ re disciplined and follow these roadtested strategies, over time, you can develop a steady pipeline of growth opportunities.
The Growth Principles Select the right clients to begin with
Most relationship nightmares happen because you’ re working with the wrong client( controlling, secretive, risk averse, no sense of urgency, treats you like a plumbing supplier, can’ t make decisions, doesn’ t want a real relationship, etc.). Why do you think the
Most relationship nightmares happen because you’ re working with the wrong client( controlling, secretive, risk averse, no sense of urgency, treats you like a plumbing supplier, can’ t make decisions, doesn’ t want a real relationship, etc.). Why do you think the best surgeons, with the highest success rates, are selective about which patients they take on?
best surgeons, with the highest success rates, are selective about which patients they take on?
When it comes to clients( versus surgical patients), here are some things to look for:
• They value trusted relationships, and have a history of productive, longterm relationships with external advisors and providers.
• They are in the right industry / function for what you offer.
• They have a bias for action and are keen to improve their business.
• You are working with the right executive( s) at the right level.
• The issues they want you to work on are important or even missioncritical.
• They generate sufficient profits to afford high-fee external help and / or have other sufficiently robust sources of funding to afford your solutions.
But don’ t take my word for it. Ask yourself: what characterises your best, most fruitful, highest-impact, and most enjoyable client relationships? Make your own list.
Focus
Focus means you must make your highest-potential relationships and future prospects the center of your attention. It means being selective about the competitive bids you agree to participate in( I suggest you turn down
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