The Gold Mine In Your Database

You Already Know Your Five Best New Clients

As professional services (PS) firms struggle with the impact of this deep recession, leaders at these companies seem to have a singular focus -- acquire new clients. When we talk to PS firm leaders, this is nearly their only goal, almost to the exclusion of other important goals. The research we conducted with Professional Services Journal earlier in 2009 demonstrates this.

From "So What" To "Say What?"

10 Best Practices To Generate New Business

Many professional services firms struggle to close deals. Prospects initially express interest, but then don't take next steps toward an agreement. The challenge is to move them from saying "so what" to "say what?" where they listen intently and are eager to get started. How do you do that?

The Beauty Of Thought Leadership

Why Every Professional Services Firm Must Demonstrate It

As part of a research project, I recently interviewed a CIO of a very prominent financial services company. I asked him what he looks for in a consulting firm, and the first words out of his mouth were "thought leadership." Does your firm have a thought leadership campaign? If not, you should implement one. I believe that no PS firm can truly thrive without thought leadership.

Be Careful With That Trigger

Your Toes Are Nearby

A recent PSJ reader raised a very important issue about sales people giving away services to get product-based gross profit. As a sales manager, this reader wanted to know if he should change the commission structure of his sales force to change their behavior. While pondering this question, my mind drifted back several years ago to a time when I was in long meetings with other senior staff members at a professional services company.

Get Paid Or Get Lost

Best Collections Practices For Complex Professional Services Engagements

My firm frequently takes on multiphase professional services engagements that can last many months. At industry events, I usually find myself talking to two or three people who also take on multiphase, complex engagements. It is striking to me to hear how many firms end up in difficult situations when it comes time to get paid.

Marketing Strategy And Tactics

Know The Difference Or Suffer The Consequences

The cars below looked like toys as I peered from the 14th-floor window of his corner office. The CEO had asked me to meet with him to discuss the rollout and marketing plan of a new service he was very excited about. He had recently attended a conference, and a number of "little things" he'd been thinking about had crystallized for him.

Understand the B2B Buying Cycle

A Steady Stream Of Business Awaits You

"I'm late again," I mumble under my breath as I squeeze through the yellow light. My car radio carries the sing-song voice of a barista telling me she can't live without her daily triple espresso. I see the green logo of the coffee shop up ahead. I know I don't have time to stop but find myself turning in anyhow, palate already salivating. In that moment, the brand owns me. Stimulus — response. Like a Pavlovian dog.

Lead Generation Or Customer Acquisition

Which Do You Need?

It seems leaders understand that there are no short-cuts, especially during the worst recession in 70 years, to growing a PS business. That being said, I do see dramatic changes in how PS firms market themselves today compared to 10 years ago. Webinars, thought leadership, email campaigns, Web landing pages, online video and search engine optimization have nearly replaced print ads, direct mail, telemarketing and tradeshows.

Build A Strong Professional Services Brand

Performance, Profits And Personal Wealth Await

I stepped off the elevator into the fourth floor lobby, an attractive environment with plush leather chairs, an oak reception desk and a large logo on the wall. I walked into the conference room, where a long wooden table with high-back chairs stretched out before me, and I waited for the CEO. When he entered the room, he got right to the point.

Demand Creation Is A Myth

Why It Doesn't Work For PS Firms

I love guitars. For 20 years I've collected, played and admired them. Nylon and steel string, electric, classics and even off-brand, no-name guitars. I love the way they sound, look and feel in my hands. So I guess you could say I'm a sucker for all things guitar. My mailing lists prove it. I must be on 10 different lists from the major guitar manufacturers and retailers. Even if I don't buy immediately, if their guitar catches my eye, I'll wait for a sale. It's easy to create demand with me.