Marketer in You Speaking Program Coaching The Book Resource Center About Ned Ned's Clients Contact/Book Ned
Book Ned Today
(212) 590-2313
304 Park Avenue South
New York, NY 10010
Business Development
for Professional Services Firms
By Ned Steele, MediaImpact
That old saying “It takes two to tango” actually falls short by one, I’ve concluded from working with many small and midsized professional service firms or practices that want to get more business.
There are three crucial elements to making sweet music on the business side of professional practice. Unfortunately, practitioners tend to excel at just one of them. That would be the actual delivery of service, and that’s good: nothing is more important for building repeat and referral business.
The other two have huge impact, but are where it’s all too easy to slip up. They are cost management (which ultimately dictates competitiveness and profitability) and, I believe, the big one: business development.
I have yet to hear a professional services firm tell me, “No, we don't need to do any business development, everything’s just fine.” Trouble is, most firms or practices don't really know how to get what they want.
So they try a little of this and a little of that. Maybe they’ll launch an occasional marketing or public relations effort, and network often to “get the name out there.” But thinking they’re doomed because they lack the extensive resources of a big firm, they never really go about it systematically or with any confidence. It’s a hit-and-miss proposition.
If they are ready to get more serious about getting more clients, I am convinced, any size firm can mount a successful business development initiative. It starts with three mindsets:
The marketing mindset: Marketing is something to think about and work on every day — not something to “implement” a couple of times a year. It can — and must — be woven into the fabric of our daily routines. Every principal or partner must participate, so match roles with individual attributes. If Bob loves to network, get him out there. If Jen can write, have her turn out an article that actually educates prospects rather than hitting them on the head with a hard sell.
The media mindset: Are we using all the right channels: media we own, like our web site and e-mail capabilities, plus external media for free publicity? Are we crafting useful messages and materials, free of blatant sales pitches, to help build long-term relationships with prospects?
The momentum mindset: Once we get started, can we keep moving forward and see it through? Do we have benchmarks and milestones in place to track progress and results?
Once these mindsets take root, a professional services practice can master what I call the four cornerstones of business development:
Direction: Thinking strategically and clearly about how to grow and where to go. Knowing what makes the most sense to do next.
Planning: Creating a business development plan that lasts — one that covers strategies, tools, and actions to get us from where we are to where we want to go.
Communicating creatively: Being resourceful and creative to get the word out about the benefits of using our services. Creating meaningful connections with prospects.
Accountability: Once on track, a system of self-discipline and measurement to remain on track.
A business development initiative based on this model will work because it is true. It is built squarely on who you are, who your market is, and what that market needs.
Ned Steele works with people in professional services who want to create a business development initiative and build their business. The president of Ned Steele’s MediaImpact, he is the author of “102 Publicity Tips To Grow a Business or Practice.” To learn more, visit www.mediaimpact.biz, call 212-243-8383, or e-mail him at: info@mediaimpact.biz.
