Client Acquisition « Market Leading Growth

Posts Tagged ‘Client Acquisition’

Profitable Feedback

Wednesday, September 2nd, 2015

An email survey request lands this morning in my inbox from the UK’s Conservative Party Chairman, Andrew Feldman (I am not a member), titled “I want to hear what you think”. It asks a friendly and logical set of “screening” questions about my future intent to become more involved in supporting the Party. What the questions fail to address are my emotional imperatives (the “why” questions) in getting involved.

It is a common shortcoming of so many feedback or consultative initiatives in businesses, large and small, who are encouraged to “get closer to their clients” or “better understand their client needs”. Face-to-face dialogue, focus groups, surveys and third party feedback that stops shorts of eliciting the really valuable responses due to weak questions or questioning techniques. The result is a low value process, which moves the questioner an inch, not a mile, closer to gaining the other person’s future commitment.

Do you want to know what your customers think or do you want to better understand what might motivate them to act upon anything you might suggest they do? The former gives you information, the latter gives you the expressway to cash or increased commitment. That’s a huge difference.

Tags: building relationships, business growth, Client Acquisition, Customer Experience, feedback
Posted in Business Acquisition | No Comments »

Decision Maker or Decision Taker

Wednesday, July 22nd, 2015

I talked yesterday to an investment manager in a highly acquisitive business at the behest of a client I represent, who thought their firm would have a high level of interest buying them. They had known each other as family friends and my client was certain his friend was the “decision-maker”. The manager’s opening line when asked about their interest was, “Are they desperate to sell the business or just figuring out a fit?” When I asked why he posed the question, he responded, “We are on a buying spree, I am just working out how fast they want to move and how much skin I would need to invest in the game (encouraging his superiors to commit)?” The last comment immediately set the alarm bells wringing. Despite my client’s assurances, his friend is a “decision taker”, not a “decision maker”, at least one, who can sign off on the deal without others approval.

I observe that 70% of the time my clients and prospects conversations with potential prospects, clients and partners ends in failure because they enter the conversation at the wrong level (not seen as a credible peer by the “decision-maker”) or worse talk to and invest time in people, who cannot say “yes” without others’ approval (“decision takers”).

Whether it is selling a business, selling a new product or service or exploring a strategic partnership, here is how to swiftly avoid spending oodles of time talking to “decision takers” and ruthlessly get in front of “decision-makers”:

Be clear exactly what you want to talk about and how the “decision maker” is demonstrably better off from buying, using or hiring your expertise.
Visualise exactly who the “decision maker” (by name or title in that organisation) is, who you must build a trusting relationship with and mutually-explore where you might be of help to each other. If you need others (non-decision makers) help identifying the appropriate individual, use language to position it in away that is beneficial for them (“I know you work with XXX, I thought he would be appreciative of hearing about how my firm could help transform your firm’s future and in so doing he would be appreciative you of you introducing us”).
Work out the shortest, quickest route to that individual (referrals, networking, speaking etc). In larger firms there might very well be multiple “decision-makers” who you need to map out.
How do you create the warmest welcome (identify shared interests, experiences, short-term needs, immediate value) to open the conversation with.
What is the right mindset you need to have entering the room (“We are two peers irrespective of our past or accomplishments having a one-to-one dialogue without fear or guilt to help transform our respective futures.”)
What is the best environment and time to meet the “decision-maker”? (when and where are you going to have an uninterrupted conversation, where will you both feel comfortable and rapidly progress the conversation)
What ideally do you want to accomplish in that meeting and how can use the time most effectively to move towards your goals? In other words, how do you know if it has been a success and what are the signs (decision maker’s responses) that you have maximised your own time usage and the dialogue is moving in your desired direction.

The bane of every client facing person is time wasters. When you are your own worst enemy, it is time to adopt a new approach.

Tags: alliances, attracting investors, Client Acquisition, decision-making, language, partnerships, return on time invested
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Bank Imbalance

Wednesday, July 8th, 2015

This morning the Board Chair of Barclays, the global bank, fired his CEO with analysts suggesting the speed of top line revenue growth, cost reduction and value creation has been underwhelming while acknowledging the progress the Bank has made in re-shaping its’ culture and shared values. The inference being that the bank has spent excessive time and resources on internal versus external issues. The point here is you have to do the following in parallel, not sequential phases:

Frame and commit resources to your strategic vision of the future
Define and move swiftly through the strategy, tactics and execution towards your desired future state
Define and make cultural changes to the firm’s operating beliefs, employee’s attitudes and their behaviour consistent with your new strategy and your desired future
Allow for mid-course corrections to #2 and #3, where market assumptions and so forth change and need moderate or significant adaption
Seek to exploit the results and value when you arrive at your desired future state (leverage and innovation).

Here is some key questions to ask in your own organisation and your clients:

What proportion of management time, employees time and capital is being directed to internal issues versus external issues? Is that appropriate for the organisation at this stage of its’ growth strategy? If not, what needs to change?
Does the firm’s leadership posses the skills and volition to make appropriate decisions rapidly and exemplify the desired beliefs consistent with the growth strategy? If not the leadership needs expert help to adapt or ultimately change those at the top.
Is the business measuring what matters? Does it possess performance-based job descriptions and metrics for each individual throughout the organisation consistent with the growth strategy? If not, it needs immediate correction.
Are they holding each other to account for accomplishment of key performance-based priorities? If not, starting with top management it needs to create or reinforce accountabilities down the line (carrots and sticks, monetary and non-monetary versions)
Are they hiring, recognising and rewarding people for both the right behaviours and results consistent with the new growth strategy? If not, it needs immediate adaption of the hiring, performance and rewards systems undertaken by line management not HR.

The banking sector is a poster child for excessive internal focus on compliance and costs. I sat at dinner last night with the regional head of a Top 10 global bank, who is accountable for protecting the bank from financial crimes and compliance breaches. He recounted his daily routine of corralling 12 CEOs of regional operating units, questioning their practices and where necessary forcing them to abandon clients, employees and products. What is obvious from the conversation is that in an effort to protect the bank’s bottom line there is a daily struggle to define “prudent risk taking”, to balance that with profitable growth and to use everyone’s time valuably. Isn’t that a skills set you would expect every banker to have learned at the start of their career?

The reality as Anthony Jenkins dismissal today shows is that those skills are in shorter supply than most imagined.

Tags: accountabilities, attracting talent, banking, business expansion, capital, Client Acquisition, decision-making, leadership, profitable growth, return on time invested, strategy implementation
Posted in Business Growth | No Comments »

3 Reasons Business Leaders Should Trek To Glastonbury

Friday, June 26th, 2015

Over 250,000 people will descend on a sleepy corner of Somerset, England for the Glastonbury Festival today. For some an annual rite of passage and others an introduction to an experience their Parents still rave about some 30 years after first making the trek. There are acts of their Parents generation (The Who and Paul Weller) and their grandparents generation (Burt Bacharach) joining today’s megastars (Pharrell Williams and Kanye West). The event is a classic example of the three “R’s”: relevance, recognition and reinvention as its’ market’s needs and ideal buyers have changed. “Relevance” in the form of is the experience what our ideal buyers need (introduce hospitality chalets alongside the pitched tents). “Recognition” that the time is now for bold changes and adaption of our beliefs (infuse rappers and uptown funk with a rock heritage). Finally a constant commitment to “reinvention” (introducing new acts to regular attendees and old acts to new attendees). It sounds simple and when you look at market-leading businesses it is universally a trait that keeps them at the forefront of their competitor set. Yet for a great many firms and indeed sectors (private banking, insurance, legal, accounting and audit firms) it is something that they struggle with hugely. It is first and foremost a leadership issue. Great leaders are willing to champion change. They lead from the front with their eyes focused on the stage, not the disheveled hipster swaying in front of them. They listen intently and consistently ask the right questions at the right time. They apply that knowledge rapidly to the critical organisational issues impacting their firm’s future and make wise decisions consistent with the strategic direction of the business. Are those the very same traits your leadership regularly exhibits and you hire for? If not, why as a client, employee or shareholder should I return each year to listen to your tired line up of fading musicians playing music that is boring and increasingly irrelevant to my future?

Tags: accountabilities, attracting talent, business growth, Client Acquisition, Customer Experience, increased business performance, investment priorities, organisational change
Posted in Leadership | No Comments »

Simplicity In A Complex World

Wednesday, June 17th, 2015

I walked out of a capital markets presentation in London today about the convergence of the insurance and capital markets sector. The speakers spoke passionately about the quality of “new” alternatives (capital efficiency) and the speed of accomplishing a potential client’s desired business outcomes.

Yet, I couldn’t help thinking that there is a more powerful converging force happening today that most ignored, making the complex simple. This force is not unique to finance or insurance, it is happening in all aspects of our lives. Technology and human behaviour are the great “enablers” if used intelligently.

Three of the four speakers used detailed PowerPoint presentations to deliver their thoughts and provide hard evidence for their views. One speaker used no slides, he chose to escape the lectern and share informally his opinions, occasionally reverting to handwritten notes when he lost his train of thought or needed a prompt. All of them used wireless microphones, carefully placed television screens and discreet lighting to enhance the audience experience.

One speaker, you have guessed it, was exponentially more effective at conveying his wisdom and interacting with the audience. He was able to distill complex ideas and insights into simple, digestible soundbites and mental pictures. I doubt he was any more expert or knowledgeable about the subject but he was much smarter with the delivery.

This is an important lesson not just for speakers.

Ask yourself,

“Where can I/we make the complex simple?” (Marketing, sales, delivery, business management, personal productivity and so on).
“How do I/we best achieve that?” (adjusting human behaviour and leveraging technology).
“What is the risk and reward attached to each alternative?”

You might just surprise yourself at how much complexity and time loss has inadvertently crept into your business and life while the bouncers weren’t looking. You need to challenge it immediately and eject the transgressors. You also need to proactively put in place processes to protect yourself. If you are unsure what or how to do that, get expert help.

Tags: building relationships, Client Acquisition, Customer Experience, decision-making, discussion, language, leadership, making strengths productive
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Rebuilding Trust

Tuesday, May 12th, 2015

England’s most high profile cricketer, and a former neighbour, Kevin Pietersen finds himself out in the cold today chastened by the statement from his past Captain and English Director of Cricket, Andrew Strauss, “I don’t believe any team can function in any sort of capacity if there’s no trust, if we don’t trust each other’s intentions.”

The reasons why as suggested by Pietersen’s supporters have been overlooked in favour of casting blame and aspersion. The general media has reported Strauss’s statement as fact when the answer is a little more nuanced. There is trust. After all why would Strauss even invite Pietersen to a meeting, least he think he wouldn’t show up or offer him an advisory role on the future of cricket. The issue is that there is insufficient level of trust with the right people to bring him into the team environment now, Pietersen’s actions need to have greater impact and there needs to be clearer indicators of success.

Similar objection can and do arise in profitably growing and expanding a business when an investor, client, employee or business partner becomes increasingly uncomfortable with you. It takes two forms, professional, they perceive through your actions and/or behaviour that you are not competent to resolve the matter or personal, there is dwindling personal chemistry and enthusiasm to continue working with you.

Let’s be clear “trust” is defined as the hand-on-heart belief that at all times you will act and behave in the other party’s best interests.

What are the indications “no trust” is the issue if unlike Pietersen you don’t know for sure? The other party questions your credentials repeatedly. You are continually asked about yourself rather than your ideas or insights on how to improve the investor, client, employee or business partner’s performance. You are brushed off with superficial responses, the other party name drops or seeks to upstage you about their past experiences.

What are you to do? Take your time, don’t jump to the conclusion, answer questions fully. Provide appropraite examples and case studies to support your points. ask a lot of questions about the other party, their motivations for being in the business and hopes. If there are others in the room embrace them in the conversation but keep a focus on the key person you must influence. Find common experiences or perspectives that demonstrate you share similar not dissimilar philosophies. Listen assertively and keep your mouth shut.

What are the indications you are successful? You are asked to go for a drink or meet socially. The other party moves the conversation from the superficial (background, social chat) to the detailed areas of help (business, investment, hiring opportunity, collaboration etc.) There is self-disclosure from the other party about their own failures. The other party confides confidential information (“We are weak in these areas…”). The other party asks for more time together or asks immediately for a further meeting.

The point is that we should be well prepared at countering the “no trust” issue. On a day Pietersen batted imperiously for 7 hours, he lasted 40 minutes before being given out LBW offering no shot to Strauss’s questions. Thankfully profitably building a business is not a game of cricket and the investor, client, employee or business partner shouldn’t be umpiring.

Tags: Client Acquisition, influence, investment, language, overcoming objections, preparation, resistance
Posted in Collaboration | No Comments »

Easter Treasure Hunt

Friday, April 3rd, 2015

One of the fun reminders of childhood is Easter treasure hunts around the garden for the hidden chocolate eggs. In the Spring sunshine, some of the eggs are easily spotted and others require rather more ingenuity. Yet young kids with a paucity of experience but a nose for the prize, move with unerring accuracy to collect their treasure.

It reminds me of a common failure many businesses make when contemplating entry into a new market and the fears that inhibit success. Convention states that we must know all the fine details of how to market, sell and deliver services to our target clients and we must have established an appropriate business model to do that efficiently and effectively. So much thinking before we start doing that often we find the prizes have disappeared because a larger competitor has swept into the market or our assumptions are no longer valid due to other disruptive forces.

My observation is that when you have sufficient knowledge of what you are looking for (the chocolate egg) and the wherewithal to work out the quickest path to your goal (wisdom), you are far better served getting started. You almost certainly will have to make one or more changes of direction along the way because even veterans make invalid assumptions or unforeseen obstacles conspire to scupper the best plans. If you are prepared for it that shouldn’t deter your ability to accomplish your goals. After all the eggs won’t stay hidden forever and worse, there is no guarantee they won’t melt in the spring sunshine.

Happy Easter wherever you may be.

Tags: business expansion, business growth, Client Acquisition, decision-making, strategy implementation
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Small and Family Business 101

Tuesday, March 31st, 2015

There is a reason I largely choose not to immerse myself in helping investors, founders and top management in small and family businesses profitably grow – emotional overload. Here is three attributes (“The Three P’s”) that anyone who wants to build a career “selling” to these firms must excel at:

Patience – a willingness to live with large levels of procrastination that has more to do with the Founder’s beliefs and their subordinates views on how best to conform to those beliefs. “We demand and believe in loyalty” – excessive numbers of mid and senior employees and clients who are retained by the business despite an increasing strategic “mismatch” with the future direction of the firm.
Power – an ability to line up the powerful forces in support of your ideas, insights and growth strategy and use that power to mitigate or eliminate the forces pointing their guns at you. In Boardrooms of small businesses, the power is largely drawn from the emotional objectives of the Business Owner, key investors or close counselors (reputation, standing in the community or within the firm, personal friendships etc.)
Perception – an ability to tap into the key influencers’ perception of how they want the firm and its’ people to be viewed by the outside world (clients, business partners, suppliers, competitors, friends etc). Many a reason to invest in a profitable growth alternative has as much if not more to do with perception than reality (the owner of an insurance broker who builds a HNW private client business largely because he wants to be seen as a peer of other successful entrepreneurs and executives in his personal community).

Tags: beliefs, Client Acquisition, emotional priorities, future, growth strategy, increased business performance, leadership
Posted in Business Growth | No Comments »

Identifying Profitable Growth Opportunities

Wednesday, March 18th, 2015

Here is a six areas that any business large or small can quickly apply in search of profitable growth opportunities. I am talking about raising performance levels to new heights not merely solving problems and returning to levels the business used to be at.

Client growth. Can you anticipate a need your client has for forward-looking help and develop the competency to quickly address that need with modest investment? For example, “invisible” cyber attacks will grow exponentially and organisations will need both preventative (more robust risk management) and contingent (insurance) to protect their clients’ data and their brand’s reputation. If you provide only the latter, you would be well advised to consider how you also provide the former.
Market growth extension. Is there an existing market need for your firm’s products and services where you can build on the momentum of yours or your competitors success beyond original market expectations? For example, can you find new buyers within an existing client with highly similar needs residing in another region or function? Can you easily get a testimonial or glowing reference that would accelerate the speed of closing the sale with new buyers.
Capitalising on others failure. Is there a market need you can create for your products and services, which is based on the unplanned failure of a competitor? For example, private sector insurance of coastal property in places like Florida became so hazardrous in the 1990s that many homeowners were forced to seek coverage from the State when the private markets dried up. With more robust data, pools of capital and technology today, private sector insurers are now willing and able to offer insurance coverage at competitive terms.
Reconfigure technology. For example, most business telephone banking systems create huge work loss for the customer (speed and quality of resolving an issue). How long before a multi-function aid is created that enhances the quality of the communication and the relationship between your firm’s banker and you?
Personalisation. Can you create a product, service or relationship that is more tightly customised to your clients needs and in so doing allows them to make more informed lifestyle and business choices? For example, Microsoft will launch a band later this month that will allow the user to record the quality of their sleep, their heart rate and routine calories burned. In turn allowing people most at risk of illness or injury to adapt their behaviour (no waits for GP pulse rates, real time access to lifestyle information, more intelligent expenditure on nutrition, fitness and well-being etc).
Social & Demographic Changes. Can you anticipate the impact on your clients intellectual property from changes in education, income, age, health, residence and wealth? Can you anticipate the frequency of and ways in which your customers want to interact with you that previously were hard to organise (technology)? For example, the essence of life insurance and pension underwriting is the ability to accurately predict how long we will live and when we will die, and to create products (annuities) that spread income over that period. When public perception moves towards greater personal responsibility for our future rather than reliance on the State, is it any wonder when for example governments as they have in the UK abandon the requirement for employers to provide an annuity as part of an employer-sponsored retirement plan.

Tags: business expansion, Client Acquisition, Customer Experience, high growth market, Qualitative Judgements
Posted in Business Growth | No Comments »

Trading Places

Thursday, February 5th, 2015

Bored by taking the “tour” around your industry’s annual events ever year, seeing the same faces speaking and pontificating on the future of the business? Try this “celebrity” game at market events to liven things up:

How have the fortunes of the leading and best supporting “actors” in the industry evolved in the past 12 months and how might they evolve in the next 36 months?

Can you spot who are

The “Sean Connerys”: the wealthy, sun-tanned and revered still rolled out to awards and benefits for their kudos

The “Leonardo DoCaprios”: feted for their enduring talent and image and still drawing a fashionable crowd

The “Philip Seymour Hoffmans”: feted for their heroic talent and presence but unlikely to live with the fame

The “Eddie Murphys”: revered for their “past” commercial prowess, now living in the Hills largely out of fashion save for the need to collect the odd cheque

Trust me there is a serious purpose to this, aside from the humour. Are you hanging out with the right people at the right time to impact your personal and professional success?

It is great reflecting on the wise cracks from Trading Places so long as you are not vesting your time and career prospects in people whose star has long since faded and to whom others suppose you are in the exact same company.

Tags: Client Acquisition, industry events, making strengths productive, Qualitative Judgements, winners
Posted in Business Events & Gatherings | No Comments »