One of the first questions we ask a prospect or new client is, "How did you get the business you have so far?" Some can answer exactly. Others aren't as certain.
When we begin our first discussions with a new client, our preferred modus operandi is to set up a program that allows us to talk to their customers who will give us a comprehensive view of our client's business. If we can't talk to customers right away and find out why they selected our client and what the experience has been, we must rely on the information our client provides us.
Business executives who are responsible for business planning should know the source of all their business. Knowing the incoming traffic patterns for new business is critical to knowing how to increase those traffic lanes. A senior partner at one very large and prominent law firm was bemoaning the fact that revenues were slipping, business development was slipping, and partner polish was? well, not very polished anymore. When we asked where they got most of their business he said he didn't know. As a starting point, knowing all sources of business would be of great value to him as he makes business planning decisions for a new year.
If you know how and why you got most of your business, you'll have solid clues about how to get more. Another Davis, Kingsley & Company client had been spending considerable amounts of money and energy courting bankers. We assumed those relationships were of benefit to them so we commented to their president, "Bankers must be a reliable source of new business for your firm." His reply was, "The greatest percentage of our business comes from referrals from lawyers." His reply showed me they were not directing their time toward a market that offered the value they need. They were more comfortable building relationships with bankers than with lawyers but it was costing them money and time. Those are misdirected energies. It seemed obvious to us ? from our perspective as outside advisors - but it was a blind spot for them.
Many companies know exactly where they get their business and who brings it in. And they know that this information may change over time. They have programs and processes to help them focus on those sources to continually audit their business development trails. If you have responsibilities for the growth of the company, do you know specifically where, how and through whom your company derives every bit of its business?
Darcie Davis, President of Davis, Kingsley & Company is a management consultant, speaker, author and trainer. She works with companies to secure genuine feedback from their clients before advising them on strategic decisions about sales, marketing, and operations. Her advice will keep your clients out of the jaws of the competition.
Learn more about Customer Satisfaction and Feedback Programs offered by Darcie and her firm at http://www.DavisKingsley.com.
Although there are real, external reasons for managerial difficulty ?... Read More
The industrial age is over. Organizations still stuck in the... Read More
In any organisation, progress is frequently impaired by the time... Read More
Sometimes.In fact making some small changes to the circumstances when... Read More
Part Two of Creating Well-Defined Processes SeriesNext Week: ImplementationLast week,... Read More
In today's era of Professional and IT Services competition and... Read More
Do you have piles of paper on your desk. Many... Read More
1. Let people know what you expect. If people know... Read More
Does being managed by others smack more of "Survivor" than... Read More
Many organisations use the term "lessons learned" to describe the... Read More
1. Trust no one. Not your superiors and not your... Read More
As you look around your office, is everyone just like... Read More
Since the beginning of the industrial era our world has... Read More
Effective communication in business is not about creating the perfect... Read More
Whether you choose to do your own books and accounting... Read More
I see a PR firm has done a survey on... Read More
Fundamentals in Place? There is a designated place for everything... Read More
Top leaders...Are Visionary Top leaders have a very clear understanding... Read More
Sexual Harassment Policy Guidelines ? Part IPermission is hereby granted... Read More
Do you remember being told to use the "sandwich" technique... Read More
Charles Petrie, from Stanford, released a short article entitled "The... Read More
When approaching any decision, it's important for individuals to maintain... Read More
My mechanic has me trained. When I take my car... Read More
Globalization is requiring companies to make important choices about how... Read More
Now we turn the corner to our final phase: Re-Discovery.Last... Read More
Can a person's behavior and values really determine if they... Read More
A framework is a way of thinking, a point-of-view, a... Read More
Data mining is the art of extracting nuggets of gold... Read More
The good news is that a new hire orientation program... Read More
How do you convert outsourcing leads into clients? You may... Read More
There seems to be an assumption that change is a... Read More
IntroductionThe role of the Human Resource Manager is evolving with... Read More
We all have psychic abilities that we use daily, although... Read More
Ineffective communication is a major, yet avoidable, obstacle to business... Read More
I have been working with leading Business Improvement guru, Tim... Read More
Take some bold steps and help your employees and business... Read More
Whilst the very best coaches have undertaken independently accredited training... Read More
For your people, they want to do a great job... Read More
Project management is a very important business concept because it... Read More
The recent news about one of America's most powerful woman... Read More
Best Practices StudiesThese studies can be defined as inquiries into... Read More
One of the hardest things I had discovered running my... Read More
Supervisor-employee relations are a critical part of a work place... Read More
So you did such a good job in 2003 at... Read More
One of the most difficult tasks you will face as... Read More
SIX "HONEST BUSINESS FRIENDS" - THEY GUIDE ME IN ALL... Read More
In my book Talking Points: 25 Tips for Clear, Credible... Read More
GET TO KNOW YOUR ORGANIZATION: If you don't understand an... Read More
1. Base your business in the Magic Triangle. Honesty, integrity,... Read More
Ten or so years ago, an international consultant, specializing in... Read More
Outsourcing is the delegation of a business process to an... Read More
One of the keys to success is to have successful... Read More
Data mining is the art of extracting nuggets of gold... Read More
Every one of us, in reality, has two people inside:... Read More
Introducing new products or services, bringing new people on board,... Read More
Few Decision makers see the link between between creativity and... Read More
In running any kind of business, it's inevitable that sometimes... Read More
We draw conclusions about people through observation, their behavior, past... Read More
Creativity can be defined as problem identification and idea generation... Read More
In our current world of rapid and amazing technological advances,... Read More
Most people treat meetings as a free resource that can... Read More
Creativity can be defined as problem identification and idea generation... Read More
When you first take over a department, expectations are usually... Read More
The phrase "turning ideas into action" is a Russian doll.Managing... Read More
Imagine that you're a sports coach and you need a... Read More
Hiring the first personal business assistant is an exciting time... Read More
Business Management |