Relationship Marketing Program

10 Tips to Determine if a Professional Group is Right for You

2010-11-07T17:22:00.000-08:00

A professional association or group provides a great opportunity to attract new business via interaction with the community. An effective groups helps you expand your network, efficiently meet with professionals and prospects, and gain new ideas and market intelligence. How do you know which groups are right for you? Take a look at these 10 tips for evaluating a professional association or group for business development purposes:

Can the membership committee provide stats? Start with the facts. Ask about the composition of the group, how many new members join annually and/or renew, how many attend meetings, and so on.
Does the group include clients of your firm? This is a great way to stay in front of your clients and learn about their challenges and latest initiatives.
Does the group include prospects? If so, will the group under consideration provide you with a stage to demonstrate your leadership and value proposition?
Do high-quality referral sources belong? If the group is populated with great referral sources, this is an open door to new opportunities.
Are community leaders present? Community leaders can smooth the path for your key initiatives (and those of your clients) and make helpful introductions that can lead to new business.
Are your competitors members of the group? This may indicate a membership that is ideal for doing business with your firm. In addition, interacting with competitors provides you with market intelligence you may not otherwise receive.
Does the group focus on your industry or service niches? You may pick up exciting ideas and introductions in groups that are dedicated to your focus areas.
Do you see advisors and key thinkers in the group? These advisors can positively influence your personal professional development as well as the success of your firm.
Are the meeting locations convenient to your work or home? Convenience is a key factor in determining whether you will attend meetings on a regular basis.
Does the group have multiple locations or chapters? If you travel, a multi-location group can provide a helpful network, new opportunities, and great meeting spots.

Keep in mind that associations and groups, like businesses, have vibrancy life cycles. Ask those in your professional network which groups are working for them. Finally, remember that membership quality is crucial: a group does not have to be large to be effective.

Top 10 Outcomes to Expect from Referral Sources

2010-07-01T19:08:00.000-07:00

A results-oriented service provider recently asked, "What is the fastest and easiest way to have referral sources send me prospects on a regular basis?" That's the fun of working with first-year service providers: they have yet to discover that relationships need to be in place before opportunities present themselves.

In the best of all possible worlds, we would spend our free time sharing prospective clients with our referral sources. In reality, the relationship with referral sources is more nuanced. You get much more from a referral source than the transactional exchange of prospects. What can you expect from the relationship with a referral source? Here are my "Top 10 Outcomes" for the results-oriented service provider:

Under the category of information, ideas and friendship:

Market intelligence: Don't walk away from a single meeting without having gained useful information from those in the field. If your meeting with a referral source results in information that helps you make smarter decisions, it was a good use of your time.
Advice and guidance: You're not in this alone. Lean on your referral sources to provide you with the information, introductions and advice you need to succeed.
New talent and resources. Your firm needs unfair advantage in terms of talent and resources. Turn to your referral sources for ideas and introductions.
Brainstorming and problem-solving: Sometimes we get caught up in thinking the same old way. Engage your referral sources to brainstorm with you on ways to approach the market and gain new business or to solve a sticky situation.
Inspiration and fun: Look, if you have a referral source who does nothing but inspire you to pursue new ideas and ventures, that relationship is GOLD. And why not have fun while creating and nurturing quality referral relationships?

Under the category of new business:

Referrals to prospective clients: Okay, here's the goldmine--new clients. Need I say more?
Introductions to new referral sources: Do not leave a single meeting without exchanging promises to make helpful introductions. Every quality service provider is a potential source of new business opportunities--as is their network.
New opportunities: What do you think about an all-expenses-paid week in Melbourne for a speaking engagement--after spending a free week in Sydney? Do you, after speaking, want to dodge crocks in Miami Beach and sand traps at Torrey Pines looking to make par? Do you want to appear live at Caesars Palace in Vegas (again, speaking engagement)? These are true stories of opportunities I have enjoyed thanks to the generosity of referral sources. The Caesars Palace speaking engagement lead to a client opportunity in the Oregon wine country. Did I mention my free trip to Loch Lomond, where I took my first golf lesson and discovered the architecture of Charles Macintosh? Don't get me started . . .
A passport to new communities: Each time you meet with referral sources, ask them about the groups and associations they find most fruitful. Your referral sources are an open door to exciting new relationships and experiences.
Creative marketing and strategic alliances: Clients and prospects will be excited when you bring solutions to the table that extend beyond your firm's capabilities. Engage your referral sources to create solutions that add value and opportunities to the marketplace.

You get the idea: relationships with your friends/referral sources are limited only by your imagination. The referral source relationship is not a transaction--it is a lifelong friendship leading to opportunities yet to be determined. Put the relationships into place today to enjoy the riches tomorrow.

7 Ways to Win a Client Before the First Meeting

2010-04-29T12:05:00.000-07:00

You have been referred by a friend for a plum assignment, but you know that two or three other professional service providers are also talking to the prospective client. How do you ace your competitors and secure the work? Follow these seven steps to win over the prospect before your first meeting:

Respond swiftly. Send an email and follow up with a phone call to request a meeting. Some people prefer to respond by email or by phone--the double-tagging makes it easy. If you are lucky enough to connect live with the prospect, listen carefully to that person's story, situation and needs--take notes. Prospects tell me, from time to time, that a service provider is unclear about the basic facts of an assignment at the first meeting.
Secure an in-person meeting. You would be surprised by the number of service providers who are too lazy to meet personally with prospects! Make every effort to meet personally with a potential client--this is your best opportunity to establish rapport and secure an advantage over competitors who have scheduled a phone interview. Select your location carefully to ensure you will have the prospect's complete attention in a relaxed environment.

Promote a strong brand. What's the first thing the prospect will do when a friend refers you? That's right--the prospect will look at your firm's website. As a service provider, you have few opportunities to differentiate yourself--your service promise is invisible--prospects can't look under the hood. Instill confidence and share your firm's culture, technical acumen and personal style with an effective brand. If the prospect is given the names of three service providers but makes time to meet with only one or two, your website can give you a place at the table or all the time you want at the golf course.

Look for relationships in common. Discover, by asking or with research, as much as you can about the prospect's relationships with service providers, business leaders, and others in the community. Ask those you know in common to reach out to the prospect to recommend you or to provide you with advice and information that will help you demonstrate value.

Understand the problem from the prospect's point of view. As a service provider, you may have ideas about what the prospect needs to solve his/her problems. However, you will win or lose the job based on the prospect's perceptions and emotional needs. Ask the prospect, What are your goals, both for this assignment and for your business as a whole? How do you feel about this situation? What will make this entire process/project easier for you? Provide information prior to the meeting to establish your credibility and to generously share knowledge. I often hear the real reason why one service provider is selected over another, and the reason is often emotional or based on perception rather than cold hard facts.

Brainstorm on new ideas and strategic alliances. Invest creative time in developing new ways to provide more value than the prospect is expecting. Does this mean showing up with ideas that capture the imagination of the prospect? Can you offer scenarios with solutions that reach far beyond the assignment at hand? Can you include additional professional service firms or other organizations--strategic alliances--to take the solution to a higher level?

Check in to confirm the meeting. This is no time for slip ups or misunderstandings. Confirm the meeting date, time and location one week prior and the day prior. Providing leadership on the date, time, participants and location of the meeting, when appropriate, makes the experience of working with you easy.

While these steps appear to be common sense, you would be surprised by the number of service providers who fail to follow through on one or all seven tips. Top service providers follow best practices in every aspect of business, from financial matters to securing new clients. Add these seven tips to your prospecting approach to ace your competitors and win clients--before they get the pleasure of meeting you personally.

The Fastest Way to Help the Professionals in Your Network

2010-01-29T17:27:00.000-08:00

WavePlay is asked, on a regular basis, to solve the problems of executives--that's our business model. In many cases, we know exactly which professional service providers can help the execs either solve a problem or meet a goal. When we reach out to our network for additional resources/ideas/providers, here's what we experience:

An overwhelming response from professional service providers, recommending those who are expert in delivering the requested service. The providers typically share insights in working directly with those they recommend. It's nothing short of amazing to see how many providers in the WavePlay network are anxious to help connect resources to execs in need.
A broad range in response time. How many execs do you know who are hoping for a solution to their problem right now? Execs who tap into WavePlay are no different--they want and need help right away. Service providers who offer solutions/resources within 24 hours are much more likely to make a meaningful impact. Late responders, take solace: we enter all referrals into the WavePlay database, carefully noting the referring party and their experience with those they recommend in anticipation of future requests.

Here's a toast to the generous spirit of professional service providers, helping those in their network get connected with execs looking for a solution. And to hoping that those who recommend you are tuned in and communicating.

10 Tips to Raise Your Visibility with Social Networks

2009-12-13T18:01:00.000-08:00

Are you making the most of social networking to accomplish business goals, secure exciting assignments and create new opportunities for yourself and your firm? Many of your peers actively participate in social networking to build their personal brand.

You are likely a member of one or several social networks such as LinkedIn (http://www.linkedin.com/) and Facebook (http://www.facebook.com/). But are you receiving full value from these networks? Why not use the power of social networking to raise visibility, project a vibrant image, become aware of new opportunities and interact with the marketplace? To do, so, consider the following 10 tips featuring the basics of social networking and enjoy the competitive advantages of a vibrant network.

Tip #1: Join Several Networks. What works for one person may or may not work for another. Many service providers view LinkedIn as the gateway to professional social networks. Others move on to industry-specific networks or those focused on specific executive positions such as CFOZone (http://www.cfozone.com/) for CFOs. Increasingly, social networks such as Facebook and Twitter (http://www.twitter.com/) are used to enhance relationships among professionals. Be open to joining various networks--and stick with those that provide the most satisfaction.

Tip #2: Get a Great Headshot. There are practical reasons to invest in a great photo. Prior to a meeting, many executives do a quick search to evaluate a professional service firm and its consultants--and displaying a great headshot is akin to dressing properly for the meeting. Work with your firm's marketing department or public relations agency to secure the right photographer.

Tip #3: Create a Compelling Message. Social networks provide a stage for sharing your qualifications, interests and background. Tailor your message to fit in with the mission of a specific social network. Ask your firm's marketing department or public relations agency to create an effective profile to feature you and your firm. Add your firm's website, your professional blogs, and other relevant information to your profile.

Tip #4: Make Invitations a Habit. Develop a process for populating your social networks with professionals and friends. If you are overwhelmed at the idea of sending invitations to your network, take advantage of the many networking sites that allow you to download and select your contacts from existing databases, such as Microsoft Outlook or Gmail (http://www.google.com/). When you meet someone worthy, invite them to join your network.

Tip #5: Join Special Interest Groups. Many social networking sites offer the opportunity to join special interest groups, such as Financial Executives International (FEI) Group on LinkedIn or Facebook. Many networks offer access to college and employer alumni groups. Your participation will open doors to new resources, news, opportunities and participants around the globe.

Tip #6: Update Your Profile Regularly. Your public profile on a social network is like a brand--you must nurture it to keep it fresh. Visit your profile on a regular basis and enhance it with updates and additional information. Promote your public profile when interacting with clients and colleagues--mention your participation at meetings or when sending an email.

Tip #7: Share Knowledge. Social networks provide the opportunity to help others while showcasing your knowledge and demonstrating leadership in your areas of expertise. Answer questions, send helpful comments and inform your network of breaking developments. If you have a blog, include a link.

Tip #8: Use Your Network as a Resource. Networks provide a fast, easy way to reach out quickly for help. For instance, if you need a speaker for an upcoming event or help from other professional service providers on a project, turn to your social networks for help. You will save time and get ideas at the grassroots level.

Tip #9: Stay Alert to Opportunities. Just as you would ask your network for help in identifying reliable resources for your needs, stay on the alert for requests from others. Requests to a network often result in multiple responses--if you are not paying attention, you may lose an opportunity.

Tip #10: Engage! Stay in touch with your social networks on a regular basis. One of the most appealing aspects of joining a social network is becoming a member of a community. Many service providers dedicate 10 to 20 minutes at the top of each day to check in with their networks.

Did you know that search engines place more weight on social networking interaction than touches on a typical business website? This means that active social networkers often show up higher on a search engine list than individuals who do not participate in social networks.

So make the most of social networking--it's good for you and good for your firm.

What Do You Do?

2009-11-23T18:41:00.000-08:00

The head of a firm asked me the other day to review his "elevator speech." Here's the advice I shared:

Create your elevator pitch as though you will be sharing it between swings on a golf course (okay, or on an elevator). You have only a few seconds to share what you do; share the information with the assumption that the listener has three other things on his/her mind. In other words, the listener is not paying full attention but has some curiosity. The best way to create an effective elevator pitch is to share it again and again with others verbally until you are satisfied that each listener “gets it” based on the response you receive. Expect the process of sharing and refining to take two to three weeks.

Here’s how to enhance your elevator speech:

· Simplify your message. Do you really feel comfortable delivering your pitch to a person who is only casually interested? Can you go with a shorter, simpler message that will cause the listener to either ask a follow-up question or share back to you what they heard?

· Slow down your delivery. Speak up and slowly enough that the listener will absorb your message—make eye contact. Fewer words said with meaning will make a greater impact. The idea is not to tell them everything in your opening sentence—just the essence of what you do in a teaser fashion to heighten their interest and cause them to respond.

· Take note of the response you receive. Evaluate each response and reshape your elevator pitch until:

o You are comfortable getting the words out in the most natural fashion possible (fewer words, more impact, a solid idea communicated).

o The listener’s response and follow-up questions satisfy you.

Here's what I tell fellow golfers between swings: "I help executives solve problems via introductions to professional service providers." Then I answer their burning questions.

Storytelling as a Business Development Tool

2009-08-20T17:22:00.000-07:00

How does storytelling help the professional service provider?

Highly successful professional salespeople have vastly different styles and approaches. The one thing they have in common: the ability to tell a good story. Storytelling has three core advantages for salespeople—and for professional service providers:

1) The listener immediately reverts to “cookies and storytelling” relaxation—he/she really hears what you have to say as you entertain. The listener is more likely to absorb your message.

2) You demonstrate your value—the listener can visualize, empathize and get emotionally involved in the situation you describe. The listener is more likely to remember your story.

3) Your relationship with the listener graduates from a cold selling environment to one of warmth and sharing. Therefore, you set the stage for friendship.

5 keys to storytelling success

As a professional service provider, you have numerous opportunities to share a story with a prospect. Storytelling informs others about what you do and builds your credibility. Here’s how:

1) Remember to tell the story! Avoid the tendency to start the meeting with shameless bragging about what you can do for the prospect and why you are better than everyone else. Start the conversation by asking the prospect to share the situation and how he/she feels about it.

2) Tailor your story to the needs of the prospect. Share how you solved a similar problem for a client in the past (no need to give names if confidentiality is an issue).

3) Show, don’t tell. No need to brag—let the listener draw conclusions about your problem-solving abilities based on the sequence of events and the outcome.

4) Be brief. Keep your story short or risk boring the prospect.

5) Have fun telling the story. Share the problem, how you solved it, and the outcome in a manner that shows you are passionate about helping clients. Your goal: a prospect who is excited to work with you to solve a problem and get results.

After hearing the prospect’s need and telling a story, offer to follow up with an engagement letter or schedule the next meeting. When you meet with professional service providers who can send work your way, ask about their client base and share stories about successes with similar clients. Tell stories to old friends, existing clients—even the colleagues under your roof. A subtle reminder of what you do and how you solve problems helps others to understand and appreciate your personal and professional talents—including your ability to entertain.

3 Ways to Shake Out Referrals This Summer

2009-06-19T18:23:00.000-07:00

Do you hesitate to refer professional service providers when you have not seen them in action? You are not alone--and you could be missing out on referrals for the same reason. You can demonstrate your value to professionals beyond the usual collaboration on shared clients. Follow these three tips to shake out referrals from those who are inclined but nervous:

Tip #1: Help off the meter. Give professional service providers a taste of the client experience by offering your consultation and services as a friend. You will enjoy the deep satisfaction of helping a colleague; the service provider will develop an understanding of your value and send prospects your way.

Tip #2: Provide leadership in professional associations. You know the drill: serve on committees, get involved in leadership and contribute to the profession. The friends you make along the way will see you in action and send business your way.

Tip #3: Share knowledge. In my experience, speaking engagements are an effective method for establishing credibility with referral sources and potential clients (not to mention the travel, golf and wine). If you're shy, publish (you can always hire a writer to share your advice). One way or another, adopt a learning and knowledge-sharing approach. Not only is it your responsibility as a professional to share knowledge--it is also a wonderful way to attract business, see the world, and meet new professionals and prospects.

These tips require personal initiative. Did you know that, in general, 25% of new business opportunities lay dormant because professional service providers do not actively take on new initiatives? This is summer--you have time--what are you waiting for?

3-Way New Business Checklist

2009-05-11T18:08:00.000-07:00

Is your head buried too deep in work to contact the most important people in your network--those who provide you with new projects? If so, drop everything--follow this 3-Way New Business Checklist:

Send an email to update and thank those who have sent recent or blockbuster work your way. (Hopefully, this is in addition to your thank you note sent weeks or months ago.)
Quickly scan your database to identify your top 10 referral sources. Send each one an email to make a helpful introduction or to set a meeting. The purpose of the proposed meeting: to discuss creative ways to bring in work together.
Think about two or three clients who need help with a service that you do not offer. Contact your clients to ask whether you can introduce them to a service provider who will take them to the next level. The introduction deepens your value to the client while helping a friend.

The 3-Way New Business Checklist mostly involves helping others. Wouldn't you like that kind of attention from your colleagues?

Are You in the Right Communities?

2009-04-05T13:53:00.000-07:00

Securing new business depends on your involvement in vibrant communities. But are you in the right communities?

A community is defined as a group of people who maintain relationships based on common interests, goals, locations or values. This can be a trade association, a business group, a civic organization, a nonprofit, a special interest group . . . the list is endless. When you contribute to the success of a community, it is natural that members will turn to you for help in their time of need.

To evaluate whether a community is right for you, consider these five questions:

Does this community include clients of our firm?
Are there exciting prospective clients?
Am I interacting with high-quality referral sources?
Will this group help us make better decisions, open doors, advance our firm's interests, help us innovate--stretch our thinking?
Am I having fun and making a difference in the lives of others?

Involvement makes people aware of your business, leads to referrals and gives you an edge when proposing against competitors who have not invested in the community. Ultimately, the community you want is rich with opportunities to make friends, help others and have fun. Is this happening for you? If not, it's time to get out and explore.

A Quick, Easy Way to Increase Referrals

2009-03-08T11:01:00.000-07:00

Are you getting the number of referrals you want each month? By taking one action, you can increase referrals from your network.

Let's assume you have mastered the "elevator speech"--saying what it is you do in 10 seconds or less. Let's also assume you have a network populated with individuals who can provide opportunities. Believe me, those in your network want to help. But can you say without a doubt that each member of your network knows exactly how?

Is it possible that you are missing referrals because you have not clearly communicated? The one action you can and should take with each conversation: Ask for what you want. Sounds simple, but how often do you hear something like this from a professional:

“Can you do something for me? If you know of a tech firm that needs help with tax savings, can you introduce me with a telephone call and I will take it from there.”

or,

"Can I ask for your help? If you suspect that a service firm could use some help with growth, please introduce me via email and I will take it from there."

Fill in your own circumstances when you make a request. You are not asking the professional to sell for you. You are asking, instead, for the professional to stop and think about clients and others who may benefit from knowing you--and to make that all-important introduction.

Here's how to shape your request:

1) Ask for help. This will prompt the professional to focus.
2) Ask the professional to think about clients and others in a specific industry niche. Are you targeting service firms, tech firms, hedge funds?
3) Ask the professional to consider those who can benefit from your specific value proposition. What is the most important outcome from the potential client's point of view?
4) Inform the professional as to the best way to make the introduction. Do you want to be introduced by email, with a phone call, at a meeting?
5) Make it clear that the professional need only make an introduction and let you take it from there.

Most importantly, invest in the success of those in your network. At each meeting, begin by asking how you can help that person--and follow through. A call to action--asking for what you want and helping others--will make a difference in the number of referrals you provide and receive. Are you missing out?

The Rule of Three: What is your Kindness Factor?

2009-01-30T20:05:00.000-08:00

Tough times require something new, now more than ever: a Kindness Factor x Three.

Take this informal test to ask yourself: What am I doing to help others--is it enough?

Question #1: Are you helping others find a job? Answer: Name at least three people you are actively assisting. If you are not helping at least three, you are not thinking beyond your comfortable world.
Question #2: You have a network--are you mentoring? Have you identified those who deserve your help and attention to succeed? If so, provide guidance and coaching. Number of people: at least three.
Question #3: What are you doing to creatively contribute to the success of your firm? Create at least three new ideas and share them with your management team and colleagues. Minimum requirement: THREE.

Don't get caught up in the day-to-day. Set aside 10 minutes now to help those in need, mentor others, and help your organization succeed.

Top 5 New Year's Resolutions

2009-01-02T19:02:00.000-08:00

The Professional Service Provider's Top 5 New Year's Resolutions:

Resolution #1: Thank those who provide you with work. You would be astounded at the number of lawyers, accountants, bankers and others who freely admit that they do not properly thank those who have provided them with referrals throughout the year. Thank those who help you immediately and make it your mission to help them in return.

Resolution #2: Keep your referral sources in the loop. If a professional service provider graces you with an introduction to a potential client, keep them informed of your progress with the client and include them whenever possible in meetings.

Resolution #3: Create a team approach. The best professional service providers are true consultants: they listen for a need and act on the best interests of the client. Listen carefully to the needs of your prospects and clients. As you listen to their needs, ask yourself, Who in my network can also help this client? When you promote a team approach, you help those in your network while satisfying the needs of your client.

Resolution #4: Ask your clients for feedback. What's more important than gaining new clients? Keeping your existing clients. Check in with your clients on a regular basis to ask them about their experience with your group. Ask about their challenges and develop creative new ways to provide value.

Resolution #5: Keep an open mind and heart. Make the most of your talented team to storm the market with ideas and approaches that will set new standards of excellence. Make this a spectacular year.

Those are my top five. Let's not settle for anything less. And, last but not least, take the time to assist those who have suffered health and career setbacks--your friends need you. Happy New Year!

2008-11-08T19:43:00.000-08:00

Think and grow rich with your top referral sources

When it comes to referral sources, keep two lists: a long list and a short list. If your firm produces a newsletter, hosts an e-seminar or engages in marketing of any sort, ask your marketing director to include your entire list of referral sources in the distribution. For the short list (the top 10-15 professionals who consistently provide you with business), make the contact more personal.

Call, email or meet with each member on your short list once per month. Your short list is your lifeline to new business, populated with people you care about, people who are vested in your success. If you do not have time to meet with your top 10-15, spend 20 minutes each month to determine how you can help them with introductions, advice or information, or simply call and ask how they are doing. Remember also to communicate with your valued advisors--good advice may be more important than securing a particular client. My Aussie friends describe those on their short list as their "True Blue." Be a True Blue to your referral sources and you will enjoy an abundant book of business--in all economic times.

Keep a careful log of your referral sources

2008-10-03T19:22:00.000-07:00

You want to be the first person who comes to mind when accountants, bankers, attorneys, VCs and others are ready to refer. To ensure that you are properly tending to your relationships, keep a database. Stay on the alert to meet individuals who have quality clients, high visibility and a successful practice--add them to your database.

As you meet new referral sources, hone in on those who share your quality approach to life as well as those who focus on specific industries (such as technology or medical devices).

From your continuously growing database, create a short list of your treasured referral sources and place the list where you will see it every day. Turn to your general database (long list) and short list when you need something, whether it is an introduction to a potential client or a golf buddy.

A Game Plan in 30 Minutes

2008-09-07T18:33:00.000-07:00

Get a personal marketing strategy in just 30 minutes

Calendar 30 minutes per month dedicated to personal marketing over the next 12 months. Invite another professional service provider to start a personal marketing program with you or do it on your own. During the 30 minutes, create a bullet-point list of three to five marketing action steps that you will carry out over the next 30 days. These should be action steps that you know will make a positive difference toward growing your practice. Examples of marketing initiatives:

Call accountant Jerry Smith, who is well connected and has referred you business, and take him to lunch to acknowledge his help and prompt future referrals.

Offer to speak at an upcoming business meeting or conference to raise your visibility.

Work with a writer to publish an article for your firm's website or the local business journal.

Offer to introduce a financial planner you know to a banker friend. They may be able to generate business and thank you with increased referrals.

Contact your network to gain an introduction to or background information on a potential client. Get in touch with the prospect.

Follow through on the action steps throughout the month when you have a few minutes here and there. This strategic marketing approach will keep you focused between assignments.

Join LinkedIn

2008-09-03T20:53:00.000-07:00

Time to begin your investigation of social networking sites--for professionals. Start with LinkedIn--this is a great site for pulling together your network and communicating on a regular basis. Spend a few moments joining: www.linkedin.com