The Competitive Advantage

September 21, 2016

Don’t ignore your ex-clients!

This week, I’m heading to Cincinnati to work with a new client for a couple of days. It’s a really nice shop and I’m excited by the opportunity. But they are not the only firm I’m visiting there. I’m making a sales call on a new prospect and reconnecting with an ex-client.

The good news about ex-clients is that they know you (and you know them) and there is an existing level of trust and credibility… something you don’t have with new sales prospects and an awfully good starting point for re-connecting (assuming the relationship didn’t end badly).

August 30, 2016

They’re not just clients… they’re people!

Think about each of your top 4 or 5 clients. Collectively, they’re likely worth 50-60-70% of your firm’s revenue…. or more!  And I’ll bet you could tell me how much revenue each generates, which services or products they’re buying from you and some details about each of their last few projects. That’s good.

Now think about your key contact at each of those clients – what details do you know about them? No, not their title or their biggest challenges at the office – though those are important. But… are they married or not? What about kids? Their hobbies or favorite sports team? Where they went on vacation last week? And so on… and so on.

Don’t think knowing that kind of thing is important? You’d be wrong!

August 9, 2016

Lost a client? Don’t give up on them.

Recently, one of our consulting engagements – with a large research firm – came to an end… they did not renew with us and continue on as I had expected. It happens… not all client relationships evolve as planned.

The question is… what do you do when that happens? Let me suggest the following…

October 28, 2015

A Handshake Still Matters

I spent last week on Brickell Key in Miami (yeah – I took one for the team!) at CASRO’s 40^th Annual Conference. Good event, some really interesting speakers and sessions, well-done social activities and a couple dozen exhibiting firms (including us!).

Over the 3 days, I had the opportunity to connect with a number of new industry contacts (now called ‘sales prospects’) and – maybe more importantly – re-connect with a bunch of old friends, contacts, colleagues and clients.

Say what you will about technology and the digital world we live in, but in business, nothing is more important than that person-to-person (P2P) connection. The handshake… the smile… the laughter… a REAL connection.

May 20, 2015

I Lost a Client Today!

In fact, it was our longest-standing client.

No, we didn’t mess up. And no, they didn’t find another marketing services supplier.

The issue is an all-too-common one in our industry… they lost their largest client. In this case, one that accounted for more than 25% of their total revenue. And with that kind of financial hit, my client is facing some serious cash-flow issues… and that’s what got us.

For some firms, a client worth 25% is actually on the low side… I’ve heard of a single, large client accounting for as much as 60-70% of a firm’s total revenue! And with a huge client like that… it’s not IF you will lose them, it’s simply a matter of WHEN.

March 27, 2015

Are we really in the people business?

As I write this, I’m 35,000 feet over Illinois, heading to Chicago, on my way to Detroit. I’m heading there for a kick-off meeting with a new client. I start nearly all engagements this way.

Why? Honestly, it’s not just for the work – much of it could be done remotely. I do it for 3 key reasons:

January 28, 2015

Are you a partner… or just a vendor?

Not all clients are created equal.

To some, you’re a good vendor providing a valuable service. And that’s great.

But to others, you are a valued partner whose relationship goes beyond providing the service… you are an integral part of their organization. They rely on you not just for the work you do, but also for your counsel, advice and opinions.

November 18, 2014

Giving gifts to clients… is it good business?

My son, Alex (see photo), is a senior finance major at the University of Tennessee. After interning this past summer in the wealth management division of a large bank, he stayed on and has been working there this semester. He’s been very fortunate that one of the senior executives there has taken him under his wing and been a good mentor to him.

Alex was home this weekend and we talked about his boss/mentor. A really interesting lesson that Alex took away from him was the regular giving of gifts by his boss to his clients… and not just at the holidays, but all year round.

That got me to thinking about our industry… Is gift-giving (outside of December) a common occurrence? Should it be? Does giving gifts help to build relationships? Or guarantee a client’s on-going patronage?