Part 20 (2/2)
Given the reasons just listed, why bother building relationshi+ps? It takes a lot of time, you never knohat results (if any) it wil produce, and it is hard work for the majority of us who are not hardwired to be networkers and relationshi+p builders
Wel, business evolves, but sos stay the sa that separates the cre crop fro Professional Services Marketing with top professional service leaders, we asked each leader two questions: 1 What is the key for those people who make the transition from top practitioner to rain the transition from rainmaker to super-rainmaker, those stars that outperform the rest many times over?
The answer from al : relationshi+ps
Paul Dunay, Global Director of Integrated Marketing at BearingPoint, says: I think if I have to sum it up in one word, it would be relationshi+ps-the ability to create theuys I knoho are pul ing in the tens of itthose relationshi+ps
When they become a rainmaker extraordinaire they take that up a notch Their clients wil take them around the C-suite at a Fortune 500 company and introduce them around Ask the like, ”Because he's a businessperson and believes in e do, believes in our brand promise And he's a close friend” The top rainmakers create a relationshi+p out of a deep trust and become a trusted advisor The other people can't
It's All about the Relationshi+p Networking is aand sustaining relationshi+ps with people The word networking hts of busy bars with rapid-fire business card exchanges, insincere glad-handing, and constant elevator pitching This isn't e're talking about When we refer to networking, we're talking about creating authentic and honest relationshi+ps By focusing on hoe can help others to succeed and prosper, we contribute to their success as wel as our own But first things first: We have to meet people of siood connections
Are you fa syste cry of the Boston Celtics basketbal team-”Ubuntu, ubuntu, ubuntu!”?66 Derived frohly translates as ”I aether” Whether you are a roup, or a business, the concept of ubuntu applies It is a huh others by being unselfish, generous, and trustworthy (See Figure 221) Figure 221 Networking The authentic relationshi+p-based approach to networking is one that even the most introverted professional services practitioner can adopt and feel good about Ubuntu
Referrals top the list of how buyers find professional services providers As we discussed in Chapter 1 (see Figure 11), in How Clients Buy we asked buyers of professional services how they initial y identify potential service providers Their top two ansere referrals and referrals: 1 Referrals froues-79 percent of buyers are somewhat or very likely to find service providers this way
2 Referrals from other service providers-75 percent of buyers are somewhat or very likely to find service providers this way
Through networking and sustaining relationshi+ps, you are able to increase the likelihood of generating these valuable referrals
What Is Networking?
If networking is so i it? Many professional services providers si is or the benefits it brings We like the Ae Dictionary definition: network (verb): To interact or engage in informal communication with others for mutual assistance or support67 Key to this definition is the concept of mutual benefit Use this as your touchstone to remain focused on the positive (and effective) ele
WHAT NETWORKING IS AND IS NOT
Networking is:Building relationshi+ps before you need theood results
Building relationshi+ps with people you can help and who can also help you-it's as et
Teaching people what you need froet fro the lines of co that if you put energy into your relationshi+ps, you wil receive so a precise scorecard
Networking is not:So to conferences and col ecting a lot of business cards
Manipulating people to get the that networking is just col ecting business cards or reeling in favors, you'l be disappointed Networking in its si (The et in return) Trust and the Building Blocks of Winning New Clients To deether, il let John Doerr's early childhood er: ”So ood building blocks Once Ione block on top of another,the quick learner that I aher each stage of ht (I had only so many blocks) would result in skyscraper col apse”
The saer and broader the foundation of the relationshi+p, the higher and sturdier your business development success The question then becomes, ”Hoe build this foundation?” Especial y, ”hoe begin to build it with a prospect weblocks of a strong service relationshi+p are trust, need, solution, and value
Trust: Trust begins with the initial rapport (think RAIN Sel ing) that we develop with each person We need a certain aet a conversation started As prospects begin to feel that we indeed are competent and professional, they wil start to let us into their world At this point, we can begin to uncover their needs
Need: It is with this block that we find out what kinds of needs our prospect eneral area of expertise Often these needs exhibit theoals or aspirations for a brighter future In either case, our job is to uncover as much need as we can in order to develop a solution
Solution: Once we have engaged in the conversation (or conversations) to uncover needs,can craft a solution It is not a question of offering al the services we have available, but of offering only those that connect with the scope of the articulated needs (This seely, e to h the prospect has shown zero interest in the additional services) In order for our solution to be considered, weus to perforain? This value can be articulated in dol ars, in Figure 222 Service Relationshi+p Hierarchy efficiencies, in quicker resolution of their problem, and inspecific and clear about your solution, you wil make it easier for the prospect to buy from you
When we stack our blocks one on top of the other, we create and ure 222
”What do you need to succeed at rain? Interpersonal skil s and analytics, in that order I have hired thousands of people in my 30-some-year career I've hired Rhodes scholars I've hired bril iant geniuses I even hired one guy who put his IQ on his resu successful in ter an i trust”
-Mike May, Professor at Babson Col ege, for Partner of the strategy business for Accenture Each step of the hierarchy needs to be broader than the one above it in order for you to be successful in sel ing your services
You certainly want to explain to the ful est how your solution offers maximum value If you can't articulate the ful value, you may not sel the ful solution
You won't excel if you offer solutions beyond the stated and uncovered needs of the prospect Clients won't (and shouldn't) buy superfluous services You wil probably even hinder the level of trust you've built
A certain extent of trust is necessary to siin to uncover needs If prospects doubt you or suspect yourwith their real probleoals
Let's take a look at how the concept of the Service Relationshi+p Hierarchy ht appear in practice
Consider this scenario: You're a e businesses on strategy and innovation You've had initial discussions with a new prospect During conversations, you uncovered a number of needs for which you would be the perfect service provider In fact, you have been so good at uncovering needs, this could be one of the biggest clients you have ever landed
Even though you haven't had what you feel is enough interaction with the prospect, the needs are so clear and co your incredible solution) and construct a strong case for the value that your solution wil provide In total, the proposal is for 225,000-a huge win for you, especial y for a first project with a client
You send the prospect the proposal andvoilayou do not get the job You are certain of the prospect's needs You are confident of your solution and the value it wil add What happened?
”What ood rainmaker? The ability to put yourself in the other person's shoes”
-Ed Russ, Chief Marketing, Grant Thornton When you think about it, you already know the answer You were right about the needs, solution, and value But you were also right about this being such a big win so early in the relationshi+p In essence, you were providing too much too early for such a new relationshi+p You had asked to be the trusted advisor to the tune of a 225,000 co an initial ae in the relationshi+p: You had developed a fair amount of trust, but the uncovered needs and the proposed solution were far beyond the trust level you had established You had not yet built a proper foundation to support the solution you had presented
When the prospect received your proposal, the entire relationshi+p toppled over, resulting in no 225,000 sale and ure 223)
Figure 223 Losing the Sale!
Now consider an alternative:The need set is the saht
You realize the client isn't ready to drop this much money on you to start, so you break the project into phases so you can prove the concept and prove that you are a top-notch and dependable service provider
Phase 1 is for 35,000-much more palatable for a new relationshi+p