Why Being Credible Is Critical To The Success Of Your Business Development Efforts
Trust and credibility underpin every successful client relationship. Learn the five behaviours that help professionals establish authority, reliability and long-term trust.
A huge part in the success of your business development efforts lies in what I like to call your: 'Credibility Score'.
So in this BD Tips Wednesday post I thought it would be good to go through why credibility is so important to the success of your business development activities.
Before we go there though, why is credibility an issue?
Information overload
The internet has resulted in information overload. We all have access to way too much information.
But 'information' is not the same as 'knowledge' - and professionals work (or should be working!) in a knowledge economy.
Which leads to a bigger problem from the client perspective: with so much information out there, how do I know who to trust?
QED: Credibility!
The '5' Bs on building credibility with your clients
Be ahead of the pack
Industries change and so should your knowledge and skills. Keep up with the latest trends, technologies and practices in your field.
If you can show that you're aware of new developments and can adapt your approach, you'll be seen as a credible forward-thinking partner.
Be transparent
The starting point in any attempt to being credible is open and transparent communication.
Be honest about what you can and cannot do.
Talking up what you can do for a client and under-delivering on that talk damages your credibility. So keep it simple: Deliver on what you say you can deliver on!
Be reliable
The easiest way to building long-term credibility is by consistently delivering on your promises. Reliability and consistency in performance over time create a strong foundation of trust. Make sure you follow through on timelines, deliverables, and commitments.
If something goes pear-shape, take accountability for it and work to quickly resolve it!
Be honest
Always tell the truth, even when it’s difficult or uncomfortable. If you make a mistake, admit it. People respect honesty, and owning up to your shortcomings is an important way to build trust.
Also, always maintain ethical standards in your dealings with your clients.
Be committed
Focus on building relationships rather than simply making deals. The more you invest in your client relationships, the more credible and trustworthy you appear.
Regularly check in on your clients, even when you're not pitching something new.
Being genuinely interested in your client's long-term success will enhance your reputation as a credible partner.
Need Help With Your Business Development?
Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.
Why Having A Watercooler In Your Office Is Critical For Business Development
Some of the best business development ideas emerge from informal conversations. Discover why watercooler discussions play an important role in networking, collaboration and growth.
You'd be amazed at the amount of work I have won for my partners just standing next to the watercooler chewing the fat!
To many it seems like a waste of time, so for this BD Tips Wednesday I thought I'd outline '5 Reasons You Need To Have A Watercooler In Your Office'.
1. The Icebreaker
The biggest benefit of small talk is that it serves as a buffer, an icebreaker.
Small talking around a watercooler allows you the double-whammy of not only being able to chat freely, but do so knowing that you're very unlikely to be judged for the whacky business development ideas you throw out there!
QED: the watercooler is a great place to road test some of your more bizarre business development ideas!
2. The Power of Small Talk
Everyone loves to chat - it's human nature (trust me, I know - and anyone who knows me well will gladly verify)!
But, small talk is a lot more than just causal chat. It can be the start of a meaningful relationships. It's also the start of great insights. Because chit-chat/gossip helps break down barriers - you become human to others and that makes people more comfortable talking to you - which in turn makes them more comfortable doing business with you!
3. Common Ground
Ever wondered where you're going to turn to next, only to have a chat with some of your colleagues at the watercooler and come away inspired?
Yep, common ground. Common interests. Common desires. Really, really important in the early phases of a business development pursuit.
4. Network
Central to the success of your business development initiatives is the ability to start, develop and grow a network. This network of shared interests starts by developing relationships with people - and a good place to start that is at the watercooler!
5(a). The Trusted Advisor
Every watercooler has a trusted advisor - the person we all wait to go and speak to.
The font of all knowledge is found at the watercooler.
Become that font of all [BD] knowledge!
5(b). Small business enterprises
For the SME firms out there - the watercooler is a coffee shop. It's a chamber of commerce. It's a gathering point.
Because small talk acts as a bridge between formal business objectives and an individual's need to build trust!
Need Help With Your Business Development?
Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.
Do You Know Where Your Next Piece Of Work Is Coming From?
Understanding where your work originates is critical to sustainable growth. Explore the four key sources of revenue and learn how to prioritise your business development efforts.
Understanding and knowing where your work comes from is critical to the overall success of your business development activities. Have a good understanding of this process and you'll have a viable, sustainable practice. Miss read the tea-leaves, and all you'll be doing is rounding around in circles.
So, for this BD Tips Wednesday I thought I would provide a high-level overview of the four primary sources of revenue for professional services firms:
Existing clients. Top of the list, without doubt, is existing clients. This is true even in transactional practices. By "existing clients" here I don't literally mean clients you are currently working for - although that does go without saying, but also clients who you have worked with over the past 3 years. That's why I always suggest that when you look at your 'client list', that list be a list of clients you have worked with over a rolling 3-year period. This is the group you should be spending 80% of your business development time, resources and budget on!
Former clients. Next up is former clients. These are clients who you have previously worked with but have not done any work with for more than 3 years. The trick here is to work out why you have not worked with this client for more than 3 years and see if you can rectify that. If you can, this is a good source of work because you are a known product. If not, move on.
Referrers. Next up is referrers. Always a good source of work and a very much overlooked group. Again, you are a known product because in most cases you have worked with or for this group previously. This what I like to call your 'Google Review' crowd - those people who would happily leave a great review about you and your services on Google.
Prospects. Last but not least on your list is prospects. What I call the 'Rabbit down the hole' crowd.
It is important that you include prospects in your business development activities; but it is vital that you do not let the possibilities that prospects might offer cloud your business development judgment to the detriment of the other 3 groups, who rightly should have preference.
All too often though, when I'm reviewing the activities of a partner/principal who isn't currently having much success with their business development endeavors, it's typically because they are 80% focused on prospects and 20% focused on existing clients [maybe because they don't have too many existing clients], rather than the other way round!
So, go away, get a piece of paper, draw 4 boxes and write the names of clients and targets in the 4 boxes ranking them according to the above.
What you end up with is something like this:
And what you end up with is a ranked target client list for your next business development campaign.
Need Help With Your Business Development?
Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.
Resell Before You Cross-Sell
Before relying on colleagues to introduce your services, look at the untapped opportunities within your existing client base. Discover how the Resell Matrix can uncover hidden revenue opportunities.
Whenever I catch-up with a partner for a chat, at some point the discussion inevitably turns to the issue of "cross-selling". More specifically, a little moan about how their fellow partners don't understand the value the partner can provide to the referring [cross-selling] partner's clients and so don't try hard enough to cross-sell to them.
It's around this time I ask the partner what effort they are putting into reselling their services?
Nine times out of 10, the answer to that is a blank face looking out to space.
So for this BD Tips Wednesday I thought I would quickly highlight how reselling could be doing you a lot more favors in developing your book of business than cross-selling.
"Reselling": refers to the practice of selling a service you provide to clients of yours who currently doesn't use that service.
"Cross-selling": refers to the practice of selling a service you provide to a customer of one of your fellow partners.
The crux here is that in the first instance you are driving the business development activity, whereas in the second instance you need to rely on a third party to help you with your business development activity.
Cross-Selling
In business development we call the act of waiting for a third party to do or act on something for you a "dependency event" - in that you are 'dependent' on them doing or actioning their part before you can fulfill yours.
Cross-selling is a dependency event.
By and large, "dependency events" are not good for building a book of business. The opportunity goes stale. The client moves on. People we need to help us are busy.
So, while cross-selling can be a useful tool to have in your business development toolkit, it shouldn't be the great big hope you have to kick-start your flagging book of business.
Reselling
To "resell":
draw a matrix box.
across the vertical outline all the services you provide to your clients.
across the horizontal list your top 25 clients (assuming you have 25 clients, if not put down as any as you can).
put a tick in each of the boxes where you provide a service to that client.
take a step back.
look at all the areas where you provide a service, but are not providing that service to that client.
It should look something like this:
All of those blank white spaces are your resell opportunities. They are not dependent on any third party - it's down to you!
Now you know all about the Resell Matrix you can get out there do some reselling and stop worrying so much about the cross-selling...
Further Reading
Need Help With Your Business Development?
Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.