The Process of Business Origination & Development in Professional Services Firms. and why the information you provide is so essential

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1 The Process of Business Origination & Development in Professional Services Firms and why the information you provide is so essential Paul Matthews, The PACE Partnership

2 Today How is new business developed and retained successfully? What are the key stages and sequences in the sales process? How does the sales and business development processes react to changes in the market place? How do you gain competitive advantage?

3 Today s professional services: Crowded market place Success is dependent on bright talent Clients are more discerning Good client relationships are still key Trust is essential for differentiation Professional training superb Business development (BD) is an essential but still alien concept

4 How is new business developed and retained successfully? What are the key stages in the process?

5 Introducing the PACE Pipeline

6 The PACE Pipeline 6 Pruning 1 Prospecting P0 Undefined prospects / suspects Problem children clients Current key and valued clients Protecting 5 P5 P4 P3 Qualified prospects - in dialogue Defined prospects not yet marketed to P1 P2 Projecting 4 2 Defined prospects marketed to - not yet in dialogue Promoting 3 Total defined market

7 The Pipeline building process Decide defined prospect selection criteria select best defined prospects Create and maintain an effective marketing campaign Meet defined prospects face to face Pursue identified opportunities to a successful conclusion Protect clients and Win new work Sort out problem children clients. Improve or drop

8 Key client management The right motivation Management of fee-earning work Excellence in: Planning Executing Communicating Key client planning Client defence Segmenting the client base Meeting client expectations Relationship protection Client development Marketing to clients Selling to clients Cross-selling to clients Client project management Using supporting technology Managing key client relationships Values and characteristics

9 The importance of trust Technical Expertise Knowledge Key Skills Genuine Interest

10 What information will they need? Prospecting Sector understanding Client knowledge Promoting Hot topics / key issues / market trends Latest changes / thought leadership Projecting Full client understanding and requirements Decision making process Competitor analysis Protecting / key client management Client s expectations / feedback All of the above

11 How do you get competitive advantage? The importance of trust, relationships, knowledge and client understanding

12 Value Disciplines Operational Excellence Product or Service Leadership Customer Intimacy Source: Michael Treacy and Fred Wiersema

13 Today How is new business developed and retained successfully? What are the key stages and sequences in the sales process? How does the sales and business development processes react to changes in the market place? How do you gain competitive advantage?

14 ? Question and answer session

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