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How to Fire Your Boss and Start Your Own Consulting Business
 

How to Fire Your Boss and Start Your Own Consulting Business

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John Carter at BayCHI May 12, 2009

John Carter at BayCHI May 12, 2009

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    How to Fire Your Boss and Start Your Own Consulting Business How to Fire Your Boss and Start Your Own Consulting Business Presentation Transcript

    • FIRE YOUR BOSS & BUILD A SUCCESSFUL CONSULTING PRACTICE John Carter May 12, 2009 jcarter@tcgen.com
    • PRESENTATION POINTS Product Development Consulting Product Development Consulting, Inc. was founded in 1990 in Cambridge, Massachusetts with the goal of turning product ideas into market place realities.  Professional Background  PDC and its Strategic Intent  Marketing is Not Sales  PDC’s Marketing Strategy  A New Case Study – TCGen, Inc. Important points in RED BayCHI_r2 2
    • You have what it takes BACKGROUND – YOU CAN DO IT! Keith Dean Simonton “Scientific Genius” Correlation between intelligence and scientific productivity  Once you cross a threshold of intelligence, other factors explain the output of great scientific contributors  This applies to you and your success School Ability to market and sell Industry is what it takes! Consulting 6 years in School, 12 years in Industry, and 6 years in Consulting 3
    • MARKETING DEVELOPMENT Learning from a Mentor  Dr. Bose was a consummate technologist and marketer  Innovations can occur in marketing  “Can you sell?” Understanding “Emotional Intelligence”  Understanding emotions  Motivation Initiative - Listening – Preparation  Listen! Listen! Listen!  Understand client’s pain BayCHI_r2 4
    • PDC CLIENT LIST  Abbott Laboratories  Honeywell, Inc.  Apple Computer, Inc.  Keithley Instruments, Inc.  AT&T  Landis & Gyr Powers, Inc.  Baxter Healthcare  Lucent Technologies  Becton Dickinson  Medrad  Bose Corporation  The Nasdaq Stock Market, Inc.  Boston Consulting Group  Norand Corporation  Center for Quality Management  Northern Telecom, Inc.  Computervision  Pacific Gas & Electric Company  CSC Index  Stanford University  DataCard Corporation  Tektronix  DuPont Medical Products  Teradyne Corporation  Eastman Kodak Company  Westinghouse  Eaton Corporation  Xerox Corporation  Hewlett-Packard Company  3M BayCHI_r2 5
    • RATES AND THE FOCUS AREA OF YOUR PRACTICE Consulting Rates Versus Sky is the limit Contracting Rates Unique Specialty Consultant Higher Rate Functional Role Contractor Faster Ramp Benefits 25% Rate 50 Dollars per Hour Billability 65% Weeks 50 Two weeks of holidays Gross Up 2.1Times Hours 40 Target $100/Hr Gross 100000 Not Equivalent to $100K in Salary
    • STRATEGIC INTENT To Become a Recognized Authority in Product Development Metric: Frequent invitations to bid (and win) on consulting opportunities by leading developers of Fortune 500 companies (GE, Corning, Motorola, Ford, HP, Compaq, etc.). Target: This would translate into approximately 1 invitation per month. BayCHI_r2 7
    • MARKETING IS NOT SALES We often say “marketing” when we mean sales. Clarification:  Marketing is to Sales as Research is to Development  Marketing is Tomorrow, Sales is today  Marketing is one on many, Sales is one on one  Marketing creates demand, Sales fulfills it  Marketing Makes Sales Simple  MARKETING IS NOT SALES!!! Understand the difference between marketing and sales Focus building your consulting practice on MARKETING BayCHI_r2 8
    • PDC MARKETING -- TIME METRICS I didn’t say it was easy… Total Hours Per Month Marketing Percent Marketing Hours Per Month 350 20% 65 Hours Total per week 18% 300 16% 250 14% 200 12% 10% 150 8% 100 6% 10 Hours of Marketing per week 4% 50 2% 0 0% January Feb March April May June July Personal time records over a representative 7 month period BayCHI_r2 9
    • We have found speaking to be the best PDC MARKETING STRATEGY -- IMPLEMENTATION  The bigger the better  Explore functional and sector  Web 2.0/Agile (functional)  Clean Tech (sector) •Why is speaking best?  Professional services is a fragile product  It is hard to evaluate, compare, or test  It is as much chemistry as content  The delivery is often, or in part, in person •Speaking is a performance! BayCHI_r2 10
    • TOP OF MIND SPEAKING OPPORTUNITIES Speaking Opportunities – Mostly Bay Area Type Group Description Societies IEEE Consulting Network Silicon Valley Technology Management ACM SF Bay ACM ACM SIGCHI PDMA Product Development Management Association PMI Project Management Institute (Silicon Valley) MIT MIT/Stanford Venture Lab MIT Club of Northern California AMA American Marketing Association (Silicon Valley) American Marketing Association (San Francisco) C Level Silicon Valley VPE/CTO Community of Practice Organizations MRT Management Roundtable IIR Institute for International Research Conference Board UC Santa Cruz Silicon Valley Executive Business Education UCSC Program Stanford Stanford Summer Institutes BayCHI_r2 11
    • FOCUS PDC MARKETING STRATEGY -- FOCUS, FOCUS, Speaking Topics - Areas to choose  Identify a product / service area  Develop a list of topics that you can talk deeply about  Direct experience Zeitgeist  Passion  Lessons learned  Non-obvious conclusions  Understand the zeitgeist  Detail areas that currently capture the imagination of audience  Map the list of topics to the areas of interest to your potential clients  Marketing to influencers is OK BayCHI_r2 12
    • PDC MARKETING -- METRICS What are our metrics?  Three leads per speech  One job per speech  One placement per principal per month  Speaking  Print (Trade, business, local, etc.)  PR BayCHI_r2 13
    • PDC LEAD SOURCE ANALYSIS Analysis of the source of leads (by frequency) over several years BayCHI_r2 14
    • PDC MARKETING -- NOT! Clutching at straws tactics (Maister)  Publicity  Brochures  Direct Mail  Cold Calls  Sponsorship of events  Advertising “Managing the Professional Services Firm”, David H. Maister, Free Press 1993 BayCHI_r2 15
    • TCGEN, INC. A New Case Study – TCGen, Inc  Product Creation & Metrics Focus  Contextual Inquiry (Product Definition)  Predictive Metrics (Measure Change & Manage Performance)  Fast Cycle Time Product Creation (Goldilocks Approach)  Our metrics (by end of Q2)  2 meetings/week with new prospects C- Level or Key influencers  Speaking calendar fixed for next 12 months (1 placement per principal per month) BayCHI_r2 16
    • If you want to make a go of it… ACTION IMPLICATIONS 1) Pick your spot (be a Consultant not Contractor) 2) Relentlessly promote via speaking (focus on Marketing not sales) 3) Use metrics to manage firm (employ predictive metrics) 4) Listen, listen, listen (Help your clients eliminate pain) And have fun doing it! BayCHI_r2 17