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Rainmakers - Why Today\’s CEO\’s Seek Them, by Richard D. Smith, CEO, SMITH-TRG
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Rainmakers - Why Today\’s CEO\’s Seek Them, by Richard D. Smith, CEO, SMITH-TRG

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SMITH-TRG\’s 2010 \’Strategic Business Development\’ advisory/consulting work indicates a growing number of emerging growth and mid-market company CEO\’s are now on the hunt for talented …

SMITH-TRG\’s 2010 \’Strategic Business Development\’ advisory/consulting work indicates a growing number of emerging growth and mid-market company CEO\’s are now on the hunt for talented \’Rainmakers\’ to help them target, pursue and secure new multi-million dollar deals with existing and prospective customers.

Published in: Business, Career

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  • 1. Copyright 2011 SMITH-TRG, All rights reserved. rai nmakers By: Richard D. Smith, CEO, SMITH-TRG
  • 2. Copyright 2011 SMITH-TRG, All rights reserved. Rain-mak-er - noun - -Slang - an executive with exceptional ability to attract clients, use political connections, increase profits, etc. . . SMITH-TRG
  • 3. Copyright 2011 SMITH-TRG, All rights reserved. Why CEO’s of today’s successful businesses seek Rainmakers . . .a SMITH-TRG C-Suite report. Based on SMITH-TRG’s work across high-tech, media and telecom industries/lines-of-business, research, and rainmaking experience. SMITH-TRG
  • 4. Copyright 2011 SMITH-TRG, All rights reserved. 2010 - CEO retrospective. . . (CEO’s of successful emerging growth & mid-market enterprises) SMITH-TRG
  • 5. Copyright 2011 SMITH-TRG, All rights reserved. annual revenues/source breakdownSMITH-TRG
  • 6. Copyright 2011 SMITH-TRG, All rights reserved. 33% average per category  long-term ongoing client relationships  clients who buy periodically  new work from new clients (averages across successful businesses) SMITH-TRG
  • 7. Copyright 2011 SMITH-TRG, All rights reserved. business development approach B2B - four channels of activity . . . SMITH-TRG
  • 8. Copyright 2011 SMITH-TRG, All rights reserved. an appropriate mix of thought leadership, public marketing & relations, briefings, speaking communications - engagements, advertising to build brand and awareness of capabilities SMITH-TRG
  • 9. Copyright 2011 SMITH-TRG, All rights reserved. constantly working their network of contacts to senior build their personal brands, professionals - widen their circle of prospective clients, and close business SMITH-TRG
  • 10. Copyright 2011 SMITH-TRG, All rights reserved. formal programs to client relationship deepen relationships with key revenue clients and management - nurture clients with product or service growth potential SMITH-TRG
  • 11. Copyright 2011 SMITH-TRG, All rights reserved. integrated marketing and new business lead generation programs generation - to find new opportunities and constantly fuel future revenue pipeline SMITH-TRG
  • 12. Copyright 2011 SMITH-TRG, All rights reserved. six take-a-ways (CEO acknowledged lessons learned) SMITH-TRG
  • 13. Copyright 2011 SMITH-TRG, All rights reserved. Finding new business opportunities, with prospective clients who have never used their products/services, is the most difficult part of the selling process. SMITH-TRG
  • 14. Copyright 2011 SMITH-TRG, All rights reserved. The more senior the prospective client and the larger the potential dollar value of a deal the more difficult and expensive the effort. SMITH-TRG
  • 15. Copyright 2011 SMITH-TRG, All rights reserved. It can take six to twelve months of multiple touches to gain commitment for an initial meeting and that is just the beginning! SMITH-TRG
  • 16. Copyright 2011 SMITH-TRG, All rights reserved. Once you have met the prospective client, you must manage the often long process of developing the relationship to the point of generating a selling opportunity. SMITH-TRG
  • 17. Copyright 2011 SMITH-TRG, All rights reserved. Client relationship management is most often addressed by assigning an account manager. Frequently, a mid-skilled (non strategic ‘hunter’ by nature) business farmer on low risk – ‘keep customer happy’ - compensation plan! SMITH-TRG
  • 18. Copyright 2011 SMITH-TRG, All rights reserved. Lead generation and pipeline management take a significant amount of time/money and a great deal of effort and are not an effective use of senior professionals’ time. SMITH-TRG
  • 19. Copyright 2011 SMITH-TRG, All rights reserved. net net time = money!SMITH-TRG
  • 20. Copyright 2011 SMITH-TRG, All rights reserved. how much time does it take  to do buyer-seller dance?  to land a new customer? SMITH-TRG
  • 21. Copyright 2011 SMITH-TRG, All rights reserved. CXO’s did time-value math. . .SMITH-TRG
  • 22. Copyright 2011 SMITH-TRG, All rights reserved. annual core costs Senior Sales Mid-Skill Sales $100k base $70k base $40k overhead $28k overhead $50k travel $20k travel $3m quota $3m manage $75k @100% $50k@ 100% retain $265k total $168k total SMITH-TRG
  • 23. Copyright 2011 SMITH-TRG, All rights reserved. rainmaker cost/benefit Strategic Sales Value Impact $200k base sales cycle reduced 50% +/- $80k overhead hunts multiple $5m + deals $70k travel focuses on higher-margins $5m quota manages client post sale $150k @100% builds C-Suite relationships $500k total Saves Co. $500k +/- SMITH-TRG
  • 24. Copyright 2011 SMITH-TRG, All rights reserved. consensus decision skill-up & scale-up B2B sales SMITH-TRG
  • 25. Copyright 2011 SMITH-TRG, All rights reserved. rai nmaker intangible attributes . . . SMITH-TRG
  • 26. Copyright 2011 SMITH-TRG, All rights reserved. the best rainmakers are no different bring clients and when they sell their cash into their firms services than when because they . . . they deliver their services SMITH-TRG
  • 27. Copyright 2011 SMITH-TRG, All rights reserved. SMITH-TRG great rainmakers sell as they serve . . . SMITH-TRG
  • 28. Copyright 2011 SMITH-TRG, All rights reserved. they prepare . . . they listen . . .SMITH-TRG
  • 29. Copyright 2011 SMITH-TRG, All rights reserved. they care about their they solve problems clients’ well-being and success SMITH-TRG
  • 30. Copyright 2011 SMITH-TRG, All rights reserved. they are interpersonally sensitiveSMITH-TRG
  • 31. Copyright 2011 SMITH-TRG, All rights reserved. they can either push the limit or slow down when it is in the client’s best interest SMITH-TRG
  • 32. Copyright 2011 SMITH-TRG, All rights reserved. that their clients they create new didn’t know were futures for clients. . . possible SMITH-TRG
  • 33. Copyright 2011 SMITH-TRG, All rights reserved. they meet mutually set expectations over and over again, build trust relationships and two-way confidence SMITH-TRG
  • 34. Copyright 2011 SMITH-TRG, All rights reserved. the best rainmakers are ethical at all times SMITH-TRG
  • 35. Copyright 2011 SMITH-TRG, All rights reserved. rai nmakers when strategic business development matters most . . . SMITH-TRG
  • 36. About Richard D. Smith Richard D. Smith is founder of SMITH-TRG, a Washington DC based business performance and value creation consulting firm. Richard asCopyright 2011 SMITH-TRG, All rights reserved. CEO/Managing Principal leads all engagement lifecycle activities from relationship development to engagement management and provision of ‘results-measurable’ deliverables. He also leads SMITH-TRG’s Global ‘Strategic Business Development Practice’ that assists businesses, small to large, secure high-impact high-value contracts/deals. Richard leverages his 25+ years of consulting, engagement management and enterprise leadership experience in start-up, pre/post IPO and Fortune 200 (CSC, MCI, IBM) operating environments, business development across industries & international markets, and technologies to enable stakeholders to capitalize on anticipated changes in customer priorities and their competitive landscape. SMITH-TRG
  • 37. Copyright 2011 SMITH-TRG, All rights reserved. questions or comments. . . RDSmith@SMITH-TRG.com SMITH-TRG