DOING MORE WITH LESS Effective Budgeting to Maximize ROI Learning Objectives: Basics of Budgeting / Planning Baseline Creation Tying Revenue to Investment Importance of Tracking
DOING MORE WITH LESS What do you want toaccomplish? Purpose Marketing:Specific Goals andObjectives How will you know youare successful? Must be measurableby:- Revenue- Quality- Cost- Speed
DOING MORE WITH LESSExample: Increase $ Volume of EducationContracts Booked by 30%1. Increase hit rate – what is your current hit rate?Hit rate is the % of work that you get, based on theamount of work that you go after.2. Increase size of opportunities.3. Increase number of opportunities.4. Offer more services (within that market)
DOING MORE WITH LESSWhat will it take to be successful?To increase your hit rate you will need to:1. Have a company “go” or “no-go” plan.2. Write better proposals.3. Execute better interview presentationsBasically, you need to ask yourself: If we aren’taccomplishing it now, what behaviors must bechanged to accomplish it in the future?
DOING MORE WITH LESSWhat are specificstrategies?Conduct Better Interviews:1. Presentation Trainingfor staff.2. Hire consultants formessage development.3. Conduct mockinterviews.4. Better positioning.How much does that cost?1. Consultant Fees.2. Indirect Labor.3. Marketing Support Staff.4. Equipment, Food, etc.Let’s say for the purpose ofthe exercise that it costthe firm $50,000 toexecute this type oftraining.
DOING MORE WITH LESSWhat will the training accomplish?1. Increases your hit rate by 10%2. If your firm has 100 opportunitiesper year @ 30% hit rate = 30 jobs.3. With training you can increase thatto 40% which equals 10 more jobsper year.4. Average job revenue $500,000 x10 jobs per year = $5,000,0005. If you subtract the $50,000 it cost toexecute this goal, that is still aworthwhile expense with a largeROI.See the Return on InvestmentWorksheet in the packet that youreceived in the meeting/event email.Additional Notes:1. A client survey will help create your“bottom line” so that you know yourposition in the market.2. Don’t equate savings in time toreduction in expenses unless you planto fire someone.3. You CANNOT focus on: What is thiscosting the company.4. You MUST focus on: What is it costingus by NOT doing it.
DOING MORE WITH LESS Marketing from the Buyers Perspective Learning Objectives: What are clients looking for? Desired traits?
DOING MORE WITH LESS Desired Traits in Order of Importance: Do you know me? / Do you get me?• People buy based on emotion – emotion is a competitiveadvantage that you can only get by building authenticrelationships with your clients/prospective clients.• An RFP/RFQ should look and feel like you. You should talkabout the company and your personal background last ifand when possible.• Use specific experience in your RFP’s.Example: Instead of writing statements like “IDA is anexpert in…” You should write “When we worked on “____”project, we tackled “____” problems by “_____”
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued Listen Fast• Spend more time listening than talking.• Initial meetings are meant to get information, not to tell theclient about how great you are.• Communication is 93% body language and 7% the actualwords that you say. Sit forward while engaging in theconversation, this makes the client feel like you are activelylistening and interested which results in the client…talkingmore!• Use key phrases like: “Really?! Can you tell me moreabout that?”
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued Demonstrate Confidence (Expertise/Experience)• Confidence translates into expertise/experience;however, you should translate it without saying it. Peoplewho are really confident exude it – they never say it or fishfor it.• Definition: Exude - to make apparent by mood or behavior.• Never start out by talking about yourself or your firm.
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued Genuine Interest / Enthusiasm• Go to meetings with a team member so that one personcan engage and focus on the conversation while the otherperson takes notes. It shows interest and is beneficial tohave another set of ears.• Taking notes also shows interest. It means that you aretaking this seriously and it will also result in the clienttalking more.• People love to talk about themselves: Ask a lot ofquestions.
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued Compatibility• Personal relationships are the key to business. Providedyou get an opportunity to work with the prospective clienton a project, you will likely be spending a considerableamount of time with that person or firm.• You have to do more than “get along” with your client –Your relationship should become meaningful. It should becompatible and fun. Enjoyable
DOING MORE WITH LESS In a meeting statistics show that the client is going toremember 3 things about you or your firm. What do you want your client to remember?1.2.3.
DOING MORE WITH LESS You should never contact a target client more than1 time per quarter. Never ask “Would it be okay if I followed up withyou in a few months…?” – Just do the followup, but find ways to do it “naturally” Contact the client as often as you can withoutcrossing the line to becoming a “stalker” It’s better to under-promise and over-deliver.
DOING MORE WITH LESS Utilizing Client Based Organizations for BusinessDevelopment Learning Objectives: Get involved Hunter vs. Gatherer Strategy
DOING MORE WITH LESS1. Your company should beinvolved with 1 to 2organizations that yourCLIENTS are members of:• AIA• BAYA2. If you are not involved thanyou are missing out on hugeopportunities:• You have to do more than justsign up for a membership.• Join a committee, volunteer on aboard, be a guest speaker, etc.3. Attend conferences / events asoften as possible: The moneyspent on these pay forthemselves almostimmediately.5. A great strategy at socialgatherings / events is tobring a current, loyal clientwith you. This can provide apersonal in-persontestimonial that is valuablewhen meeting prospectclients.6. Always ask open-endedquestions so that you canfind out more informationwhich will give you a reasonto…7. Follow-up. Provided you hada meaningful initialconversation this will benatural and should never beawkward.
DOING MORE WITH LESS Never bring marketing materials: brochures, packets,etc. to an initial meeting unless they have specificallyasked you to do so. Why? It allows you 3 opportunities to connect with thatprospective client: Initial Meeting, which you can close by saying “It was apleasure getting to know you better. I’ll make sure to follow upand send you some additional information about ourcompany.” Deliver on that by following up within a week by mailing thematerials along with a personal (preferably hand written) note. Follow up by telephone in a few weeks to ask how things aregoing and to make sure they received the information.
DOING MORE WITH LESS The goal is to create multiple opportunities forcontact, multiple opportunities to engage with theprospective client, but remember: It’s never about you. It is about finding out how youcan serve that company or clients’ needs.
DOING MORE WITH LESS Involve your staff: Set up the people in your office to succeed by trainingthem properly. If someone on your team is out-going and generallygood and socializing and networking, then send them toevents/conferences/meetings with someone who is notas strong in that area.
DOING MORE WITH LESS Build your Sphere of Connectivity: Be inclusive: The more inclusive you are, the greateryour sphere of connectivity. When hosting an event / lunch & learn / etc. that mightbe applicable or interesting to a client, always invitethem to attend or participate. As you expand your sphere of connectivity, yournetwork will extend and increase your opportunities. See LinkedIn Example
DOING MORE WITH LESSOn www.LinkedIn.com you can see how many connections are 1stconnections. In this example:169 direct 1st connectionsThose 169 people link me to 1,311,616LinkedIn is a great way to expand your sphere of connectivity.Look at the connections on your current clients’ profiles, use LinkedIn andask to be introduced to those clients.
DOING MORE WITH LESS Business comes down to Shared Experiences andthe Emotion Factor: Cell Text Email MailThe above are all great forms of communication; however,without shared experiences you will not be buildingrelationships with clients that turn into revenue/projects.
DOING MORE WITH LESS Example of the Emotion Factor:In the movie Ratatouille,the toughest food criticcame to review therestaurant and they servedratatouille, which is a poorman’s dish. People criticized him for serving something somundane on such an important event. However, ratatouille was adish that the critic ate as a child and eating the dish hit a heartstring in him that brought back cherished memories of hischildhood. In the end, the critic gave an astounding review of therestaurant.
DOING MORE WITH LESS Moral of the Story:Serving the most elegant dish, or having the bestlooking presentation isn’t as important as findingthe “heart string” in your clients and buildingmeaningful relationships with them.If you build these types of relationships you won’thave to call your clients for work. When they needyour type of services, they will be calling you.