| Not long ago I asked a partner of a client firm if there was any new business to be generated from a particular large company - a company with whom he was quite familiar. He responded that there was no work opportunity there. I then asked another partner in the same firm if she was aware any work opportunities and she proceeded to inform me of several opportunities within two different locations of that same company.
The first partner fell into the typical trap that many professional service providers fall into - looking for work only in their own specific practice area. The second partner is an example of looking beyond her own specific practice area to understand the broad landscape of work opportunities within a company. Knowing how to effectively conduct a meeting on client needs is an important ingredient in securing new business for one's own practice and in the cross marketing of firm services.
One of the reasons service professionals fail to look beyond their own practice is their fear of not having ample knowledge to carry on a meaningful conversation with a client or prospect. That fear, I suggest, is not justified. There is no reason why a service professional should not be able to conduct a meaningful conversation on client needs. The first step in overcoming the fear is to realize that you do not have to be an expert in areas of practice outside your own area in order to conduct a conversation on the client's business and strategic direction. The goal of conducting a needs analysis is to obtain information - not to provide solutions. If the client seeks solutions to a problem, the service professional can provide the solutions if it is within his or her speciality - if not, his role is to introduce the client to the appropriate service provider. Knowing how to effectively conduct a needs analysis will assist the professional to identify opportunities within and outside of his practice.
Knowing the type of information to obtain and the questions to ask are important. The following information may not be obtained in an initial meeting with prospects. Professionals should approach needs analysis as an ongoing process that may require several face-to-face meetings with the qualified prospect.
Information to Obtain
Mission or Strategic Plan - Is the company expanding, downsizing, raising money, in an acquisition mode, etc.? This will tell much about potential new business opportunities. A recent study commissioned by a UK professional service firm determined that its clients considered knowing the mission as the most important element that the client looks for in an outside provider.
Organization Chart - Knowing the names of individuals and their responsibility
within the prosect company can be passed on to the appropriate service provider for appropriate follow-up. That follow-up and future meetings need to satisfy the criteria of a valid business reason. The valid business reason must answer the question: "Why should I give up my time to meet with a lawyer, accountant, etc."
The more one knows about a prospective company and the challenges its leaders face, the easier it is to identify meaningful reasons to meet.
Points-Of-Purchase - Knowing the individuals who make the decision to retain outside services is important. All too often service providers invest time and energy talking to someone who does not have the authority to engage outside services.
Current and Projected Needs - This is the focal point of needs analysis. If you have established a favorable relationship with a prospect, this information will be available to you.
Other - Additional vital information includes:
· Criteria the prospect uses in selecting providers
· Financial condition of the company
· The perception of the challenges the prospect faces
· Environmental issues
· The prospect's view of the competition his/her company faces
Questions To Ask
· What issues are currently affecting your industry?
· How do these issues effect your company?
· What do you enjoy the most about your position?
· What business issues keep you up at night?
· What are the biggest problems you face in running your business/department?
· Have you utilized the services of an accountant, lawyers et ?
· What worked (and what did not work) well in that relationship?
· What do you look for in an accountant, lawyer etc.
· What do you see outside counsel/provider accomplishing for you
· Are there any important concerns or issues haven't we discussed?
Asking the rights questions of qualified prospects produces information important for identifying prospect needs. After all, isn't that what marketing is really about?
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Byron G. Sabol |
