Increase revenue, cut costs and save time.

Most professional advisers are very busy, but how profitable are they?

Pareto was born in 1848. He became a philosopher and an economist. He was fascinated with the uneven distribution of outputs to inputs. In Italy, he observed that 80% of the land was owned by just 20% of the population. Among the different industries he investigated 80% of the output typically came from 20% of the companies. This generalisation became known as the Pareto Principle or the 80:20 rule.

It is not limited to economics. Most people wear only 20% of the clothes in their wardrobe and drive on only 20% of the roads in their vicinity.

This imbalance is universal; 20% of sales reps generate 80% of total sales, 20% of customers account for 80% of total profit, and 20% of patients account for 80% of healthcare spending.

Unless you are strategic in marketing and win new business with the professionals collaborating with the business development team, your profits will likely reflect the Pareto Principle. But it need not be!

Adopting a few changes in accordance with my award-winning program could easily increase your revenue, cut costs, and save time—here’s how.

First, identify the work and clients that generate the most profit and then look to attract more of that type in preference to the less profitable work. This is the new approach, ‘Client Mapping.’ 

In most organisations, the focus is on expertise. Professionals with the same skills are grouped into departments. In a law firm, there is one group for company/commercial, another for real estate, another for litigation, etc. This is excellent for teaching how to do good quality work and teaching juniors, but it is unsuitable for generating good quality business. These expertise silos create barriers.

Professionals are reluctant to recommend clients to other departments for fear of losing ‘ownership’ of the client.

I experienced this as head of the private client department at Simmons & Simmons. I referred a client to a company/commercial department partner who left the firm, taking the client with him. Simmons & Simmons lost a client, and the client lost an adviser. 

So, the fear of losing a client through referral must be addressed.

Client Mapping can be used both across a firm for cross-referral and across several firms for networking and upselling purposes.

The secret of success is to identify client types and the problems they encounter, for which the professional's expertise is the solution. These criteria can then be mapped into ‘Case Studies’, the language of Client Mapping.

Case studies are also engaging, enjoyable, memorable, and fun.

Before COVID-19, I held panel sessions where panel members shared their case studies. Because sharing case studies was successful, I wanted a platform that stored this material and other exciting marketing information, such as blogs, podcasts, and satisfied client quotes. LinkedIn did not fit the bill. It was not explicitly designed for this purpose.

I built it myself since there was nothing suitable for professional advisers. 

Therefore, my training and coaching programs teach you how to create effective marketing material and use the platform to reach a broader audience.

Oliver Wyman said, ‘Client revenues from the wealthiest group are the fastest-growing portion of the professional services sector. Professionals focused on this group can expect revenue to rise by 39% to $99 billion in the five years to 2028’. At Caroline’s Club, we teach you how to focus and give you the tools to achieve this.

If you want to learn more, I have a short presentation (less than 15 minutes), which I would happily share.

Please phone 07979 188 288 to book a date and time or email me at caroline@carolines.club for more information.