Make More Money!
When I was made head of the Simmons & Simmons Private Client Department, I was told that if I did not make a City rate of profit in two years, my team and I would have to find work elsewhere. I was given no guidance, mentor, or plan on how to achieve this and had two infant children, so I could not work harder.
Since then, strategic business development has been my passion. We live in a digital age. We need a digital profile to increase our visibility 22 times and become 650% more visible.
My vision is for the Professional Services Industry to introduce themselves and their services to clients through digital links to their podcasts, pods, clusters, and case studies stored on our digital platform, and linked to their QR code - beyond the business card. It takes very little time to set up and can be used simply to replace the business card or as the cornerstone of a business development campaign.
My mission is to make clients’ concerns the focus of everything we do - because we know it makes sense. Client mapping connects professionals, and creating pods and clusters builds strong, meaningful relationships. The links created to pods and clusters can then be shared with colleagues for cross-selling, with other professionals for networking and with clients for building trust and loyalty. They are engaging and memorable because they tell stories.
Client mapping enables strategic business development to break the 80:20 rule, increase revenue, cut costs, and save time. By focusing on clients’ concerns, a meaningful network of professionals can be built, which will deliver referral business.
When these links are shared with clients, this methodology helps make them more loyal and builds trust.
A simple scenario illustrates the challenges most professionals face with business development. It is dark. A tramp is looking for something in the light of a lamp-post. When asked what he is looking for, he says ‘a two-pound coin’. He is then asked where he lost it. ‘Over there’, the tramp replies, pointing towards a bush. He is asked why he is not looking for the money where he thinks he lost it. His reply ‘I can see better over here!’
It is not good enough to have a network of professionals if they do not serve the type of clients you would want to work for
To win business strategically, professionals must focus on their clients and the problems they may encounter. This week, we explore a case study around Serge and Sylvia, who want to emigrate to Switzerland. It becomes clear very soon that they need a variety of professional advisers. It should be professionals who can serve the wider interests of your ideal clients who should make up your network, not professionals who you may have met at a conference but who do not work for your ideal client.
To give an example: a private wealth manager eager to increase wealth under management should focus on professionals who are engaged in liquidity events such as
M&A lawyers
Estate Agents
Auction Houses
Angel Investors and so on
Once key professionals are identified, they need to be engaged. This is best done by devising a case study, such as the case study of Serge and Sylvia and inviting them to record a three-minute response. The Club will help you brainstorm putting together a scenario. Once a digital link is created, it can be uploaded to your digital profile and QR code, shared with colleagues, contacts, and clients, presented at a private networking event, or used as part of an in-house cross-referral session.
Using a digital profile can also cut across skill silos. I remember on one occasion being approached by a partner in the corporate department at Simmons & Simmons who said, ‘Caroline, would you meet my clients, they are about to sell their company for a lot of money. I don’t know what you do, but I am sure you can assist them.
I met with them and established a Family Office to manage their liquid proceeds from the sale. However, what struck me was that despite many lunches over the years, the partner in the corporate department was unaware of what I did for my clients.
Recording and presenting clusters, which are client stories that benefit multiple professionals within the firm, is an excellent way to break down communication barriers and skill silos. These recordings can then be linked to a professional's digital profile and their corresponding QR code.
Another way to communicate effectively who you are and what you do for your clients is through recording an interview as a podcast. I started my podcast series ‘How to Keep Your Money’ fto better inform professionals of what other professionals do for their clients. They are an excellent way to engage others, and of course, a link can be added to the digital profile of the professional.
Professionals often struggle to step into their clients' shoes because they are given only a small piece of the bigger picture. They may need our assistance in deciding which professionals to include in their strategic network. We achieve this by collaborating with our members to develop case studies.
This is not been a problem for Kate Maguire, our podcaster for the week. Kate is a Family Office General Counsel. She has been engaged for many years in resolving problems encountered by the families she has worked closely with, and her job is not only to find solutions but also to identify the right advisers to deliver them. As a result, she has a wide range of professional advisers in her network to serve the broader concerns of her clients,
Caroline’s Club provides our members with a
Digital Profile - Beyond the Business Card. We work with our members to create an online digital profile which is stored on our digital platform to which links can be added a podcast, case study, recorded pods, recorded clusters and satisfied client quotes.
Award-Winning Methodology - We work with our members to determine the type of client they would like to work with, brainstorm the professional services they may require from time to time, weave that into a case study and invite suitable professionals to attend a pod to record their response to the concerns of a fictitious client situation. The recording can then be added as a link to their digital profile
Create a QR code with links to the engaging digital content of our professional members, which can be used simply as an introduction to who they are and what they do for their clients or as the cornershone for a business development campaign.
Next week, we will explore strategic ways in which professionals can meet each other, which are time and cost-effective and work towards the goal of winning work strategically through client mapping and engaging client stories.
If you would like to find out more arrange to meet with Caroline on 07979 188 288.