Former Clients + Coffee = New Business Opportunities

April 18th, 2017

coffee5This morning, I met a former client over a cup of coffee. Though we haven’t done business together in a couple of years, we have stayed in touch… first, because he’s a recipient of our firm’s on-going marketing efforts (emails, social media posts, etc.), and second, because we take the time for an occasional meeting over a cup of coffee (once or twice each year).

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Why is ‘thank you’ so often ignored?

March 21st, 2017

Wade 2I was in Memphis this past weekend. My son-in-law, Wade (that’s him with the cheeky sign), is wrapping up medical school… and it was “Match Day.” During Match Day, graduating med students from all across the country “open their envelope” at exactly the same time to find out where they will be doing their residency.

Wade ‘matched’ in orthopedics at the Medical College of Georgia… he and my daughter are very excited. And it’s at this point that the story gets interesting.

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Question: What percentage of your clients don’t return?

January 25th, 2017

love1Answer: It’s a lot higher than you think!

Creating a “client for life.”

True story. I’ve been working with a large firm in our industry for the past several weeks… and one of the data-gathering projects we did early on was to look at Revenue by Client, for each of the past several years.

Of all of the insights that this exercise can provide, the most interesting – in this case – was that 40% of their clients only did one project with them… and then never returned!

We’ve done this “one-timer” analysis for many firms and the resulting information is ALWAYS a surprise… because the percentage of one-and-dones is ALWAYS higher than the client expected!

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Don’t ignore your ex-clients!

September 21st, 2016

This week, I’m heading to Cincinnati to work with a new client for a couple of days. It’s a really nice shop and I’m excited by the opportunity. But they are not the only firm I’m visiting there. I’m making a sales call on a new prospect and reconnecting with an ex-client.

The good news about ex-clients is that they know you (and you know them) and there is an existing level of trust and credibility… something you don’t have with new sales prospects and an awfully good starting point for re-connecting (assuming the relationship didn’t end badly).

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They’re not just clients… they’re people!

August 30th, 2016

coffee3BThink about each of your top 4 or 5 clients. Collectively, they’re likely worth 50-60-70% of your firm’s revenue…. or more!  And I’ll bet you could tell me how much revenue each generates, which services or products they’re buying from you and some details about each of their last few projects. That’s good.

Now think about your key contact at each of those clients – what details do you know about them? No, not their title or their biggest challenges at the office – though those are important. But… are they married or not? What about kids? Their hobbies or favorite sports team? Where they went on vacation last week? And so on… and so on.

Don’t think knowing that kind of thing is important? You’d be wrong!

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Lost a client? Don’t give up on them.

August 9th, 2016

giveup1Recently, one of our consulting engagements – with a large research firm – came to an end… they did not renew with us and continue on as I had expected. It happens… not all client relationships evolve as planned.

The question is… what do you do when that happens? Let me suggest the following…

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A Handshake Still Matters

October 28th, 2015

handshake 1I spent last week on Brickell Key in Miami (yeah – I took one for the team!) at CASRO’s 40th Annual Conference. Good event, some really interesting speakers and sessions, well-done social activities and a couple dozen exhibiting firms (including us!).

Over the 3 days, I had the opportunity to connect with a number of new industry contacts (now called ‘sales prospects’) and – maybe more importantly – re-connect with a bunch of old friends, contacts, colleagues and clients.

Say what you will about technology and the digital world we live in, but in business, nothing is more important than that person-to-person (P2P) connection. The handshake… the smile… the laughter… a REAL connection.

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I Lost a Client Today!

May 20th, 2015

big co logosIn fact, it was our longest-standing client.

No, we didn’t mess up. And no, they didn’t find another marketing services supplier.

The issue is an all-too-common one in our industry… they lost their largest client. In this case, one that accounted for more than 25% of their total revenue. And with that kind of financial hit, my client is facing some serious cash-flow issues… and that’s what got us.

For some firms, a client worth 25% is actually on the low side… I’ve heard of a single, large client accounting for as much as 60-70% of a firm’s total revenue! And with a huge client like that… it’s not IF you will lose them, it’s simply a matter of WHEN.

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