How to Win Client Business When You Don't Know Where to Start: A Rainmaking Guide for Consulting and Professional Services

Table of Contents

Cover

More Praise for How to Win Client Business When You Don’t Know Where to Start

Title page

Copyright

Dedication

Introduction

If I'm So Smart, Why Do I Feel So Stupid about Selling?

CHAPTER 1: Things Rainmakers Do That Most of Us Don't: The Five Rainmaker Skills

What Is a Rainmaker?

Why Do I Feel So Stupid About Selling?

The Five Rainmaker Skills, the Focus of This Book

Moving Forward with the Five Rainmaker Skills

References

CHAPTER 2: How Clients Buy

The Seven Elements of the Client's Buying Decision Journey

Understanding Client Risk

It's Not a Long Sales Cycle, It's a Long Buy Cycle

References

CHAPTER 3: Where Clients Come From

The Seven Most Common Client Pathways

Where Clients Come From: The Seven Client Pathways

Connecting the Dots

References

CHAPTER 4: Rainmaking for Introverts and People Who Don't Want to Sell

The Rainmaker Mindset

Lessons from Dominic Barton, Global Managing Director at McKinsey & Company

References

The Five Skills We Must Learn If We Want to Become a Rainmaker

Skill 1: Create Your Personal Brand Identity

CHAPTER 5: Decide What You Want to Be Known for and Who You Wish to Serve

The Birth of Personal Branding

Stupid Choices!

Society's Hall Pass

References

CHAPTER 6: The Power of Focus

If You're Not in the Client's Top Three, You're Not Going to Be Hired

Filling an Empty Slot in the Client's Mind

References

CHAPTER 7: Choosing Your Specialty

Terry Pappy's Success Story: Carve a Niche, Then Carve a Niche within a Niche

Bill Stoddart's Success Story: Knowing What You Believe In

Three Ways of Defining Your Personal Brand Identity: Functional Expertise, Target Audience, and Geographic Focus

Finding Your Unique Combination of These Three

References

CHAPTER 8: You Can't Sell Beyond Your Credibility Zone

The Story's Beginning

The Story's Middle

The Story's Ending

The Lessons of the Story

A Seat at the Table

References

Skill 2: Demonstrate Your Professional Expertise

CHAPTER 9: How Clients Tell Who the Real Experts Are

Clients Seek to Avoid Regret

How We Can Help Clients Avoid Anticipated Regret

Unlearning the Mental Hang‐up We Have with Talking about Ourselves

Choosing Your Credibility Markers

References

CHAPTER 10: How to Toot Your Own Horn without Looking Like a Jerk

Technique 1: Writing

Technique 2: Public Speaking

Technique 3: University Teaching

Technique 4: Radio Programs and Podcasts

Technique 5: Serving on a Board of Directors

Technique 6: High‐Profile Work and Case Studies

Technique 7: Industry Awards

Technique 8: Professional Certifications

Choosing Where to Focus Your Energy

References

CHAPTER 11: Using LinkedIn to Build Your Credibility

Master Digital Marketing at Oxford

What Is the Internet Good For?

LinkedIn Is a Powerful Enabler, But It Won't Do the Heavy Lifting for Us

Don't Turn into Human Spam

The Power of Sharing and Connecting

References

Skill 3: Build Your Professional Ecosystem

CHAPTER 12: The Two Hundred People You Need to Know

Genuine Relationships, Not LinkedIn Connections

What's the Difference between Your Ecosystem and Network?

Why Your Ecosystem Matters: Revisiting the Seven Client Pathways

The Makeup of Your Professional Ecosystem

The Double Helix of Your Ecosystem and Trust

References

CHAPTER 13: Does Cold‐Calling Work? And What to Do if It Doesn't

Remember What Mom Said: Don't Talk to Strangers

Making Friends on the Playground

Making Friends with Your Two Hundred People

When Cold‐Calling Works Best

Cold‐Calling and Making Friends

References

CHAPTER 14: Making Friends in a Natural Way

Warm Prospecting: Leveraging Your Relationships to Make New Friends

Nobody Likes Human Spam

How to Get an Introduction without Seeming Pushy

References

CHAPTER 15: I Can't See the Forest for the Trees

The Tree Farm Analogy

Caring for Your Professional Ecosystem

References

CHAPTER 16: Why Advertising Doesn't Work for Us

Recognizing the Limits of Advertising

A Better Way: Building Relationships

References

Skill 4: Develop Trust-Based Relationships

CHAPTER 17: What Is Trust and Where Does It Come From?

Recognizing Authentic Likeability

Where Trust Comes From

Advice from a Seasoned Relationship Builder

References

CHAPTER 18: Conversation Skills for Introverts (and the Rest of Us, Too)

Finding Common Ground through Small Talk

Building Common Ground over Time

References

CHAPTER 19: The Art of Keeping in Touch

Finding Opportunities to Be Thoughtful and Helpful

Caring and Empathy Matter

References

CHAPTER 20: Transparency Is Good, Right?

Why Undersharing Is a Path to Irrelevancy

How Much Is Too Much?

Finding the Balance

References

Skill 5: Practice Everyday Success Habits

CHAPTER 21: The Daily Habits of Successful Rainmakers

The Roller Coaster of Revenue

Practicing the Rainmaker Skills Every Day

The Most Important Hour of Your Day

References

CHAPTER 22: Making the Rainmaker Skills Stick

Building the Rainmaker Skills into Our Daily Lives

References

CHAPTER 23: Finding Your Rainmaker M.O.

The Modus Operandi

A More Modern M.O.

The Middle Ground

Finding Your M.O.

Rainmaker M.O. Best Practices

References

The Rainmaker's Journey

CHAPTER 24: Thoughts on Becoming a Rainmaker

What We Can Learn from the Beatles, Led Zeppelin, and the Rolling Stones

Becoming a Rainmaker Is Not a Structured 10‐Step Program

References

CHAPTER 25: Finding the Work That You Love

Do You Enjoy Your Work?

Enthusiasm for Our Work Is Key to Our Success

Keep Exploring Until You Find Your Calling

Respect, Trust, Likeability, and Enthusiasm

References

CHAPTER 26: A High Road with a Long View

On Patience

On Persistence

The Rainmaker Mindset

References

Appendix A: The Rainmaker Skills Self‐Test: What Are My Rainmaker Strengths and Weaknesses?

Recommended Reading

Acknowledgments

About the Author

Index

End User License Agreement

List of Illustrations

Chapter 1

FIGURE 1.1 The Five Rainmaker Skills

Chapter 2

FIGURE 2.1 The Seven Elements of the Client's Buying Decision Journey

Chapter 3

FIGURE 3.1 The Seven Client Pathways

FIGURE 3.2 The Seven Client Pathways Pie Chart

Chapter 7

FIGURE 7.1 Three Ways of Defining Your Personal Brand Identity

Chapter 15

FIGURE 15.1 Your 200‐Acre Tree Farm

Chapter 17

FIGURE 17.1 Being Likeable Allows Respect and Trust to Grow

Chapter 20

FIGURE 20.1 A Distinct Point of View Matters

Chapter 25

FIGURE 25.1 Being Likeable and Having Enthusiasm Allows Respect and Trust to...

More Praise for How to Win Client Business When You Don’t Know Where to Start

"How to Win Client Business When You Don’t Know Where to Start skillfully captures the fundamental and critical insights about how to really ‘sell’ professional services. Doug Fletcher synthesizes years of valuable experience into a pragmatic dialogue that is pure gold for any professional working to develop clients and business. Whether you have never sold a dollar, or you have years of client development experience, you will find these invaluable lessons instructive, refreshing and inspiring."

—Walt Shill, Global Commercial Officer, ERM

If you are highly skilled at doing client work—but are puzzled by how to ‘get’ the client work, Doug's wonderful book demystifies the process for us. This book contains proven techniques that will make you more credible, trusted and in demand. Read this today, apply the lessons and watch your practice grow.

—David T. Richardson, President & CEO, Cognision

A rare and terrific resource for lawyers, consultants, and other providers of professional services, who are often intimidated at the concept of selling their time and expertise. Winning client business is different from selling widgets. Doug provides real world examples and pragmatic, doable strategies that even the most sales-adverse among us can use to build a successful business.

—Judy Selby, Partner, Hinshaw & Culbertson LLP

HOW TO WIN CLIENT BUSINESS

WHEN YOU DON’T KNOWWHERE TO START

A Rainmaking Guide for Consulting and Professional Services

DOUG FLETCHER

Copyright © 2022 Wade D. Fletcher, Jr. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data

Names: Fletcher, Doug, author.

Title: How to win client business when you don’t know where to start : a rainmaking guide for consulting and professional services / Doug Fletcher.

Description: Hoboken, New Jersey : John Wiley & Sons, Inc., [2021] | Includes bibliographical references and index.

Identifiers: LCCN 2021005019 (print) | LCCN 2021005020 (ebook) | ISBN 9781119676904 (cloth) | ISBN 9781119676966 (adobe pdf) | ISBN 9781119676928 (epub)

Subjects: LCSH: Consulting firms. | Consultants. | Consulting firms—Marketing. | Consultants—Marketing.

Classification: LCC HD69.C6 .F548 2021 (print) | LCC HD69.C6 (ebook) | DDC 001—dc23

LC record available at https://lccn.loc.gov/2021005019

LC ebook record available at https://lccn.loc.gov/2021005020

Cover Design: Wiley

To Duncan and Abby, who inspire me every day and give me so much hope for the future.

I love you both and am proud to be your dad.

Introduction

Here's a simple thought experiment for you to ponder:

Why is it that we have no problem whatsoever buying a home after an hour-long walk-through, yet will agonize for months in choosing an architect if building a custom home?

We're comfortable spending $500,000 on a house after a short visit, but require months to choose an architect who will cost us a small fraction of this amount. Alternatively, we'll spend $100,000 on a new Tesla Model S convertible after a 30-minute test drive, but struggle for months to choose a financial planner.

Hmmm, why is this? Selling a service is much different – and harder – than selling a product. Or, more appropriately, buying a service is a much different experience than buying a product. Something interesting is going on here that I think warrants further thought and discussion.

OK, maybe you've never pondered this before. But I have. I'll admit, among friends at least, that I spend many of my waking hours thinking about things like this: how clients buy and how to win client business. These are fascinating topics, and oddly, not studied nearly enough.

If you, too, find this question interesting, maybe you're a fellow journeyman in this quest to better understand what goes on inside the heads of prospective clients and how to win more client business. Let's join together and travel in search of answers to questions such as these.

If you aspire to become a partner in your firm, I'm sure these questions resonate with you. Maybe you're a consultant, designer, accountant, engineer, or financial advisor; or an attorney, investment banker, or web developer. Or maybe you're considering going out on your own as a solo practitioner or starting up a new firm with a few colleagues to provide your expertise to the world. Regardless of who you are, you likely want to build better relationships with your clients. I want that too. That's why I'm writing this book for you.

The truth is that we have never been taught how to win client business. We're taught to do accounting, practice law, invest money, design bridges, and create websites. But rarely, if ever, do we receive any training when it comes to selling the expert services that we provide. It's a sad truth and it limits our ability to have a successful and fulfilling career. My aspiration for this book is to help remove much of the mystery of how to win client business and to accelerate your career success.

Twenty years ago, I left the world of large organizations and co-founded a management consulting firm with two of my work colleagues. Our clients were among the Fortune 500. I was in my early 30s at the time, and very sure of myself. Frankly, despite my first-rate work experiences and education, I did not have much exposure to selling.

What I didn't appreciate at the time was how hard it can be to win client business, especially when you're just getting started. Life has a way of teaching us some humbling lessons at times, and my self-confidence was quickly knocked down a few notches once I discovered I knew next to nothing about how clients buy.

Of all the aspects of growing a firm, I find the topic of winning client business to be the most interesting and challenging. It's not to say that the other aspects of business are less important. Being an inspiring leader, creating a positive work culture, and implementing vital business processes – yes, all of these are crucial to succeeding in any business.

I am curious about understanding the client's buying decision journey and how we can influence it. It's my passion. Strike that; it borders on an obsession. It's what I wake up at 2:00 a.m. thinking about. It's what gets me up in the morning excited to start the day. And my goal is to share with you what I've learned in the hope that it will help you reach your career aspirations.

Despite more than a few missteps on my part, my partners and I managed to win more than our fair share of business over the next 15 years. Since selling our firm in 2014, I have taken a deeper dive into the study of business development for consulting and the professional services.

The term business development is a euphemism used to describe sales and marketing activities in professional services. For a variety of historical and cultural reasons, we don't use the word sales or selling in professional services. Throughout the book I use the term client development instead of business development. In this shift, I believe it places the proper emphasis on the client. As we'll soon learn, our success begins with an understanding of how clients think and make buying decisions.

Our investigation into the client's mind will include a mix of interrelated fields: human psychology, consumer behavior, marketing strategy, and behavioral economics, and maybe a wee bit of philosophy and history mixed in for good measure. In addition to lessons learned throughout my career, you'll hear advice from many successful professionals. I have benefited from the wisdom shared by many rainmakers from every imaginable profession.

If I had known at 30 what I know now, the arc of my career could have been vastly different. So join me, if you will, on this quest to better understand the client's buying decision journey and improve our ability at winning client business. If we can do this, together, I'm confident we'll have more successful and satisfying careers.

If I'm So Smart, Why Do I Feel So Stupid about Selling?

CHAPTER 1

Things Rainmakers Do That Most of Us Don't: The Five Rainmaker Skills: Universities Don't Teach Us and Our Firms Don't Train Us

Every professional firm needs more people who develop new business. Accountants, actuaries, attorneys, engineers and management consultants are all familiar with this problem. Bright, young, technical talent is always available. Seasoned project managers usually are. But never are there enough rainmakers.

—Ford Harding, author, Creating Rainmakers

If you're old enough to remember John Grisham's 1995 novel The Rainmaker, you understand what we mean by the term rainmaker. Grisham's novel was a huge hit, rapidly stepping into the number one spot on the New York Times best‐seller list. According to Grisham's publisher, Doubleday, it was the fastest‐selling hardcover book ever at the time. Francis Ford Coppola's movie that followed a couple of years later starring Matt Damon was a box‐office hit. If you were born after, say 1985, you may be thinking to yourself, I have no idea what we're talking about here.

What Is a Rainmaker?

What is a rainmaker? A rainmaker generally refers to a partner in a professional services firm who is skilled at bringing in client business. Rainmakers:

Generate leads for new business

Turn leads into new clients

Are skilled at turning existing clients into referrals and repeat business

Keep many people in their firms employed

Are highly respected and frequently have a lot of influence in their firms

According to University of Wisconsin professors Marc Galanter and Thomas Palay, the first appearance of the term rainmaker can be traced to the 1970s. Before that, we simply referred to rainmakers as business‐getters. Rainmakers are business‐getters.

If you want to become a partner in your firm, or to succeed in your own practice, it's hard to succeed without becoming a rainmaker.

Why Do I Feel So Stupid About Selling?

If you've been at your profession for long, or you've already hung out your own shingle, it's no secret that we have to win client business if we are to become successful. Of that, I'm confident – as I am in the laws of gravity. You won't make partner if you can't make the cash register ring. Certainly you won't stay in business long as a solo practitioner if you don't have enough clients.

It's funny, in a sad sort of way, that they don't teach us how to do this at law school, business school, engineering school, or architecture school. We spend years of our young lives and huge sums of money learning our professions. But, ironically, we're never taught the one thing that our future success depends upon.

I should know. I teach at a college of business. Nowhere in our curriculum is there any course that would provide a young professional with the knowledge and skills to win client business in the professional services. And my college is no different than any other business school out there.

Furthermore, I graduated from a top MBA program. How to win client business isn't taught there, either. Nor is it taught at any other top MBA program. I also graduated from an excellent engineering program – again, never discussed. The one thing that could have a huge impact on the success of our professional career is not spoken of.

It's akin to Lord Voldemort in Harry Potter – that which must not be named. I won't go into why we aren't taught this in school. That's a rabbit hole I'll save for another day. Suffice it to say you've never been taught how to win clients at the university.

Nor are we taught how to do this by our firms. A few do provide a seminar here or there, but our firms don't provide any structured, systemic training to high‐potential, pre‐partner staff on how to win client business. The approach taken by most firms is simply to throw everyone into the deep end of the pool and wait to see who dog‐paddles their way out of it. This is true of every profession that I have witnessed. The downside to the sink or swim approach is that we lose a lot of highly talented people along the way. The attrition rate at the partner juncture is high. I guess it's at least 50%.

Pete Sackleh, who previously held the positions of managing director of Deloitte University and executive director of KPMG's Learning & Innovation Center, knows something about the transition to partner level. He had a front‐row seat at two of the most successful professional services firms in the world.

When I spoke with Pete recently about the high failure rate at the partner juncture, he felt my 50% estimate was too low: "The failure rate at reaching the partner levels