Most consultancies are good at selling, but not at branding. In other words, they do a very good job of rounding up prospects and making presentations to sell their services. On the contrary, they do an abysmal job of branding. To build a brand, Consultancies have to stand for something in the mind and need to position them in such a way that they differentiate from others. Advertising could be a good way of branding your firm, but its importance comes only after public relations. The big 4s don’t differentiate from each other; all of them claim to be the best accounting firms but nothing more than that. More than the service you provides, it’s your credibility of service that matters in the market. Position something which is unique to your organization only. Similarly, take the case of Wipro, Infosys, TCS or Cognizant, everyone has a catchy punchline but that doesn’t reflect the kind of work they do or position themselves unique to each other.
PR is generally a more effective branding strategy to establish a position in the mind. After that position is established, and then you can switch to advertising to maintain the position. To build a successful PR strategy, consultancies need a unique position that they can use to try to get into a prospect's mind. They might, for example, pick out a segment of the market that they are the leader in and then position themselves as the leader in that category. If they are not the leader, they need to position themselves as the “alternatives” in the market which can give them the best services as good as the leader. Good publicity requires a lot of time on the part of internal people and sometimes the hiring of expensive PR firms. The major cost of PR, both internally and externally, is the cost of the people involved. Most of the other expenses are relatively minor.
Naming a consultancy is a critical area which has lot of importance in branding the consultancy. Ernst and Young, Mc Kinsey, Bain consulting, do these names trigger an alarm bell?? Yes, you are right; they are named after the owners of the company. That’s the way you brand your company and yourself too. Bigger names are a disaster, so use smaller ones to brand them.
Friday, December 19, 2008
Thursday, November 20, 2008
CONSULTANCY PRACTICE
In my earlier post, I have highlighted BCG’s approach to proprietary approach to consultancy. So, what exactly is a Consultancy Practice, how to build it, what are the key elements of this practice? Well, this post answers all such queries. Consultancies whether big or small require certain elements in place to be managed successful. And, practices look to balance consultancy delivery to the customer against the need of developing new propositions and services. A consultancy practice may therefore be outward facing i.e. market facing or inward facing i.e. business facing.
Outward Facing:
Clients, their sectors, markets and business trends.
Knowledge of technologies and how those trends and technologies would enable or differentiates business strategies.
Alliances with key suppliers in order to gain an understanding of their products and services to provide new innovative business models to deliver business benefits.
Inward Facing:
Inward facing aspect emphasize that the consultancy practice’s key element is people. The consultancy should focus on enhancing consultant’s skills and competencies. Inward facing aspects includes:
Consultant skills and competencies including credibility, integrity, creativity and ability to influence customers.
Knowledge of markets, sectors, technologies and business trends and how to continually innovate new business models with enabling technology.
Products, models and services that allow consultants to deliver value of their customers.
I will give more insight on practices and some case studies. Keep reading.
Outward Facing:
Clients, their sectors, markets and business trends.
Knowledge of technologies and how those trends and technologies would enable or differentiates business strategies.
Alliances with key suppliers in order to gain an understanding of their products and services to provide new innovative business models to deliver business benefits.
Inward Facing:
Inward facing aspect emphasize that the consultancy practice’s key element is people. The consultancy should focus on enhancing consultant’s skills and competencies. Inward facing aspects includes:
Consultant skills and competencies including credibility, integrity, creativity and ability to influence customers.
Knowledge of markets, sectors, technologies and business trends and how to continually innovate new business models with enabling technology.
Products, models and services that allow consultants to deliver value of their customers.
I will give more insight on practices and some case studies. Keep reading.
Monday, November 10, 2008
DIVERSITY: The new FORMULA for Business Opportunity
“Diversity” is the mantra for business and seen as an opportunity to cash in. Diversity drives innovation and not only that, it drives creativity too. A culture of diversity across functions helps business to strengthen the bottomline in terms of capturing new and diverse markets. By working together, a diverse team of customer service representatives can more effectively understand and meet the needs of customers with a range of backgrounds. A diverse product development team can find ways to expand the use of a product, and ways to make the product more effective for a wider customer base.
According to IBM, workforce diversity is the bridge between the workplace and the marketplace. People tend to do business with people they believe can understand their unique needs. Companies that demonstrate an ability to meet those unique needs are going to win customers in any market. A corporate culture that fosters diversity and inclusion can support recruiting and retention efforts as well. Employees choose and remain in jobs at companies where they feel welcome and comfortable. A company that embraces diversity can offer that kind of work environment, and as a result, can attract and retain top talent with diverse backgrounds. For a successful corporate diversity initiative, sometimes, the corporate culture needs to be changed to suit the lifestyle and working style of people from diverse backgrounds. It’s a proactive and slow process which needs to be tailored accordingly and tied to the company bottomline. These initiatives should be widely focused, leverage technology and should be receptive to change. These corporate diversity initiatives should have a benchmark set and the progress should be continually monitored to check whether the organization is at a right path. Top management must ensure that the commitment to diversity has buy-in at all levels of the organization by making diversity an integral part of company success. It should be taken care that these initiatives are not single handedly responsibility of some particular department. Companies that relegate diversity to a single department miss out on opportunities to improve and integrate the diversity initiative that are offered by other areas of the company. For example, a communications department has the expertise to effectively communicate the initiative company-wide. A purchasing department that already has vendor diversity can offer insight.
When there is a diverse group of people with varied background and knowledge quotient, it gives rise to diverse ideas, and sometimes those vague ideas turn out to be innovative enough when brainstorming occurs and thought process is given. The diversity ranges from people to subjects, knowledge, and creativity, level of thinking, analytical skills, research abilities so on and so forth. That’s why a company like IBM which has a global presence and gives importance to diversity boasts of INNOVATION. So, are you ready to embrace diversity in your work culture????
According to IBM, workforce diversity is the bridge between the workplace and the marketplace. People tend to do business with people they believe can understand their unique needs. Companies that demonstrate an ability to meet those unique needs are going to win customers in any market. A corporate culture that fosters diversity and inclusion can support recruiting and retention efforts as well. Employees choose and remain in jobs at companies where they feel welcome and comfortable. A company that embraces diversity can offer that kind of work environment, and as a result, can attract and retain top talent with diverse backgrounds. For a successful corporate diversity initiative, sometimes, the corporate culture needs to be changed to suit the lifestyle and working style of people from diverse backgrounds. It’s a proactive and slow process which needs to be tailored accordingly and tied to the company bottomline. These initiatives should be widely focused, leverage technology and should be receptive to change. These corporate diversity initiatives should have a benchmark set and the progress should be continually monitored to check whether the organization is at a right path. Top management must ensure that the commitment to diversity has buy-in at all levels of the organization by making diversity an integral part of company success. It should be taken care that these initiatives are not single handedly responsibility of some particular department. Companies that relegate diversity to a single department miss out on opportunities to improve and integrate the diversity initiative that are offered by other areas of the company. For example, a communications department has the expertise to effectively communicate the initiative company-wide. A purchasing department that already has vendor diversity can offer insight.
When there is a diverse group of people with varied background and knowledge quotient, it gives rise to diverse ideas, and sometimes those vague ideas turn out to be innovative enough when brainstorming occurs and thought process is given. The diversity ranges from people to subjects, knowledge, and creativity, level of thinking, analytical skills, research abilities so on and so forth. That’s why a company like IBM which has a global presence and gives importance to diversity boasts of INNOVATION. So, are you ready to embrace diversity in your work culture????
Sunday, October 26, 2008
Building a PRACTICE:A Boston Consulting Group Approach
For a Consultancy firm, a good proprietary approach promises real and different benefits to the clients that hire the consultancy. It is easy to see the attraction of this for the consultancy as well- that is able to offer something that is uniquely the intellectual property of the firm. The Boston Consulting Group is one of the best examples of a firm that founded a substantial international reputation and business on two original concepts, which were linked to provide a powerful consultancy approach for the first time. The first was its approach to Portfolio Analysis with the terminology of dogs, cash and cows which still remains a part of the management vocabulary. And, the second being the Experience Curve, a phenomenon whereby costs fall by a constant percentage everytime cumulative production of an item doubles. This phenomenon is widely used in Manufacturing Industries.
The Boston Consulting Group did enough research to be able to extend this thinking to the total cost of the firm, enabling consultants to calculate the experience curve effect for any given company. So, the business started with these two powerful and effective tools for strategic decision-making that fitted the strategic issues of the day at a time when little was on offer to aid the systematic analysis of strategy. After Porter’s Competitor Analysis and Value Chain Analysis were accepted by many other firm of consultancy, BCG slowly released its methodology, although the basic concept of portfolio analysis became known quite early on, many of the essential details of how to make its analysis system work only became widely known after the original technique had become outdated. Most Consulting firms that build a business on proprietary methods move on as time passes to avoid the danger of being dependent for too long on something that could lose its value. Thus, the Boston Consulting Group today has a business that has developed new techniques and is not dependent on the success of portfolio analysis. The firms should take care they are not hooked too much to the original concept, so that it is used after its sell-by date has expired, or the technique or approach is used in situations for which it is not particularly appropriate.
The Boston Consulting Group did enough research to be able to extend this thinking to the total cost of the firm, enabling consultants to calculate the experience curve effect for any given company. So, the business started with these two powerful and effective tools for strategic decision-making that fitted the strategic issues of the day at a time when little was on offer to aid the systematic analysis of strategy. After Porter’s Competitor Analysis and Value Chain Analysis were accepted by many other firm of consultancy, BCG slowly released its methodology, although the basic concept of portfolio analysis became known quite early on, many of the essential details of how to make its analysis system work only became widely known after the original technique had become outdated. Most Consulting firms that build a business on proprietary methods move on as time passes to avoid the danger of being dependent for too long on something that could lose its value. Thus, the Boston Consulting Group today has a business that has developed new techniques and is not dependent on the success of portfolio analysis. The firms should take care they are not hooked too much to the original concept, so that it is used after its sell-by date has expired, or the technique or approach is used in situations for which it is not particularly appropriate.
Monday, September 29, 2008
DO’S and DON’TS of EVENT Management
Event Management is a tough task and can get on your nerves when the plan is not clear and precise. Here, I would be specifically highlighting Corporate Event Management. It could be in the form of seminars, workshops, or a cluster of miscellaneous events organized for more than a day. The situation can get gruesome if the communication among the event owners is not clear and the owning of responsibility is not defined. Below are some do’s and don’ts of Event Management.
Do’s of Event Management:
1.Define the Hierarchy: The biggest flaw in the failure of any event is the improper communication flow and reporting. Before the start of event management, select the event owners and specify a clear cut hierarchy of how the communication should flow and who will report to whom. Once it’s done, assigning of tasks is done.
2.Assigning Tasks: How do you assign tasks?? A verbal communication and assigning of tasks always proves to be a reason of confusion in the later stage of Event. Have a plan ready for each event and if there are different event owners assigned, they should take the responsibility for their event right from preparing the plans, listing the pre and post events, allocating tasks to volunteers, communicating their plan to other event owners etc.
3.Allocating Volunteers: Finding and allocating volunteers for each event is a Herculean Task. This should be done even before you plan is ready on papers. An estimation of volunteers should be completed before your concrete plan is ready. Instead of running around the bush during the event, its better to get your volunteers ready and prepare them for the tasks.
4.Handling Volunteers: Once your volunteers are finalized, the immediate action is to communicate your plan with them and allocate tasks to them. Always keep buffer volunteers ready incase some of your volunteers don’t turn up during the event for any reasons. Ask your volunteers to include the updates and prepare a MOM for every meeting that is organized pre event so that the volunteers are responsible for their tasks and everyone included in the event are aware of the proceedings.
5.Handling the Event Owners: The Event Head should be prepared to handle the event owners. Sometimes, there are so many tasks to do that there are heated discussions and arguments which occurs among the event owners. That’s the time when Event Head should play a pivotal role in stabilizing the situation. The success of an event always depends on the coordination among the event owners, event head and the volunteers.
Interesting?? Well, I will post the Don’ts of Event Management in my next post. Till then, keep reading STRATEGYAAN!!!!
Do’s of Event Management:
1.Define the Hierarchy: The biggest flaw in the failure of any event is the improper communication flow and reporting. Before the start of event management, select the event owners and specify a clear cut hierarchy of how the communication should flow and who will report to whom. Once it’s done, assigning of tasks is done.
2.Assigning Tasks: How do you assign tasks?? A verbal communication and assigning of tasks always proves to be a reason of confusion in the later stage of Event. Have a plan ready for each event and if there are different event owners assigned, they should take the responsibility for their event right from preparing the plans, listing the pre and post events, allocating tasks to volunteers, communicating their plan to other event owners etc.
3.Allocating Volunteers: Finding and allocating volunteers for each event is a Herculean Task. This should be done even before you plan is ready on papers. An estimation of volunteers should be completed before your concrete plan is ready. Instead of running around the bush during the event, its better to get your volunteers ready and prepare them for the tasks.
4.Handling Volunteers: Once your volunteers are finalized, the immediate action is to communicate your plan with them and allocate tasks to them. Always keep buffer volunteers ready incase some of your volunteers don’t turn up during the event for any reasons. Ask your volunteers to include the updates and prepare a MOM for every meeting that is organized pre event so that the volunteers are responsible for their tasks and everyone included in the event are aware of the proceedings.
5.Handling the Event Owners: The Event Head should be prepared to handle the event owners. Sometimes, there are so many tasks to do that there are heated discussions and arguments which occurs among the event owners. That’s the time when Event Head should play a pivotal role in stabilizing the situation. The success of an event always depends on the coordination among the event owners, event head and the volunteers.
Interesting?? Well, I will post the Don’ts of Event Management in my next post. Till then, keep reading STRATEGYAAN!!!!
Tuesday, September 16, 2008
Reconceptualization of ACAP
If Firm 1 has a low efficiency factorcompared to Firm 2, it is still possible that Firm 2 may have a higher RACAP than Firm 1, in spite of Firm 1 having a higher PACAP. Firms that achieve or maintain a high RACAP-to-PACAP ratio would be well positioned to gain value. This point underscores the importance of separating potential from realized ACAP in order to account for the contributions of this construct. Thus, distinction between potential and realized ACAP provides an explanation of why certain large firms, in spite of their greater investments in developing their ACAP, may lose out to smaller firms that can more efficiently convert their potential capacity to realized capacity. This discussion suggests the following two propositions:
Proposition 1: A firm's absorptive capacity is composed of potential and realized
capacities wherein PACAP is a function of acquisition and assimilation capabilities, and RACAP is a function of conversion and exploitation capabilities.
Proposition 2: A high realized-to-potential absorptive capacity is positively associated with future value creation.
It has been observed that companies do not always foster the sharing or integration of knowledge. Structural, cognitive, behavioral, and political barriers may stifle the effective sharing and integration of knowledge. Integration can take place informally (e.g., communication) or formally (e.g., use of coordinators). Informal integration is useful in building bridges and exchanging ideas. However, more formal ways to integrate knowledge have the advantage of being more systematic. They can be more useful in distributing information within the firm, gathering interpretations and identifying trends. Firms that use formal integration are, therefore, likely to be better equipped to make their members aware of the types of data that make up their PACAP. This can expedite the process of converting and exploiting knowledge and make it more efficient. Sharing and integration of knowledge can increase efficiency factorby reducing the gap between PACAP and RACAP. These observations suggest the following proposition:
Proposition 3. Knowledge integration reduces the gap between potential and realized ACAP, thereby improving the efficiency factor.
Exploiting technologies (or technological knowledge) requires different skills from those that constitute ACAP. These skills are termed “transformative capacity,” defined as “the ability to continually redefine a product portfolio based on technological opportunities created within a firm.” This capacity centers on selecting different technologies, nurturing and developing these technologies over time, and synthesizing these technologies as needed to accomplish the firm’s strategic goals. These activities differ from the acquisition, assimilation and conversion of externally acquired knowledge.
Proposition 4: A firm’s transformative capacity reduces the gap between potential and realized ACAP, thereby improving its efficiency factor.
Proposition 1: A firm's absorptive capacity is composed of potential and realized
capacities wherein PACAP is a function of acquisition and assimilation capabilities, and RACAP is a function of conversion and exploitation capabilities.
Proposition 2: A high realized-to-potential absorptive capacity is positively associated with future value creation.
It has been observed that companies do not always foster the sharing or integration of knowledge. Structural, cognitive, behavioral, and political barriers may stifle the effective sharing and integration of knowledge. Integration can take place informally (e.g., communication) or formally (e.g., use of coordinators). Informal integration is useful in building bridges and exchanging ideas. However, more formal ways to integrate knowledge have the advantage of being more systematic. They can be more useful in distributing information within the firm, gathering interpretations and identifying trends. Firms that use formal integration are, therefore, likely to be better equipped to make their members aware of the types of data that make up their PACAP. This can expedite the process of converting and exploiting knowledge and make it more efficient. Sharing and integration of knowledge can increase efficiency factorby reducing the gap between PACAP and RACAP. These observations suggest the following proposition:
Proposition 3. Knowledge integration reduces the gap between potential and realized ACAP, thereby improving the efficiency factor.
Exploiting technologies (or technological knowledge) requires different skills from those that constitute ACAP. These skills are termed “transformative capacity,” defined as “the ability to continually redefine a product portfolio based on technological opportunities created within a firm.” This capacity centers on selecting different technologies, nurturing and developing these technologies over time, and synthesizing these technologies as needed to accomplish the firm’s strategic goals. These activities differ from the acquisition, assimilation and conversion of externally acquired knowledge.
Proposition 4: A firm’s transformative capacity reduces the gap between potential and realized ACAP, thereby improving its efficiency factor.
Tuesday, August 12, 2008
ABSORPTIVE CAPACITY
Absorptive Capacity or ACAP as it is widely known as is a “less- heard” term. This is because the definition of ACAP and the measurements are still a matter of arguments for most of the researchers. Organizations view ACAP from different perspectives but what remains a matter of discussion is the true meaning of ACAP and its value addition to the organization.
CAP is an organization's capability (or set of capabilities) required to manage knowledge for the purpose of value creation. These capabilities involve the abilities to acquire, assimilate, convert, and exploit knowledge. It also highlights value creation as the dependent variable or outcome of ACAP, which can help explain a firm's motivation to develop and maintain these capabilities. Now the question comes, how to measure ACAP? The measurement is quite simple, you have a potential ACAP and then you have a Realized ACAP.
Potential ACAP makes the firm receptive to acquire and assimilate external knowledge developed elsewhere. It corresponds to the ability to value and acquire external knowledge but does not necessarily guarantee the successful exploitation of this knowledge. The ability to acquire is a function of three factors: experience, assimilation and effort Realized ACAP centers on converting and exploiting the same knowledge.
PACAP * h = RACAP; where PACAP >= RACAP, h is the efficiency factor, and h<= 1
The efficiency factor denotes the difference between potential and realized capacities.
Interesting?? Keep reading, I will continue on APAC in the next posting….
CAP is an organization's capability (or set of capabilities) required to manage knowledge for the purpose of value creation. These capabilities involve the abilities to acquire, assimilate, convert, and exploit knowledge. It also highlights value creation as the dependent variable or outcome of ACAP, which can help explain a firm's motivation to develop and maintain these capabilities. Now the question comes, how to measure ACAP? The measurement is quite simple, you have a potential ACAP and then you have a Realized ACAP.
Potential ACAP makes the firm receptive to acquire and assimilate external knowledge developed elsewhere. It corresponds to the ability to value and acquire external knowledge but does not necessarily guarantee the successful exploitation of this knowledge. The ability to acquire is a function of three factors: experience, assimilation and effort Realized ACAP centers on converting and exploiting the same knowledge.
PACAP * h = RACAP; where PACAP >= RACAP, h is the efficiency factor, and h<= 1
The efficiency factor denotes the difference between potential and realized capacities.
Interesting?? Keep reading, I will continue on APAC in the next posting….
Tuesday, July 29, 2008
CRM for Financial Institutions..Continued
As promised, I will discuss the remaining parameters that the financial institutions should give importance to successfully get the benefit of CRM.
Innovative Product Management: Product Managers must adopt a modular approach to product development, creating products and services that can be combined to become personalized offers for the customers. This will deliver maximum flexibility to the segment owners, the channel organizations and customers in creating a package of financial services that meets the customer’s needs.
Process Leadership: Financial Institutions must commit to ongoing process management and disciplined execution. Process Executives must be assigned to manage end-to-end process performance, especially with customer facing processes. Their role is to ensure the process is performed consistently, reliably and delivers value to financial institutions, its customers and its employees.
Customer Interaction: Gather and use customer information effectively and streamline the integrating processes from the customers’ perspective.
Customer Profiles: Identifying customer information necessary to manage customers’ needs and drive value-added customer relationship management strategies. Unify the customer data to create profiles of the customers which will act as a roadmap for capturing and retaining relevant customer information.
Customer focused Processes: Financial Institutions must redesign their processes from their customers’ perspective, mapping processes end-to-end across the financial institutions. The outside-in process view will create insight into the gap between financial institutions is delivering and what customers require. Once this is known, financial institutions can redesign their processes to meet customer needs.
Courtesy: Van De Laar
Innovative Product Management: Product Managers must adopt a modular approach to product development, creating products and services that can be combined to become personalized offers for the customers. This will deliver maximum flexibility to the segment owners, the channel organizations and customers in creating a package of financial services that meets the customer’s needs.
Process Leadership: Financial Institutions must commit to ongoing process management and disciplined execution. Process Executives must be assigned to manage end-to-end process performance, especially with customer facing processes. Their role is to ensure the process is performed consistently, reliably and delivers value to financial institutions, its customers and its employees.
Customer Interaction: Gather and use customer information effectively and streamline the integrating processes from the customers’ perspective.
Customer Profiles: Identifying customer information necessary to manage customers’ needs and drive value-added customer relationship management strategies. Unify the customer data to create profiles of the customers which will act as a roadmap for capturing and retaining relevant customer information.
Customer focused Processes: Financial Institutions must redesign their processes from their customers’ perspective, mapping processes end-to-end across the financial institutions. The outside-in process view will create insight into the gap between financial institutions is delivering and what customers require. Once this is known, financial institutions can redesign their processes to meet customer needs.
Courtesy: Van De Laar
Thursday, July 24, 2008
CRM for Financial Institutions
How can financial institutions ensure that they get a return on their CRM investments? It has been observed that in most of the financial institutions, there is a gap between the strategic intent of financial institutions, their CRM infrastructure and their operational reality. In order to realize full potential of CRM and the customers, financial institutions must restructure their organization and invest in professionalizing their customer interaction to close the gap. Financial institutions need to look at these parameters to successfully implement CRM and get the benefits out of it. They are:
1. Customer Advocacy
2. Customer Behavior Management.
3. Innovative Product Management
4. Process Leadership
5. Customer Interactions
6. Customer Profiles
7. Customer focused Processes.
I will highlight the first two parameters in this post and will write about the other parameters in my next post.
Customer Advocacy: CRM must have dedicated leadership at board level, naming a single executive to be responsible for creating the customer-centric culture. This person will be responsible for financial institution’s customer relationship vision and must define the strategy, restructure the organization, develop the channel capabilities, manage KPIs, and build the technical CRM infrastructure to realize the vision.
Customer Behavior Management: Behavior Management Strategies define key customer benefits and behavior objectives for a specific customer segment in order to drive the desired behaviors, such as:
1. Buy new products and services
2. Increase overall investment.
3. Make appointment
4. Use internet instead of branch
5. Feel good about their choice of financial institutions.
By defining behavior change strategies financial institutions can leverage the power of their CRM technology to effectively integrate and manage messages, offers and results.
1. Customer Advocacy
2. Customer Behavior Management.
3. Innovative Product Management
4. Process Leadership
5. Customer Interactions
6. Customer Profiles
7. Customer focused Processes.
I will highlight the first two parameters in this post and will write about the other parameters in my next post.
Customer Advocacy: CRM must have dedicated leadership at board level, naming a single executive to be responsible for creating the customer-centric culture. This person will be responsible for financial institution’s customer relationship vision and must define the strategy, restructure the organization, develop the channel capabilities, manage KPIs, and build the technical CRM infrastructure to realize the vision.
Customer Behavior Management: Behavior Management Strategies define key customer benefits and behavior objectives for a specific customer segment in order to drive the desired behaviors, such as:
1. Buy new products and services
2. Increase overall investment.
3. Make appointment
4. Use internet instead of branch
5. Feel good about their choice of financial institutions.
By defining behavior change strategies financial institutions can leverage the power of their CRM technology to effectively integrate and manage messages, offers and results.
Saturday, June 21, 2008
DIRECT Marketing
As promised,I am posting an article on Direct Marketing.Direct Marketing is any advertising activity which creates and exploits a direct relationship between you and your customer as an individual.The purpose is to isolate your prospects and customers as individuals and build a continuing relationship with them to their greater benefit and your career profit.The advantages of Direct Marketing are:
1)Treating Clients as Individuals:By isolating your prospects as individuals,you can find out what makes them tick and use the knowledge you gain about them to help you select the ones you feel confident you can serve and ignore those who are less likely to want to work with you.You need to understand and calculate the likely income you could gain from each prospective client and likelihood of being able to win that business.Then a decision of which individuals to invest can be taken.
2)In Control: With Direct Marketing,you are in control.You can test your message, change it for each person you are addressing.You can contact your prospects at times you think will be likely to elicit the best response.If you record every communication and its response on your database, you also then have the data that is necessary to make good decisions and you can learn from each promotion.
3)Cut down on Risks: Most of the consultants are success oriented and record their wins effectively but fails to understand the failures.However,to make the most of the investment, you need to find out exactly why you did not win and make sure that the lessons learnt are incorporated into your planning for future pitches. Direct Marketing helps you to understand the failures and work on it so that it does not affect your future endeavours.
1)Treating Clients as Individuals:By isolating your prospects as individuals,you can find out what makes them tick and use the knowledge you gain about them to help you select the ones you feel confident you can serve and ignore those who are less likely to want to work with you.You need to understand and calculate the likely income you could gain from each prospective client and likelihood of being able to win that business.Then a decision of which individuals to invest can be taken.
2)In Control: With Direct Marketing,you are in control.You can test your message, change it for each person you are addressing.You can contact your prospects at times you think will be likely to elicit the best response.If you record every communication and its response on your database, you also then have the data that is necessary to make good decisions and you can learn from each promotion.
3)Cut down on Risks: Most of the consultants are success oriented and record their wins effectively but fails to understand the failures.However,to make the most of the investment, you need to find out exactly why you did not win and make sure that the lessons learnt are incorporated into your planning for future pitches. Direct Marketing helps you to understand the failures and work on it so that it does not affect your future endeavours.
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