Most professional firms have a marketing and BD approach focused on business sectors – but are they getting the best out of them? Here are three things that could help.
Business sectors are ‘de rigueur’ with firms proclaiming their expertise in and focus on clients or prospects who inhabit them. Plans are written, budgets committed, time allocated and money expended in furthering the collective ambition to serve and grow. If this is not done well, much can be (and is) wasted. From experience of being asked to take a long hard look at whether value is being delivered, these are the ‘basics’ to get right.
Define properly If your firm has a proliferation of sector groups to serve, this is probably not happening. With a dozen or more such groups it is extremely unlikely that real benefit will be delivered. For example, having ‘groups’ that comprise only a few organisations is daft from so many viewpoints – not least the time wasted in bringing so many (expensive) people together to meet regularly. Control sector proliferation so that effort and budgets focus and concentrate for maximum impact.
Analyse rigorously: inside and out The right sector strategy stands or falls on the quality of data and interpretation of what is happening in each market vs. the firm’s true competitive position. Both insights are achieved via thorough research and intelligent analysis. In truth, most professionals (and some marketeers) are not highly experienced in doing this. So you can end up with sector plans that are either free of any real examination (resulting in a schedule of unjustified and wasteful activity). Or they are so stuffed with reams of unfiltered, uncritiqued data that they provide an equal lack of perception and direction……but do make good door-stops.
Organise sensibly Choose sound, properly representative sector teams and leaders so that the right people make their contributions. If you don’t, the groups end up being inefficiently run, sometimes as mouthpieces for a few “influential” individuals or stuffed with representatives of one department or practice area.
James Newberry runs People Scope, a consultancy, training and coaching firm working with lawyers, accountants and other technical specialists to help them operate successfully outside of their comfort zones. http://www.peoplescope.com.