Ever taken stock of how many business development opportunities you've squandered through inadequate preparation ?
From our observations, many professionals waste up to half a day a month through heading off to first meetings with prospective clients or other business development opportunities without doing the right preparation. They flatter themselves that they're clever enough to do really effective marketing "on the wing" and far too advanced and sophisticated to need to do any homework !
One leading US law firm marketing consultant has aptly coined the term: "random acts of lunch".
While lawyers may spend the requisite time preparing for formal interviews and writing great proposals, typically little or no time is spent on these less formal, yet potentially highly productive, opportunities.
And, with fear of rejection figuring prominently, it is difficult to fathom. If you want to minimise the risk of rejection and failure, do your preparation.
Here's what to do:
- do your homework - see earlier eTips on this theme, or request relevant back issues - being properly informed will improve your confidence, and your success
- work out what the prospective client really needs
- figure out whether there are any differences between what s/he really needs and what s/he already recognises as needs
- formulate a list of the specific, individual needs and expectations of the person with whom you'll meet (in his/her particular role) as well as the broader organisational needs
- list some questions you'd like to canvass at the meeting - what else you'd like to know
- work out, precisely, what you can offer which will be directly valuable and beneficial
- figure out the outcomes you'd like from the meeting - the range of objectives you have in mind
- getting to know the prospective client ?
- uncovering needs ?
- getting introductions to other sources of work in their company ?
- walking away with a matter ?
Once you've listed these, you can consider yourself prepared and a lot more likely to make headway !
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