Over the years JMA’s research has shown the most successful and profitable professional services firms benefit hugely from referrals (both from individuals external to their firm, and from internal referrals or cross-selling that occurs in-firm). In our latest study 70% of respondents rated their referral relationships or networks as “highly effective” and the number one […]Continue Reading
Too often the “feel good” factors and recency of wins overtake facts when it comes to measuring the success of business development initiatives and financial health of many professional services firms. Properly dimensioning real individual contribution to financial success of any professional services firm requires assessment of more than simply personal fee production. (Measuring personal […]Continue Reading
How the best Professional Services firms WOW their clients (and the lessons ALL businesses can learn from them).
In a global study on what clients value from professional services, the majority of clients (68%) valued specialised skills and expertise. Professional services firms generally recognise that this is the top value and deliver on this well, however, most almost completely fail to recognise the next two more significant factors that clients wanted: a firms’ […]Continue Reading
Sales Operations (or if you like ‘business development’) is moving into a broader, more dynamic and strategic role both within many organisations – and so it should. If there’s one function in the revenue generation engine that sees all and knows all, it’s Sales Operations. Historically, Sales Operations was a blanket covering anything to do […]Continue Reading
Co-opetition or ‘competitive collaborations’ are alliances formed between direct and sometimes indirect competitors. The term co-opetition is used by management academics and economists to describe the phenomenon of ‘competing without having to kill the opposition and co-operating without having to ignore self-interest’. You can think of co-opetition as a sort of ‘if you can’t beat […]Continue Reading
Breaking up is hard to do. Especially when you’re considering a break up with a client in the professional services context. Many professionals spend so much time winning or delivering client work that they don’t take time to think about the quality of their service relationships. The arrangement may work for the client, but does […]Continue Reading
The meeting with that prospective client went well, and the signs are pointing to yes for some work to head your way. But, *groan* they’ve just asked you to ‘send over your capability statement’ so they can show a few colleagues before they make a decision. What a capability statement is not Firstly, let’s be […]Continue Reading
It’s a wrap for the JMA BD insights and tips blog for 2016, but before we slide into holiday mode, we wanted to take a look back at our readers’ favourite posts of 2016. These are the top five – have you read them yet? #1 Pricing lessons from a Big Six pricing specialist Our […]Continue Reading
In contracting and mature professional services markets, it’s more important than ever to know how your firm stacks up against the competition. This applies generally to firms, but it is also really important in competitive tender, bid and proposal situations. Even basic information about your competitors can be a powerful tool for your decision-making – […]Continue Reading
The most profitable professional services firms understand that a successful marketing strategy is part of everything they do; it’s a coordinated process, not just a series of campaigns. Just like politicians who stay on message, the most successful firms have focus: from cultivating referral relationships to tweeting, each activity is aligned to the overall goals […]Continue Reading
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Firstly, what are closed or invitation only tenders, bids and proposals? In addition to the generally well-understood terms ‘tender’, ‘bid’ and ‘proposal’, there are ‘open’ and ‘closed’ processes, and then variations within each that can apply to professional services procurement. Open or public tenders, bids and proposals An open tender is just that, open to […]