Growth

Rich and Co.

Your Business Development and Technology

“With the pervasiveness of the social Web, business development should be based on listening, conversations and understanding the things surrounding your practice, referral partners and customers and then adapting content and timing accordingly.”

Business is picking up.  Our clients are seeing more referrals and new prospects.   Whether it’s plan sponsor clients or HNW investors and families, after two years in the “bunker” clients are emerging and asking for basic and “tried and true” programs and solutions.

What has also changed is the world of communications.  24/7, always-on, mainly hand-held devices are proliferating and the best clients and referral sources are more time-pressed than ever.

Reaching them, where they are at, in a timely manner with expert solutions that solve their immediate problems is the challenge.  There are new ways and more ways to distribute your intellectual property (IP).

“….social media, far from being an alternate source of news, functions more as a filter and an amplifier for interesting news from traditional media.”

Your intellectual property includes, not just your written, printed or recorded materials, but all of your expert knowledge, experience, tools and practices that are applied to solve specific problems for your referral sources and clients.  It is your IP that “speaks” for you in the professional community and marketplace and builds and supports your reputation — before potential sources of new business meet you in person or by phone. 

What also has changed is the need to use the new tools and be active in publishing your IP (nothing proprietary however) to targeted expert audiences and potential clients.   However, it is important not to share proprietary materials and ideas.  It is not necessary for business development.

Only when a client has expressed serious interest in considering an engagement should proprietary information be shared — and then only by a Principal of your firm. 

Like all of your business practices, and what has already made you successful, business development in this new environment is best when focused on processes.

We won’t get into our specific tools and processes here but share a recent success. 

  • Client targeting $3mm+ accredited investorsAll business is closed via telephone
  • We built a network of digital media that includes: blogs, article writing, Twitter, Linked In and email
  • They regularly produce content attractive and timely for these investors
  • The last piece of the network have been short videos
  • Immediately after the first video was added prospect activity significantly increased
  • The client’s business doubled in a month 

All this work was fully compliant.

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Written by Rich and Co.

February 10, 2011 at 5:39 pm

Posted in Uncategorized

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