Keep Your Clients Close to You

by Duncan MacPherson, co-author of “Breakthrough Business Development: A 90 Day Plan to Build Your Client Base And Take Your Business To The Next Level” and co-founder of Pareto Platform

With the economy in a somewhat slow mode, it becomes increasingly important to take good care of the business you already have. We all realize our competitors are doing what they can to lower their prices and attract our clients. Perhaps they are launching ad campaigns offering discounts on the very services you are providing. My advice is contrary to that which tells you to lower prices to attract more clients. Instead, I advise you to make sure the clients you have want to stay with you.

I had a conversation with a fellow entrepreneur recently. I asked her if she had ever considered what her most valuable intellectual property was.  What might surprise you, as it did her, is that the expert knowledge in your chosen field is not at the top of the list.  What you know about that is important; however, it takes a back seat to what you know about your clients. The only thing that allows you to competitor-proof your client is your very own relationship.

One way to ensure that you take care of your clients is by profiling the top 20% of your clients. The Pareto Principle states that 20% of your clients make up 80% of your revenues. Take a look at your own client list, and you’ll be surprised at how accurate that principle is. By knowing about the families, careers and interests of your top clients, you can provide them with more personalized service.

The way to do this is to simply invest some time. Give your clients a call. Chat about the business for a couple of minutes; then ask them how things are going. Spend some time listening to your client, even if it does not directly revolve around business. The conversation can focus on a project, and then shift to the kids, or perhaps the house he is buying. Jot down notes, and the next time you talk to him, ask him how his sons are doing at their new school, or send him a card congratulating him on his new home.

Better service leads to satisfied clients, who not only stay with you, but also refer family, friends and business associates to you. Save the information in a file that is accessible each time you have an interaction (phone-call, mail-out or meeting) with that client. Each time refer to something you already know, and don’t forget to add new information as you’re chatting with your client. Used correctly, your client information can turn into a real treasure chest.

At Pareto Platform, we call this information F.O.R.M. Family, Occupation, Recreation and Money. The information you gather, and utilize in terms of creating a relationship with your top clients, is exclusive to you. It is the only thing that separates you from your competitors. Get it. Use it.

When you recommend a restaurant to someone, or a fine bottle of wine, or a really good massage therapist, have you wondered what is motivating you to do so?  How about music? What is the psychology going on behind the scenes when I tell you that you absolutely must listen to this great band that I discovered?

When we recommend any commodity or service to a friend or family member, of course we want to make them feel better or we want to help them.  That said, the perception of altruism here is slightly misleading.  What we really want is the emotional zap we will get in the pleasure center of our brain when our friends come back to us and say: “Wow that wine was amazing.” or “That was the best massage I have ever had in my life” or “I met with your Financial Advisor and it was the smartest thing I have ever done.” 

Yes, your friend may have benefitted from your recommendation, but you feel even better.  Not only do you feel better, you also feel an affirmation that you are the type of person that recognizes the finer things that life has to offer.  Well, at least I do anyway.  I am just being honest here.

 Now, can we include the recommendation of a Financial Advisor in this discussion?  Well, I guess that all depends on the Financial Advisor’s referral process (or lack thereof).  Do you ask for referrals?  If so, let’s call a spade a spade.  You are asking for a favour from your clients. Do you feel an emotional charge or any kind of a payoff when someone asks you for a favour? I personally feel like someone is putting the bite on me, and it is not all pleasurable.  Maybe that is just me.  I have been there when someone is putting me on the spot for a referral, and it’s not pleasant.  Even if I do refer someone, it’s just so I can get out of there, and I always end up with a case of Referrer’s Remorse afterwards.

What if you have positioned your referral process as a service to clients?  What if you run your practice as though it were an exclusive club? What if, in your exclusive club, you insist on pampering only a select clientele?  What if one of the services that you offer is the opportunity of meeting with your clients’ friends and family that may have need of such a service?  What if you have articulated to your clients that you cannot work with everyone; however, you will always take the time to meet with those people that are important to your clients?

I can tell you uncategorically that I would recommend such a service, and so would the majority of people.  Anything that good has to be shared with the people that are important to me.  Why? Call me shallow, but I love it when they come back to me and say; “It’s just like you told me. That was amazing.  I’ve brought you a bottle of that lovely Merlot you turned us onto last week to say thanks.” 

Now, who else can I recommend to my Financial Advisor? Hmmmmm…

By Terry Gronbeck-Jones, Senior Consultant, Pareto Platform

I was talking to one of my employees about procrastination today, and it made me think of how common it is… and the impact it has on a business.

Dawdle, adjourn, dally, drag your feet, defer, postpone, delay, put off – whatever you call it, it’s a disease that affects most of us to some degree.
 
An explanation to this syndrome can be found in the “Law of Diminishing Intent”. This law states that even though a task seems absolutely crucial at one moment, our motivation to complete that task often fades, because the initial excitement wears off and other aspects of our life and business start to seem more important.

So what does it take to move forward with a new plan - to make sure nothing stands in the way of your success? The only remedy for inaction is action, but it needs to be systematic.

First, confirm that the goal is really one you want to accomplish; then make a step-by-step plan, with a time-line. Establish milestones to mark your progress and help you remain motivated to reach your goal.

Take action immediately, and celebrate your success by rewarding yourself with an activity you enjoy.

David Miller

Athletes Against Autism

May 2008

FOR IMMEDIATE RELEASE

PRO ATHLETES HELP DRIVE AUTISM CLOSER TO A CURE AT THE INAUGURAL CANADA ATHLETES AGAINST AUTISM GOLF TOURNAMENT AUGUST 10 - 11

Current & Former NHL Stars including Olie Kolzig, Scott Mellanby, Byron DaFoe, Mike Vernon, Chuck Kobasew and Todd Simpson are Among Those Expected to Tee Off in Support of Autism Awareness and Research

Kelowna, British Columbia (May 23, 2008) — Current and former professional athletes from around the sports world will join sponsors, volunteers and supporters from the Kelowna, British Columbia community at the inaugural Athletes Against Autism Golf Tournament on August 10 - 11 at the Harvest Lake Golf Club to help raise awareness and funds for autism research. This fundraiser is hosted by Athletes Against Autism — a group of athletes devoted to making a positive impact for families affected by autism — and its parent organization, Autism Speaks - an autism advocacy organization dedicated to raising awareness and funds for autism research.

The Grand Okanagan Resort will host a kick-off gala on Sunday, August 10. The evening will include a cocktail hour, dinner and silent auction featuring exclusive sports memorabilia and unique vacation packages. The next day, golfers will be partnered with a current or former professional athlete for a round of golf at the Harvest Lake Golf Club. The festivities will be highlighted by a number of contests, including a hole-in-one challenge, followed by dinner and an awards reception.

Lead Sponsors include Pareto Platform and Mission Hill Winery. For more information about participating in the golf tournament and sponsorship opportunities, please visit www.athletesagainstautism.org or contact Sam Levitt at slevitt@autismspeaks.org or (323) 549-0500.

ABOUT AUTISM SPEAKS CANADA

Autism Speaks Canada is dedicated to increasing awareness of autism spectrum disorders, to funding research into the causes, prevention and treatments for autism, and to advocating for the needs of individuals with autism and their families. It was founded in February 2005 by Suzanne and Bob Wright, the grandparents of a child with autism. Bob Wright is Senior Advisor at Lee Equity Partners and served as vice chairman, General Electric, and chief executive officer of NBC for more than twenty years. Since 1998, the autism community in Canada has benefited significantly from the leadership of the founding organization in the United States in all areas of activity including research support, fund raising, advocacy and public awareness. To learn more about Autism Speaks, please visit www.autismspeaks.org.

ABOUT AUTISM

Autism is a complex brain disorder that inhibits a person’s ability to communicate and develop social relationships, and is often accompanied by extreme behavioral challenges. Autism spectrum disorders are diagnosed in one in 150 children, affecting four times as many boys as girls. The diagnosis of autism has increased tenfold in the last decade. The Centers for Disease Control and Prevention have called autism a national public health crisis whose cause and cure remain unknown.

Media Release

September 2007

For Immediate Delivery

Plan your success with 90 days and four steps to attract clients and increase your business income

Breakthrough Business Development: A 90-Day Plan to Build Your Client Base and Take Your Business to the Next Level By Duncan MacPherson and David Miller

We’ve all heard the maxim: 80 percent of business comes from 20 percent of your clients. But why do so many professionals still waste time chasing that unprofitable 80 percent?

In Breakthrough Business Development, entrepreneurs and authors Duncan MacPherson and David Miller show you how to take your most profitable clients to the next level, while looking for new potential in your prospects. They teach you how, in 90 days, you can whip your business into shape by applying their four-step STAR system:

• Strategic Analysis: Take a look at where your business is now, and where you want it to be in 12 months.
• Targets and Goals: After you’ve analyzed where you want to be in 12 months, start setting the goals that will get you there.
• Activities: Identify the activities that you should be engaged in on an ongoing basis to meet your goals.
• Reality Check: Will keep you accountable as you work towards your goals.

MacPherson and Miller walk you through the what, why and how of running and building an efficient business and help to keep you on track with the forms and templates included in the book. Plan your success and develop the business plan that will take your business to the next level.

About the Authors

Duncan MacPherson and David Miller are cofounders of Pareto Systems,consultants who help entrepreneurs and knowledge professionals improve their productivity and efficiency. They are also co-creators of the Pareto Platform, a turnkey practice management, business development and CRM solution used by thousands of business people throughout North America. Their clients include Fidelity Investments, Merrill Lynch, Franklin Templeton Investments, American Express, and TD Waterhouse.

If you do an internet search on “Success Circle” or “Personal Advisory Boards”, as they are also called, you will get an idea of how popular this practice has become. The concept is this: an entrepreneur creates a network of peers and / or mentors that will benefit his business through advice.

Everything has a way of coming full circle. Having a group of peers or mentors to help you succeed is not a new idea: US President Roosevelt had the author and success coach Dr. Napoleon Hill as his advisor. Dr Hill called it “Mastermind Alliances” in his book Think and Grow Rich (1937). “The Mastermind Alliance consists of an alliance of two or more minds working in perfect harmony for the attainment of a common definite goal. When a group of individual minds are coordinated and function in harmony, the increased energy created through that alliance becomes available to every individual in the group.” 

I read an article the other day about Personal Advisory Boards (1), explaining how well a Board can be adapted for a variety of people and their businesses.

Reading this article, I felt how perfectly it tied in with Pareto’s new online tool: www.My8020.com this website allows you to create an exclusive network with your fellow entrepreneurs. It’s a protected environment, allowing you to keep your communications confidential. As you to post a comment on the message board, each participant can see your post and comment at a time suitable to them, which is a great feature for those of us who travel for work, or who simply share a business idea with someone across the continent. You can create and be a member of however many networks you choose.

Duncan MacPherson with Ingrid Takai

_____________________________
(1) Got an Issue? Take it to Your Board by Melissa Dunne - Globe and Mail June 4th, 2008

How to Grow Your Practice During a Recession

It’s time to recognize the upside to today’s economic downturn and leverage the current climate to grow your referrals.

By Duncan MacPherson

When times are tough, many advisors make the mistake of “running scared” and doing anything and everything to get new business.

There is a tendency for many advisors to deviate from their set pricing and fees out of fear of losing out on new clients.

As a result, they tend to deviate from their set pricing and fees out of fear of losing out on new clients. While such a tactic may appear to be an appropriate response, it is actually in times like these that advisors need to maintain their consistency and focus on the quality of their current and potential clients instead of on the quantity. Now is the time for them to grow their practices through the power of referrals.

What you need to do
You are at your highest levels of “referability” during times of recession, when money and investing are topical points of conversation for friends and family. Friends of existing clients are more open now than ever to considering their investing options. That said, the best way to convince new prospects to use your services is to spend more time with the people who are already convinced: your existing clients. Now is a great time to convert those people into referral-generating advocates. After all, in times of uncertainty, many of your competitors are neglecting their current clients as they attempt to actively acquire new business.

Attracting referrals is achieved by design, not by chance. You are a reflection of your client. Therefore, for your client to feel comfortable enough to refer you to his friend, he must first be pleased with the level of professionalism and confidentiality that you provide.

Call-rotation campaign
During times of turmoil, it is easy to appear needy when acquiring new business, which is not very appealing to current or prospective clients. The best way to initiate the referral process is to launch a simple call-rotation campaign to the 20 percent of your clients who generate 80 percent of your business. Your aim is simply to touch base with them and ask them how they are doing. You aren’t trying to sell anything or be the bearer of any profound news; you are merely placing a courtesy call to convey a sense of calm and clarity. Here are some tips to conduct a successful call-rotation campaign:

• Position the concept of referrals as a service you are offering rather than as a favor you are requesting:
  As the conversation is winding down, remind your client that as a value-added service, you are available to answer any questions that his friends or family members might have regarding your services. Simply planting the seed and presenting the option gets the concept of referrals imbedded in your clients’ minds so they can respond when the opportunity presents itself without making you appear needy or putting them on the spot.
• Explain how your services are especially beneficial during times of economic uncertainty:
  During tough times, people think of getting rid of any “unessential” services and are generally reluctant to seek assistance that costs money. Outline the short- and long-term benefits of your services to them to make yourself indispensable.
• Turn your clients into advocates:
  If your clients cannot describe you to you, they cannot describe you to a friend. Make sure they know and like what you do for them.

Don’t adjust fees
Once you’ve mastered how to best sell yourself, next comes the conversation no one wants to have during a recession: money. Always keep in mind that you are trying to attract great clients, not chase them. By lowering your fees, prospective clients might start focusing on what you cost rather than on what you are worth. Adjustments you make to service fees can come across as a reactive and an even desperate move in today’s marketplace. Your persuasive impact will soar when you stop selling and start consulting. After all, your clients aren’t buying something—they are buying into something, which is a mutually beneficial, long-term relationship.

Duncan MacPherson is co-author of Breakthrough Business Development and co-founder of Pareto Platform, an industry-leading, business-development firm that helps entrepreneurs improve their practice-management and business-development systems. Contact him at 866-593-8020 or at dmacpherson@paretosystems.com.

The Lost Art of Saying Thanks

Improving communication is key to solidifying relationships with your best clients.

You probably already know that consistent communication has the greatest impact on your ability to competitor-proof your favorite clients and to stimulate quality referrals. Proactively conveying to a client that you genuinely value the relationship is without question the foundation of your daily marketing code-of-conduct. Clearly a cornerstone to this would be the style and manner in which you demonstrate your sincere appreciation when that client brings value to you. Let’s face it, virtually every day a client brings value to your business; the question is how do you thank them?

Not saying thanks when someone becomes a new client, or when an existing client endorses you to a friend or family member is like not feeding the goose that lays the golden eggs. That said, there are a few immutable rules that you must respect to ensure that your efforts don’t achieve diminishing impact over time.

When someone becomes a new client

I, for one, think that it’s a big deal when a new client decides to empower you. Keep in mind that switching from one professional to another is no easy task. The hassle factor is high enough that some clients they might feel that it’s easier not to switch, no matter how disillusioned they have become with their current professional. So when a client does decide to change professionals, there must be a compelling reason. Once they do move over to you, they are going to compare you with their previous professional. Furthermore, if that client has been referred to you by one of your clients or strategic alliances, you’ve
got to know that those two people are eventually going to reconnect and talk about you. What do you do to ensure that the new client goes back to that person and describes how he was dazzled by your service? Providing consistent and congruent service and thanking clients for choosing you will go a long way towards prompting your new client to say, “You were right, she really is a great person.”

Whenever you sign a new client, you should employ a New Client Welcome process that includes a personalized thank-you card. Choose a nice card and a message that will have impact and shelf life. Please be careful with the phraseology. You cannot write: “Thanks for the business,” because this focuses on you and on the way you benefit from the new relationship. Make the message about them. Write something in the card that demonstrates to the client that you were really paying attention. Make a reference to something they revealed to you about themselves. For example, you could say:

I really enjoyed meeting with you today. It was fun listening to you talk about your new boat. I’m looking forward to a great relationship. Welcome aboard!

That is just the start. I’ve seen professionals who follow-up a thank-you card with a sequence of three or four other steps during that first 30 days. These steps are designed to counter any “buyers remorse” and to further validate for the new client that they did the right thing.

The bottom line is that you have to be understated and radiate an attractive impression that you don’t actually need the business (you’ll take it but you don’t need it). By conveying to new clients that the most fulfilling part of your profession is meeting and working with great people, you make a powerful statement about your commitment to helping people achieve their goals.

Saying Thanks for a Referral

An endorsement is one of the biggest compliments (and responsibilities) you can ever be the recipient of. You have to show your clients that you don’t take the vote of confidence lightly. My best advice on this point is to pay tribute to the activity, not the productivity. Rather than sending a card that says: “Thanks for referring Bob to me,” say: “Thanks for introducing Bob to me.” By making this slight adjustment in phraseology, you shift attention from you to your client, and you build their confidence in you.

As I always say in my seminars, you can never look needy. The marketplace doesn’t reward what we want or need, it rewards what we earn and deserve. There is a profound distinction between seeming demanding and being deserving. When you take the high road with the people who are already convinced, they will go to work convincing people on your behalf. A word of caution: As the referral floodgates slowly begin to swing open, don’t take them for granted by letting an entitlement mindset seep in. Say thanks in a meaningful way and the golden eggs will continue to appear for the long run.

Duncan MacPherson is one of the World Class Coaches featured on The Elite Advisor™ website.

When a potential client walks into the office of an entrepreneur whose services they are considering, they often feel apprehensive about facing a more or less aggressive sale. I have found that not meeting their expectations in this regard is a much better approach. Instead, I suggest going through a process that will make the new client feel excited about having qualified to work with you.
 
At Pareto we call this the FIT-process. When you meet a prospect for the first time, the sole purpose of the meeting should be to determine if you and the client are a good match, and if you will be able to build a long-term relationship based on trust.

Go over your information, ie how your practice works, and then set up a time to speak two days later. The 48 hours allow both you and the client to make the right decision, and not rush into something. This process clearly impresses the prospect, who doesn’t feel a push to “buy”, and it also communicates the message that you’re not desperate, and that working with you is a privilege.

David Miller

Business Insight
Nurturing clients during a downturn

June 2, 2008

Duncan MacPherson, consultant

Set your sights on a long-term relationship

Duncan MacPherson is co-author of Breakthrough Business Development and co-founder of the consultant firm Pareto Platform, based in Kelowna, British Columbia. Today, he offers advice on surviving tough times.

Why is it important not to drop prices to attract clients during an economic downturn?

Remember, you are trying to attract great clients not chase them. By lowering your prices, prospective customers tend to start focusing on your cost rather than your worth. Such an approach can come off as projecting a reactive, and even

Duncan MacPherson desperate, vibe to the marketplace. You don’t want to ask clients to buy something, you want them to buy into something - a mutually beneficial, long-term relationship.

How can a business turn clients into advocates who generate referrals?
If your clients cannot describe you to you, they cannot describe you to a friend. Make sure that your clients know and like what you do for them. Position the concept of referrals as a service you are providing rather than as a favor you are requesting. Explain that as a value-added service, you make yourself available to act as a sounding board to friends and family members. This way, you are projecting the professionalism of a consultant rather than the desperation of a salesperson. Your most valuable prospects are the friends and family of your existing clients.

Explain a simple call rotation and why it’s important.
For as little as 30 minutes a day, with just your telephone and favorite Starbuck’s blend at hand, you can cement client relationships, increase assets and generate solid client-blessed recommendations. Although placing an outbound courtesy call simply to “touch base” can be unnerving and may not lead to an immediate transaction, the personal connection you make with your clients without trying to sell them on something will cultivate the relationship, making the client more apt to tout your company to others. Take notes on all the details you uncover from clients, whether they relate to family information, occupational matters, recreational activities or the ever-important issue of money.

Explain the benefits of a Client Advisory Council.

Sit down with 10 exceptional clients with whom you share a strong relationship to address your two main objectives - managing existing clients and setting up appointments with prospective ideal clients. Gather their suggestions and feedback to learn what they like about your business, what can be improved, etc. You want these clients to leave the meeting feeling important to your company and 100 percent confident in your business so they feel both comfortable and inclined to recommend your services, which will ultimately benefit all parties.

- Dawn House