Domain 3: Client & Business Development Flashcards
10-K Report
An annual report public companies file with the U.S. Securities and Exchange Commission (SEC) detailing its financial performance, outlook, and risk factors.
Alliance
A formal arrangement between two or more AEC firms to provide services, usually a pre-determined market sector or client base, offering advantages of a large, multidisciplinary firm with the added value of specialized service firms with the extensive portfolios in a particular building type.
Association
Informal agreement/arrangements between AEC firms and/or contractor and construction management firms to provide AEC services, usually one for specific project or client.
Business Development
Gathering and compilation of client and pursuit knowledge in advance of a request for proposals through direct interaction with the client; activities that you or your firm perform to win projects with a client or prospect including calls, visits, correspondence, emails, entertainment, referrals, trade shows, and the like.
Capture Plan
Action plans specifically focused on winning over and securing work from a particular client.
Client Manager
Individual assigned to clients with whom the firm expects to have an extended working relationship; responsible for nurturing and maintaining that particular relationship.
Client Relationship Management (CRM) System
A strategic framework for information management.
Client Satisfaction Survey
Used to gauge clients’ feelings about a firm’s capabilities, staff, level of service, and success at meeting clients’ expectations. Often includes elements of perception and market intelligence surveys.
Closed-ended Question
A form of question that limits the possible answers by providing a list of answers that the respondent must choose from.
Cold Contacts
Phone calls made to prospects with whom the caller has no prior relationship, connection point, or bridging relationship.
Competitive Analysis
In-depth description of the position that a firm holds against its competitors.
Competitor Analysis
In-depth description of the competitor’s background, finances, products, markets, facilities, personnel, and strategies.
Content Marketing
Creating and distributing through strategic channels (social media, direct push emails, and mail campaigns) valuable, relevant and consistent content to attract and retain clients.
Cross Selling
Extending the service set your firm currently offers to existing clients.
Data, information, and Knowledge (DIK) Continuum
A series of steps that describes how wisdom is acquired through the collection and analysis of data.
Design-build
A form of project delivery whereby one entity performs both architectural/engineering and construction under one single contract. Under this arrangement, the design-builder warrants to the contracting agency that it will produce design documents that are complete and error-free (the design-builder takes the risk).
Differentiation
The ways in which a product, service, or firm is different from its competitors.
Financial Statements
Documents that provide an overview of how money is moving through a company; generally includes a balance sheet and a profit/loss statement or revenue/expense statement.
Go/No-Go Decision
Thought process or checklist to analyze whether or not it’s worth expending manpower and financial resources to pursue a particular project. Some are more formal than others.
Goals
Measurable targets that help a firm plan how to move forward in the direction they want.
Identity Map
A tool used to explore how your firm compares with your competitors.
Integration Sequence
Includes all the entities that contribute to the success of a firm’s projects either upstream or downstream (i.e. vertical contributions), as well as those that complement the firm’s services at a particular stage of development (horizontal contributions).
Joint Venture
An association of persons or firms with common interests who agree to engage in and carry out a single specific business venture for joint profit; they agree to combine their money, skill, or knowledge for a particular project, but not on a continuing or permanent basis.
Key Performance Indicators (KPIs)
Quantitative, reportable measurements that can be used to determine how close a person or firm is to achieving an objective.
Market Sector
Businesses that have common attributes and economic influences and are in the same or related business activity, product, or service.
Net Promoter Score
A simple measure of client satisfaction and loyalty developed by Fred Reichheld that asks the participants to answer “how likely are you to refer firm A to your peers?” Using a 10-point scale.
Open-ended question
A form of question where the respondent is able to answer in any way they see fit.
Pareto Principle
A principle that states 80% of your work will come from 20% of your prospects.
Perception Survey
Survey focused on the perception of a firm by clients, potential clients, and/or a larger community; often done before developing a new brand, launching a major marketing campaign, or in response to changes in a firm.
Return on Investment (ROI)
Refers to the ratio between the investment gains compared to its costs. Used to evaluate the efficiency of an investment or effort and compare it to other options.
Sales Process
Everything that happens during the development of a sale, from the identification of a new lead to closing (or losing) the work. May also be called sales or pursuit cycle.
Seller-doer
Technical profession - generally a principal - responsible for making the sale and doing the work.
Social Selling
The process of using social media channels to position yourself as an expert.
Sole Source
A no-bid contract with a client that means your firm won’t have to compete with others to win that client’s projects.
Strategic Partner
Firms with whom another firm agrees to work for a specified amount of time and to the mutual benefit of both parties.
Supply Chain
Includes all of the entities that provide a firm or the firm’s clients with the goods or services necessary for the successful completion of the project.
Thought Leader
A person or firm who has established themselves as the authority on a topic.
Warm Contacts
Phone calls made to prospects with whom the caller has some degree of familiarity.
Zipper Relationship
The pairing up of multiple relationships between firms so no one contact is the sole connection; individuals leave companies and development of zipper relationships helps preserve relationship longevity.
