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CPSM > Domain 3 - Client & Business Development (20%) > Flashcards

Domain 3 - Client & Business Development (20%) Flashcards

1
Q

What is Business Development?

A

A wide array of tasks & activities undertaken by employees to get work from a client

*during the BD phase, you focus on getting work from a specific client rather than a general market sector*

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2
Q

At what point does the BD phase start and end?

A

Starts after identifying a target client
Ends when that client wants to engage in your firm

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3
Q

What are some examples of BD activities?

A
  • Researching your client
  • Analyzing data to find patterns
  • Identifying your firm’s differentiators
  • Building & maintaining relationships with the client
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4
Q

What is the sales process/sales cycle?

A

Everything that happens during the development of a sale

Identifying a new lead →→→→→ closing the deal

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5
Q

What are the 13 stages in a typical sales process from the client’s point of view?

A
  1. Awareness
  2. Knowledge
  3. Understanding
  4. Identifying a problem or opportunity
  5. Realization of need
  6. Recognition that a potential solution exists
  7. Association w/ your firm
  8. Consideration of your firm
  9. Preference & inclination
  10. Commitment
  11. Transaction & exchange (client hires you)
  12. Growth of trust
  13. Repetition & loyalty
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6
Q

What are the 2 most common models of BD?

A

Seller-doer model

Marketing/BD model

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7
Q

What is the seller-doer model? Pros and cons?

A

The seller-doer does both the selling (BD) and the doing (providing the actual service)

Pros: clients like to talk directly w/ the person who is performing the work

Cons: technical staff doesn’t have as much time to perform billable work

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8
Q

What is the marketing/BD model? Pros and cons?

A

Marketing and BD people do the business development, not the technical staff

Pro: gives technical staff more time to focus on billable work

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9
Q

What is the SMART acronym as it relates to BD goals?

A

BD goals should have these characteristics:

Specific

Measurable

Attainable

Relevant

Time-bound

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10
Q

What are the two types of metrics used to measure sales performance?

A

Activity-oriented metrics

Results-oriented metrics

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11
Q

What are activity-oriented metrics? What are some examples? What is the biggest drawback?

A

A sales performance metric that focuses on the tasks involved in BD activities. The idea is that taking proper actions will produce the proper results.

Con: doesn’t take into account the results that the activities produce, “goes through the motions”

Examples:

  • # of sales calls made
  • # of contacts made
  • # events attended
  • # of surveys developed
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12
Q

What are results-oriented metrics? What are some examples? What is the biggest drawback?

A

A sales performance metric that focuses on the the results of BD activities. The employee is given the freedom to achieve the desired results using whatever methods they want. “Ends justify the means”

Con: can develop bad marketing habits, can scare people away important tasks like client development in favor of short-term projects with tangible and immediate results

Examples:

  • new contracts won
  • # of new clients
  • volume of work
  • # RFPs received
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13
Q

What is a capture plan?

A

A result-oriented action plan for getting work from a target client

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14
Q

What is a capture plan also known as?

A

Project-pursuit

Client-specific BD plan

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15
Q

How long does it take to win over a new client?

A

Up to 2 years

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16
Q

What are the 6 components of a capture plan?

A
  1. Statement of goal “What do you want to capture?”
  2. Identifying who will lead the effort
  3. Tasks needed to reach the goal
  4. Timeframe
  5. Resources needed
  6. Statement of priority
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17
Q

Describe the two-fold process of differentiation in BD

A
  1. How and why does your firm stand out in the marketplace?
  2. Take actions to position/adjust/correct the public perception of the firm
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18
Q

What are the two types of analyses you use to see how your firm appears in the eyes of a client?

A

Competitor analysis and competitive analysis

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19
Q

What is a competitor analysis?

A

An external-facing analysis where you monitor your competitors to learn everything you can about them (what they offer, how they position themselves, how they price, etc) - this gives you the info you need to figure out how your firm is different and better

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20
Q

What is a competitive analysis?

A

An inward-facing analysis in which you look at your own firm and examine your services to determine how competitive you are in the marketplace, especially w/ respects to your ability to capture a target client

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21
Q

What are 2 models you can use to review the internal & external elements that influence your firm’s presence in the marketplace?

A

SWOT

SOAR

Porter’s Five Forces

EPISTLE

Identity map

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22
Q

What are the 3 steps for setting the stage for effective research?

A
  1. Reach out the person who said they needed a research project - what is the purpose of the research?
  2. Define the parameters the research team must work within - resource allocation, schedule, who will do the research
  3. Establish horizontal and vertical boundaries
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23
Q

What is the difference between horizontal and vertical boundaries for research?

A

Horizontal boundaries = how wide you want the perspective to be

  • Example - by industry type (narrowing healthcare industry down to outpatient, acute, self-care)
  • Example - by geography (will it be a neighborhood, region, or state?)

Vertical boundaries = how deep and specific you want the research to be

  • Example - you want it down to two decimal points
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24
Q

What is the DIK continuum?

A

The progression of awareness, analysis, and understanding through the research process.

Data - at first you are only aware of the data; the bare facts

Information - once you have info, you can study the data further and w/ more discernment

Knowledge - then you have the knowledge to make evidence-based action

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25
Q

What can you use the DIK continuum for?

A
  • To inform your strategy for entering a new market
  • Assess your firm’s marketing goals
  • Various other BD efforts
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26
Q

What are 3 types of firms that you can enter into a strategic partnership with?

A
  1. Core service line colleagues - your competitors. They do similar work as you.
  2. Related/tangential firms - firms that don’t provide the same service (they’re not your competitors)
  3. Members of the supply chain or integration sequence - all of the entities that provide you or your clients with the goods or services necessary to complete your project
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27
Q

What are the 3 types of strategic partnerships?

A
  1. Associations
  2. Joint Ventures
  3. Alliances
  4. Design-Build Partnership
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28
Q

What is an Association? When is it ideal to form?

A

An informal agreement between 2 firms to provide services for a client or specific project

  • less formal than a joint venture
  • ideal method for infiltrating a new geographic area or specialized market sector
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29
Q

What is a Joint Venture?

A

A legal partnership to provide services for a specific project or client

  • single source of contact and legal responsibility
  • commonly used on large, complex projects
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30
Q

What is an Alliance?

A

A formal arrangement between 2 firms to provide services to a pre-determined market sector or client base, offering advantage of a large multi-disciplinary firm w/ added value of specialized service

  • less frequently used but extremely effective
  • biggest differentiator is that it is long-term and commitment to pursue projects in pre-determined markets
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31
Q

Which is the most formal type of strategic partnership? Which is the least formal?

A

Most formal: Alliance

Least formal: Association

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32
Q

Which strategic partnership is the most long-term?

A

Alliance

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33
Q

What is a Design-Build partnership? What is it also known as?

A

Performing architectural/engineering and construction under 1 single contract.

  • this entity assumes all risk
  • not a typical partnership
  • aka turn-key approach
34
Q

What is a thought leader?

A

A person or firm who has established themselves and is recognized by clients as an authority on a topic.

35
Q

What is a client perception study and how is it important to the process of researching prospective client industries?

A

A survey or interview that focuses on discovering how a firm’s image and reputation is perceive from the outside.

  • uses both open and closed-ended questions
36
Q

What are the “four touches” in a Perception Survey?

A
  1. The initial contact/request from a senior leader of your firm
  2. The interview (conducted by a 3rd party)
  3. Handwritten thank you note
  4. Follow up meeting/call
37
Q

What makes a good client?

A
  • they have multiple projects that you can perform
  • they have projects that you want to be associated with
  • easy/enjoyable to work with
  • can articulate their goals/needs
  • pays invoices on time
  • recommend you to other clients
38
Q

What makes a bad client?

A
  • doesn’t share leads
  • client is already close with a competitor
  • only calls when they need your help
39
Q

What are the 5 components of prequalifying a client?

A
  1. Developing client evaluation criteria
  2. Research client’s financial stability
  3. Is there potential to become a repeat client?
  4. Does the client fit with your firm’s culture/values?
  5. Does the client provide opportunities for growth?
  6. Is there profitability potential?
40
Q

What are 3 ways to research a client’s financial situation?

A
  1. Dun & Bradstreet report (gives an idea of where company stands financially)
  2. Better Business Bureau (BBB) - are there any complaints?
  3. Bank references
41
Q

What is a zipper relationship?

A

Having multiple connections at the same firm at various levels.

42
Q

What is a sole-source opportunity?

A

A project where you won’t have to compete with other for the contract.

“No bid contract”

43
Q

What are the 5 components in pre-qualifying a project?

A
  1. Does your project adhere to your business/marketing plan?
  2. Can you differentiate yourselves to wire or win (better position yourself to win)
  3. What is your profitability potential?
  4. Do you have relevant experience?
  5. Consider the intangibles
44
Q

Relevant projects should be no older than how many years?

A

3-5 years

45
Q

What is a go/no-go decision?

A

A structured decision-making process which guides firms to determine whether or not to pursue a specific project or client.

  • used in the initial stages of a project pursuit
  • should be filled out jointly by salesperson, principal, or operations officer
  • leave emotions out of it
46
Q

What is the Mackay 66 customer profile?

A

A questionnaire that Harvey Mackay required his sales people to complete for each new potential client. It contains info gathered on the client, including education, family, business background, and hobbies

47
Q

What is the difference between warm calling and cold calling?

A

Cold calls are made without any prior relationship

Warm calls have some degree of familiarity

48
Q

How long should a phone call be?

A

Less than 5 minutes

49
Q

What should you do if a prospect declines an offer to meet with them?

A

Ask if you can call back in 3 months

50
Q

What are 3 valuable things you can share with a potential client during a phone call?

A
  1. Service information
  2. Project information
  3. Study results
51
Q

What is a less direct way to try to position your firm to client?

A

Tell the client an anecdote about how you were able to solve the same problem for another client

52
Q

What are the 3 different levels of client relationships?

A
  1. Personal relationship - a client helps you open doors and make connections
  2. Expertise relationship - your coworkers run the operational side of work for your client
  3. Structural relationship - your firms is branded as one with a level of integrity for doing the right thing
53
Q

What is a unique value proposition? How long should it be?

A

A short statement that lets prospective clients know your area of expertise and what they’ll get when they hire you

1 or 2 sentences long

54
Q

What is the difference between your unique value proposition vs differentiation?

A

Your unique value proposition is based on your company’s external perception

Differentiation is an internal issue and you have more influence over this

55
Q

What are the 5 steps i building an online content market strategy?

A
  1. Identify your target audience
  2. Determine your objective
  3. Determine communication channels (Instagram? ENR? blog post?)
  4. Brainstorm topics and create an editorial calendar
  5. Implement strategy and measure results
56
Q

What is the Pareto Principle?

A

80% of your work will come from 20% of your customers

(therefore it’s essential that your BD efforts are targeted to the right 20%!)

57
Q

When is the greatest BD opportunity? Why?

A

During project execution, because it’s the time when you have the most frequent contact and greatest influence over your client.

58
Q

What is the absolute best thing you can do in response to a call from an unhappy client? Why?

A

Say “thank you!” because it’s a gift that your client wants you to fix a problem. And it shows that you want to help fix it.

59
Q

What is cross-selling?

A

BD practice where technical staff offer and sell services provided by a discipline other than their own.

Example: a PM that specializes in daycares sells Kaplan’s service of building houses of worship

60
Q

What is stealth marketing? What are 4 types?

A

Subtle marketing techniques that supplement overt/direct marketing

  1. Perform research by asking client “how are we doing?”
  2. 10 minute marketing - schedule 10 min at the end of every project meeting to have an informal convo about issues unrelated to the project
  3. Purposeful observation - visiting client’s office and walking around, observing and looking for clues
  4. Introduce other disciplines - raise client’s knowledge about the depth of your firm
61
Q

What is a client/account manager?

A

The personal assigned to a client that is responsible for nurturing and maintaining the relationship

Could be a PM, principal, or a BD person

62
Q

What are the client manager’s 5 roles during a project?

A
  1. Interpreter - understanding the client
  2. Advocate/meditator - voice any concerns that the client has to your team
  3. Coach - provide support, suggestions, critique to your team
  4. Contributor - assisting client in various ways
  5. Nudge - stick your nose in many aspects of hte project
63
Q

What are the 4 stages of account tracking systems (like a CRM?)

A
  1. Initial stage - a firm utilizes any means possible to communicate accounts (post-its, emails)
  2. Primary stage - firm begins to use a basic software program like Outlook
  3. Growth stage - firm uses a company-wide, formalized software program for increased communication
  4. Refining stage - firm uses a successful system that utilizes reports and stats to provide a continuous feedback loop for improve performance
64
Q

What is a powerful way for leadership to demonstrate that they’ve embraced a BD culture in which everyone is responsible for winning work?

A

Offering rewards and incentives

65
Q

Why does conflict arise between sales and marketing teams?

A

Because they’re compensated differently.

66
Q

What is the first step in conducting any CRM software evaluation?

A

What is your firm’s objective and expectation for the system?

67
Q

What are the 6 elements of a CRM that developing your objectives/goals for a CRM?

A
  1. User-friendliness
  2. Capabilities
  3. Budget
  4. Delegation of responsibility
  5. Content
  6. Integrity of data
68
Q

What’s the next step after defining your objectives for a CRM?

A

Create a evaluation team

  • should include a variety of end-users
  • should include more than 2 people
69
Q

What are the tasks of a CRM evaluation team?

A
  • minimize cost by comparing software to firm’s requirements
  • check out online reviews
  • survey your network with what they use
  • narrow your list
  • meet with each vendor on your short list
    • get a demo
    • get a copy of their contract
70
Q

What is the biggest issue in CRM implementation?

A

Getting company-wide buy-in

71
Q

How often should an existing CRM be evaluated?

A

At least once a year

72
Q

What are the 3 ways client satisfaction can be measured?

A
  1. Satisfaction
  2. Loyalty
  3. Influence
73
Q

What is client Satisfaction? When is it measured?

A

Did the client like the final result, the process, and the people?

Typically measured during or shortly after the project

74
Q

What is client Loyalty? When is it measured?

A

A loyal client was satisfied enough that they want to retain you for another project. You only know if they’re loyal if you see them after a project is done.

It can be measured well after the project is done

75
Q

What is client Influence? When it is measured?

A

When a client is satisfied with your work and wants to help your firm in becoming even more successful (references, referrals)

It is measured both during and after a project

76
Q

How often should a firm ask a client to complete a satisfaction survey?

A

Once every 6 months

77
Q

If you conduct a client satisfaction survey in person what’s the best way to do it?

A

One-on-one interview at the client’s convenience.

Ask open-ended questions

Ask “is there anything else you’d like to tell me?”

78
Q

If you conduct a client satisfaction survey via an online survey, what’s the best way to do it?

A

Avoid yes/no questions

Ask open-ended questions instead

Add a 1-5 scale

Test drive the survey w/ colleagues

79
Q

How long should a client satisfaction online survey?

A

5-10 minutes

80
Q

What is Net Promoter Score? Where might you use it?

A

“One a scale of 1-10, how likely are you to refer us”

You would use it in an online client satisfaction survey

81
Q

What is a soft/by-product confirmation?

A

An informal measure of client satisfaction by asking questions like, “how’s the project going?”

CPSM (6 decks)

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