Domain 6 - Management (18%) Flashcards
How many people should a firm have to warrant a marketing team?
20 personnel
What is the role of a principal closer on a marketing team? What type of professional is this person?
Focuses majority on marketing
Owner or senior-level person. Typically a registered professional. Can sign contracts.
What is the role of a seller-doer? What type of professional is this person?
Majority of time is focused on marketing, lesser percentage spent on billable work.
A senior level registered professional
What is the role of a doer-closer? What type of professional is this person?
Focuses on marketing existing clients, with 80% or more of time spent on actual billable projects.
Most of them are PMs.
What is the role of a principal-in-charge of marketing? What type of professional is this person?
Absolute authority on marketing issues and delegates the day-to-day responsibility of the marketing program.
This person is a firm owner or highest level of firm management
What is the role of the chief marketing officer? What type of professional is this person?
Responsible for the overall direction of the firm with respect to strategic growth, marketing planning, budgeting, and staffing.
This person has an executive role in the company, often as VP or principal
What is the role of the BD director? What type of professional is this person?
Representing the firm at the highest level to clients, peer organizations, and business associates. They manage the firm’s sales efforts.
In larger firms, this person is at least an associate-level and often VP or principal.
In smaller firms, it’s the principal.
What is the role of the marketing director? What type of professional is this person?
Represents the firm to clients, peer organizations, and business associations. Establishes marketing policies and procedures and determines marketing objectives.
What is the role of the BD manager? What type of professional is this person?
Seeks business opportunities for the firm, which could be market-specific depending on firm size. They schedule meetings with clients and work w/ technical staff to develop proposals and scopes of work.
In larger firms this person is a member of management, often associate level.
In smaller firms this person is a principal
What is the role of the marketing manager? What type of professional is this person?
Implements marketing plan and overall marketing efforts. Develops internal resources/collateral and is often responsible for tracking sales and budgets.
In larger firms this person is a member of management, often at associate level.
In smaller firms, these duties may be performed by the office manager or principal.
What is the role of the marketing coordinator? What type of professional is this person?
Responsible for proposal content and presentation materials. They coordinate all members of the pursuit team, both internal and external. Ultimate multi-tasker.
In smaller firms, this might be the only professional marketer on staff
Can be newer to the AEC industry
What is the role of the marketing assistant? What type of professional is this person?
Provides support to the marketing team w/ a variety of tasks that can include clerical work, collating proposals, printing materials, updating marketing support materials.
In smaller firms, this person might be a receptionist or admin person
Most AEC firms have how many people?
Less than 50
What does a marketing department look like for a firm with fewer than 20 employees?
Only 1 or 2 closers are necessary so is minimal need for a structured department.
Majority of work comes from word of mouth or personal contacts
What does a marketing department look like for a firm with 20 employees?
Once it reaches 20 employees, there is value in adding a marketing coordinator
What does a marketing department look like for a firm of 20-50 employees (aka a small firm)
A firm this size can begin to target specific markets. 2-3 principals lead BD efforts
- 2 or 3 principals will lead BD efforts
- Senior marketing coordinator or marketing manager is critical
- As team approaches 50, a marketing assistant is required
What does a marketing department look like for a firm of 50-100 employees? (mid-sized firm)
- There are multiple closers, seller-doers, and doer-closers
- 1 marketing principal takes on the overall responsibility for marketing efforts and formalized marketing plan
- A marketing director or manager runs the day-to-day operation, conducts go/no-gos, and directs the marketing team
- Marketing manager, several coordinators, and possibly an assistant are necessary
What does a marketing department look like for a large & diverse firm of 100+ employees?
Marketing team is a central force in the firm
Director, BD, manager, coordinators, graphic designers, PR, database administrator, and assistant
What type of marketing person should a niche firm have?
- A principal leader who’s entrenched in the marketplace; an industry expert
- Market researcher and a strong writer to support their activities
What does a marketing department look like in a full-service firm of 100+ employees?
Sophisticated and elaborate marketing team
Chief marketing officer, marketing director, business developer, marketing manager, PR, marketing coordinator, graphic designers, assistants
What are the 4 skills that all marketing professionals must have?
- Writing
- Multi-tasking
- Team player
- Personal interest/passion
What is mentoring?
The long term development of a professional relationship between 2 people that fosters trust, confidence, and mutual learning
It might eventually focus on a specific skill but eventually it becomes more about helping the mentee navigate along their career
What is coaching?
A short-term relationship which ends when the student demonstrates that they have sufficiently improved in a particular skill
What is the difference between mentoring and coaching?
Mentoring is long term/coaching in short term
Mentoring is about the relationship/coaching is about the task
Mentoring is unstructured/coaching has clearly defined goals
What is a new pattern in mentoring?
The mentee creates agendas and drives the direction of the process.
The mentee can also offer value as well in exchange for the guidance they receive (aka reverse-mentoring)
What is a Professional Development Plan (PDP)? Who is responsible for creating it?
A document that outlines an employee’s plans for personal development over the next year
Marketer works with HR to create it
What are the 4 elements of a PDP plan? How far into the future does it look?
- Career
- Education
- Relationships
- Self-improvement
It should have a clear picture of where they will be in 3-5 years if they succeeded in meeting their goals
What do you need to remember about the goals in one’s PDP?
Specific
Measurable
Attainable
Relevant
Time-bound
What is are the 2 primary purposes of conducting a regular performance evaluation? How often should they be held?
To communicate w/ your staff to tell them how they’re doing
To prevent surprises at the annual evaluation
They can be conducted monthly, bi-monthly, or quarterly
What is a lead? What is a common misconception about it?
A lead is an indication or a clue about a potential project.
Too many people think that a lead is a call from a colleague or an article in a newspaper.
What is a pipeline report? What does it help track?
A report that measures pending sales opportunities with probability rates for closing each sale.
It helps track whether you have enough activity and whether you’re focused on the right activities.
What are the 8 sections of a pipeline report?
- Lead originator
- Working lead (the one who follows up)
- Client or prospect
- Business unit or niche (what market segment?)
- Service
- Amount - either in the “idea” column or “made contact” column
- Probability of close
- Pipeline amount
How do you calculate the pipeline amount on a pipeline report?
(value of engagement) x (probability of close)
How do you formulate an agenda for a stakeholder meeting?
- The week before the meeting, set up short interviews w/ participants to come up w/ a list of goals
- Consolidate responses into a single document, which becomes the agenda
- Send it out before the meeting
What are the 3 elements of a stakeholder meeting?
- Agenda
- Distribute reports (sales, pipeline)
- BD activities
What sort of questions should you ask when viewing a pipeline report?
- Is there enough in the pipeline?
- Are we working w/ the client and prospect opportunities?
- Are we moving opportunities from the idea stage to proposal stage?
- Is our close rate on proposals sufficient?
What are 3 ways to sort a pipeline report?
- By lead originator
- By working lead (who in the firm follows up)
- By business unit/industry niche (market segment)
What are some ways to internally create awareness of your company’s services, in order to cross-sell?
- “Lunch & learn” training sessions
- Newsletters
- Blog
- Weekly email
What is knowledge management?
The process by which organization knowledge is captured, stored, and disseminated within a company
What are 4 different types of knowledge management systems?
- Marketing Information System (MIS)
- Decision Support System (DSS)
- Lead tracking system
- CRM
What is a MIS (Marketing Information System?)
`A system that uses a database to produced standardized reports on a regular basis
What is the target multiplier (aka charge multiplier)? What is a typical multiplier?
The ratio of an employee’s charge-out rate to her payroll rate. Typical multiplier is between 3-3.5.
Ex) charge-out rate = $140/hour
Payroll rate = $40/hour
What is a net multiplier?
The ratio of net revenue (in-house labor only) to total direct labor (raw salary only, no fringe benefits).
Net multiplier = net revenue/total direct labor
Ex) Net revenue = $2,800,00
Total direct labor = $800,000
What is an overhead rate?
The ratio of overhead (operating expenses and salaries not charged to projects) costs to total direct labor (labor charged to projects)
Overhead rate = overhead costs/total direct labor
Ex) overhead costs = $1,280,000
Total direct labor = $800,000
What is the Sales Success Cycle? When does it happen?
The stage of BD where small successes, self-motivation, and self-confidence feed off each other to become a self-sustaining cycle of success.
After the Valley of Death.
What is the Curve of Relationships model? What are the 5 levels of connection?
Describes and discusses the relationship-building process.
- Acknowledgement (the 1st mtg)
- Recognition (subsequent encounters)
- Acceptance (outer circle)
- Inclusion (inner circle)
- Confidant (high level of trust)
