Experience shows that in tough economic times where discretionary spending is reduced or even non-existent, the demand for professional consulting services can be increased by applying skill to create value during every client interaction – rather than simply making more client meetings (i.e., more activity).
Compared to just 12 months ago, clients are busier than ever. Hence, it is imperative that each and every interaction with clients be maximised to create value – as the client sees it, through their own lens. Any missed opportunities, may mean that the door is firmly shut for any future interactions as the client simply does not have time to provide you with a second chance for redemption.
Also, any failure to create value may pave the way for your competitors to create demand for their services, as they demonstrate better methods to solve a particular issue for the client, and use this to expand their footprint (and value) for that client.
Unrecognised Problems
One of the most significant methods an advisor can adopt to create value for the client is to help them recognise problems that they don’t see. Similarly, clients perceive value when professional consulting services help them realise the significance of problems they do see, but which magnitude they hadn’t previously understood.
If you can help your clients in one of these ways, you’re on your way to being differentiated in the marketplace. You have also, moved yourself (and your firm) into the space where you can now earn a premium on even the most commoditised of professional consulting services.
Meeting Planning
This means that every meeting with a client has to be thoroughly planned and well executed, in a manner that the client is conducting most of the talking (i.e., at least 60% of the time). The best method to get the client talking, is to ask questions around problem areas that your firm, is best at solving.
Skillful Questioning
Not every question is equal. For example, asking a client “how many branch offices do you have?” provides high value to the advisor, but little or no value to the client. In fact, asking too many of these “situational” questions, will send you backwards in the clients’ eyes – the client may even feel that he is being interrogated.
Instead, higher value creating questions have to be asked. These are well constructed problem questions that challenge the status-quo and deals with issues related to the client and their span of influence. For example, questions around implication and knock-on effects that the client may not be aware of are high value.
