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PM Forum - Toronto
Winning in the New Economic Reality
The Toronto Chapter kicked off 2009 by facing the realities of the new economic order. Brian Cope, Director of Marketing and Strategic Services at Promarc Consulting Group Inc. moderated a panel which included an academic and senior marketing and business development directors from law and accounting firms.
Examining the challenges and opportunities in a new economic reality was Barry Wallace, professor of Marketing at George Brown College; Donna Carmichael, the National Director Business Development at Grant Thornton LLP; and Barb Sheperd, National Director of Client Services at law firm Bennett Jones LLP. All acknowledged that professional firms faced considerable challenges affecting budget, client retention and practice focus. Each panelist also offered views about the opportunities for revenue generation and change for the smart professional firm.
Cope set the stage by referencing uncertainty in financial markets, company closures and government deficits in North America. At the panel's request he asked the audience which firms had specific coaching programs in place and which have business development specialists. About one-half of the firms represented have either - more on that later.
Wallace led off by driving home the differences between marketing and business development. "Professionals often confuse these functions," he said, and unless they have the picture clear, professional firms can get stalled just when they need to ratchet up their efforts.
Carmichael and Sheperd reinforced the need to have clear objectives and responsibilities which have been well communicated internally. Carmichael said: "All professionals need to understand the importance of building multiple relationships within a client which is fundamental to the relationship retention and loyalty."
Client loyalty is critical. "Three things are necessary," said Sheperd. "Communicate, communicate, communicate."
For those firms in attendance that do not have coaching or business development specialists (about 60% of the audience) there was a clear message. Forget about focusing on new pieces of collateral - put non-fee earning business development professionals in the front line and don't be afraid to let them have client and prospect contact. And of course, get your fee-earners out of their offices but only after they have been given the tools. Coaching and creation of personal business development plans will deliver results.
All panelists agreed that while many firms are shifting focus to business development this means that the marketing and business team must demonstrate value. Sheperd reinforced the point: "Ensure the marketing department communicates about real value regularly. Promote what you have delivered and what you have achieved." Carmichael added: "Be sure to tie your business development and marketing activities to specific results and keep management informed on a regular basis".
Wallace summed up the message of the day succinctly: "Be better and honour the client."
Larry Stroud
Promarc Consulting Group Inc., Toronto
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