The Results Consultancy

Fancy a Flutter

Published in RICS Business Magazine, January 2009

This may not be the best time to take risks but that doesn’t mean firms should stand still, writes John Timperley.

The economic slowdown is making many surveyors concerned about hitting this year’s financial targets. With the fear of losing revenue streams, jobs or even businesses, taking new risks may be the last thing on their minds. Understandably, decision makers are keeping a close eye on cost and sticking with the security of providers they know.

This makes business development more difficult, especially when it comes to winning new clients. But that doesn’t mean it is impossible – it just requires a change of approach.

The importance of those you know
Firstly, consider your existing clients and referral contacts, as they will be fundamental to your business’ growth (or survival) in the current climate. You should be their security blanket, the surveyor they turn to because:

• They know you
• They like what you do
• Your Firm provides great value for money.

Does your firm currently tick all of these three things? If not, then it would be sensible to ensure that you do. This involves assessing the decision makers in the client’s organisation who know you and how they view you. If your relationship is based on contact with just one individual, it could be at serious risk (especially if that person leaves). So look beyond your key contact and forge other relationships. Clarify who is now involved in decisions to purchase surveying services. You may find that procurement or financial directors are currently gaining a more influential say. If that’s the case, then start building relationships with them.

Making your offer relevant
The best surveying firms regularly assess how their clients view their services and the way they manage that client relationship. Many are also currently tracking changing client needs and requirements. As a result, some are re-considering their delivery models and the way they package their services, taking out certain elements to make their offer more competitive.

Viable value
Delivering value for money doesn’t mean discounting or providing services at a loss or with precarious profit margins. Value is determined by the client and so it is important to find out what they need from you and how they need it at the moment.

• Investing time to understand the client and their current situation
• Keeping abreast of the pressures in their marketplace
• Being more flexible in the way you do things.

Picking strong prospects
While your current client base and contacts will hold the key for a lot of your business growth at the moment, you will still need to attract new clients. How can you do this when fear of the unknown is such a major concern? How can you get a new client to trust you? It takes time but if you want to come out of the downturn quicker than some of your rivals then now is the time to start.

One tip is to consider which industry sectors requiring surveying services might be less sensitive to the economic situation. Then, examine the organisations in those sectors which you, your clients, your colleagues, your contacts, your friends or even your family know of. What intelligence can you gather that would give you a really good insight to:

• What that organisation is currently facing
• What are its plans for the future
• Who are the key people
• What are the interests of those people
• How good a fit would they be with your firm and the way you do things

You will find the answers to these questions from information available in the public domain. You’ll also be able to get vital insight through your colleagues, clients, contacts and friends. In building up a picture of each organisation’s situation, consider how you could introduce your firm in a way that would hold their interest.

Stand out from the crowd
What materials, data or information does your firm already possess which gives advice or help on particular issues that the potential client is facing (and which you could send out alongside an introductory letter)? Have you a contact or client who could make an introduction for you? Could your firm run a seminar, surgery or workshop on one of their goals or challenges?

The more relevance and value your approach contains for them, they more they will want to accept an exploratory first meeting with you.

Develop the relationship
And when you do win an initial meeting, congratulate yourself but also remember that this is just the first step in a long, relationship-building process. This meeting will be crucial to developing the trust mentioned earlier. It is, therefore, important to spend the build of the meeting getting to know this potential client. If you try selling or talking about yourself, then it is unlikely they will want to see you again.

The client, however, does want to learn about your firm and you should be able to give a brief overview of yourself and the value and benefits your firm has brought to its clients. The more you can tailor this to their situation, the more interesting it will be for them. Don’t be tempted to offer solutions or proposals at this stage of the relationship. The key is to further build you knowledge of the potential client and let them feel comfortable with you. Use the meeting to set up another point of contact between the two of you. For example, arranging to meet another influential contact in their organisation or getting them to come to your firm for a meeting with a specific individual or to learn about a particular topic.

A safe pair of hands
It is unlikely that the potential client will have a need for your services immediately, but what you are doing is making sure that your firm is in their mind for when they do. Although they haven’t used you before, you can use this time to ensure they gain positive interaction with your firm. When a need arises suddenly you will find they are very comfortable to invite you in. You will also have taken away the sense of the unknown and your risk factor will have been reduced. You may even find that they are only talking to you, and haven’t considered any rival firms – a great position to be in.

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