How Diligent Biz Dev Led to a Six-Figure Consulting Project

How Diligent Biz Dev Led to a Six-Figure Consulting Project

Recently I helped a consultant land a $420,000 consulting contract. That’s not a typo. It’s an 11-month project for one consultant: $320k in consulting fees and another $100k for travel expenses. I’ve excluded my company’s agency fee in these numbers; the actual budget was a bit larger.

Clearly this was a big win for the consultant. The client was pleased too since a global consulting firm working with his company quoted $660,000 for the same project. (See my related article, “Quote Your Rate with Confidence.”)

A project this big doesn’t just fall out of the sky. Why did the client contact me for help? The short answer: business development. The long answer: diligent business development that built a relationship over time. Rather than any one particular thing I did, it was simple actions over the course of five years. Those actions cultivated a trusting relationship with the client and, as a result, he was comfortable reaching out to me for help.

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Shift Your Perspective to Make Business Development Easier

Shift Your Perspective to Make Business Development Easier

Most consultants I know struggle with business development, and it’s a top concern among those thinking about going independent. “I don’t know how to build a pipeline of leads” or “I’m not good at sales” are common refrains.

Most of us never had sales training so this concern is understandable, but reframing how we think about business development can turn concern into action. Read any definition of business development and you won’t find the word sales.

A shift in perspective can make a significant difference in how you approach something. For example, before you go parasailing the first time you might think, “I’m excited to try this!” or “Oh my god, I’m going to die!” You’ll have a lot more fun if you approach it with an “I’m excited” attitude instead of “I’m scared.”

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Use Work Samples to Seal the Deal

Use Work Samples to Seal the Deal

Let’s face it, consulting often gets a bad rap. It’s perceived as nebulous, too theoretical, too touchy-feely. Plus, it's expensive. To combat this bias, use work samples and deliverables to show prospective clients how you do what you do. Demystify your process. This goes a long way toward removing uncertainty and skepticism. 

For 10 years as an independent change strategy consultant, I used this tactic to win several projects. Many clients don’t understand the difference between change management work and the more complex change strategy work. Most know that communications and training are involved but don’t understand how to achieve the buy-in of cross-functional stakeholders in a way tailored to their situation. 

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For Independent Consultants, Business Development = Relationship Development

For Independent Consultants, Business Development = Relationship Development

The biggest stressor for self-employed management consultants is business development: how to cultivate meaningful regular work. It’s vexing for a variety of reasons. First, consultants are good at helping clients solve problems but usually aren’t trained in sales or marketing. Second, when knee-deep in projects and facing deadlines, consultants are hard-pressed to find time to publish thought-leadership articles or create, launch, and manage marketing campaigns.

To meet the challenge I recommend changing your frame of reference. Instead of thinking of how companies or consulting firms typically handle business development, use an approach more like how we work as individuals and soloprenuers. Take for example real estate agents, who are experts at keeping their names fresh in people’s minds:

  • At least once a week I get a postcard listing recent home sales in my neighborhood.
  • Once a week I get an email with an interactive map showing which homes in the city closed escrow and at what price.
  • Once a month I get a memo pad with the realtor’s name, photo, and area of expertise.
  • Once a quarter I get a postcard of upcoming social and sporting events in the city.
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