Is this how your firm decides on what to pursue? Does your firm chase everything that moves? Do you accept every project that walks in the door? Do you end up with clients that just may not be the best fit for your operational capabilities or vision for your firm’s future? What’s the impact of that type of approach on the long-term success of your firm?
It means that what you’re doing today, you’ll end up having to do tomorrow. If you’re always chasing leads, then you’ll always be in the mode of last minute pursuits and hoping for the best. Why live in that mode when you can pursue work (and clients) with a high level of intent and purpose?
What is account-based business development?
Not all clients are created equal. Some pursue quality and are willing to pay for it. Others are looking for firms to accommodate very tight budgets. Others want a lot of process wrapped into the project and some want a project pushed through to meet tighter deadlines. Account-based business development allows you to target the accounts that are the best fit for your firm and pursue them, relentlessly, to position your firm for upcoming projects.
Account-based business development (you’ll also hear it as account-based marketing) has two key components:
The account-based approach encompasses:
Yes, this is a long-term approach to marketing and business development and you can’t jump from your current approach to account-based business development in just one month, six months or more. However, a long-term approach leads to long-term results. That takes you out of the “chase the lead” approach and puts you in the driver’s seat of developing long-term relationships with the specific organizations you want to work with.
The value of account-based business development
Having used this approach for 20+ years, experience has repeatedly proven the value. Targeted campaigns in the K-12 market led a start-up office to move from $350K in annual revenues to $4.3 million in three years. Targeted campaigns in the retail market moved a firm from $12 million in revenues to $23 million in three years including entering a brand new, national market. As you can see, it doesn’t happen overnight. It takes commitment and a willingness to be consistent and continuous in your approach. But, wouldn’t that be better than chasing everything that moves?
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When you're ready to improve your business development, marketing, and client relations programs, contact Red Hound Studios at firstname.lastname@example.org