Prospective Clients
- Familiarity with, and knowledge about, X together with perceptions of its relative market positioning.
- Values associated with the brand (plus any historical perceptions).
- What factors most influence choice – referral, reputation, track record, the quality of individuals, relevance of previous projects.
- Who’s who in the marketplace and their relative strengths and weaknesses.
- Expectations of service performance.
- Expectations of individuals.
- Extent to which X could/would be referred to others.
Market Influencers/Referrers
- Extent and nature of reputation.
- Effect of the rebranding.
- Quality of service/results.
- Specific areas where X would be referred.
- Specific areas where it probably would not.
- Relevance/value of different product areas.
- Suggestions for product/service development.
Method
The directors of X decided the specific areas and outcomes required from the research survey questions. They developed a questionnaire for each of the three categories above and included a mix of closed and open-ended questions to capture opinions and perceptions.
From their database they selected and approached a
similar number of companies from each of the three categories. There was a need to modify the questions after one or two phone calls had not produced the desired results.
After completing the survey, they analysed the results. The report showed the analysis, drew conclusions and made recommendations from what the contacts and clients had said.
Conclusions
The overall results were positive and showed a universally high regard for X’s professionalism and confidence in its ability to deliver consistently well-above-average results. The principals were considered to be approachable and well able to handle any difficulties in the relationships between X and their clients.
It indicated that X was successful in its relationship-building events – it had a reputation for quality events even from people who had never attended one!
It was recognised that X had been increasing its marketing and PR presence to maintain a modern image while at the same time raising its profile.
In common with many professional service companies, X’s directors were not only the principal practitioners of the work in terms of fee earners but were also required to manage the business. There was a
consistently high regard for X’s professional capability but there was room for improvement in terms of its business relationship-building.
It was evident from the research that contact databases would benefit from regular updating. There were inconsistencies in terms of a business development strategy and this would be beneficial if X were to effect a more integrated approach.
Successful Outcomes
Six months later, X were delighted to announce that following the creation of the post of Business Development Director, the company had won a significant number of new projects. The results were tangible; by applying an integrated and consistent approach to business relationship building, X’s annual turnover had increased by 19%.
If you take that one stage further, to increase a company’s annual turnover by almost 20% by means of a customer satisfaction survey, a small- to medium-sized company with an annual turnover of £2m would add on an extra £400,000 in a year.
Significant? How can you afford to ignore it? It’s most likely there, waiting for you, just for the asking!