INSTITUTE OF MANAGEMENT CONSULTANTS
New England Chapter

News and Views

In this issue:

Member Spotlights

Next Event:
Monday
March 15, 2004

CMC Corner

Member Feature Article:
"Don't Go Where The Money Is!
Go Where The Relationships Are."
by Curtis N. Bingham

Welcome New Members

Breakfast Brainstorms Calendar

emerson consulting
group inc.
"We turn consultants into thought leaders!"

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Next Event:

Monday
March 15, 2004

Dinner Speaker Program
5:30-8:00 p.m.
Sheraton Lexington, Lexington, MA

How to Create and Sustain a Successful Business in Today's Economic Climate

with Les Charm,
Babson College Dept. of Entrepreneurship

Register NOW online!

For complete details, visit IMCNE.org

Member Spotlights

Curtis Bingham, (Predictive Consulting Group) was recently named as a Contributing Editor of December’s Sales & Marketing Excellence. His article entitled "Arrogant Marketing" describes ways to replace "me-centric" with "you-centric" marketing for greater customer response. With the aid of Ken Lizotte, Curtis’ treatise on "Creating Insatiable Demand: Leverage the Demand Chain to Expand Your Customer Base & Your Revenue" appears in the 2004 Handbook of Business Strategy.

Jane Hilburt-Davis (Key Resources) was a presenter at the "Family Business Succession" breakfast at Fleet Boston on January 14, 2004 sponsored by Key Resources along with Andre Pelletier, Private Clients Group, Carrie Seligman, Fleet Boston, Northwestern Mutual Ed Tarlow, Tarlow, Breed, Hart, Murphy, & Rodgers, P.C.

Alan F. Kaul, Pharm.D., MS, MBA, FCCP has been appointed to the editorial Board of Disease Management, a Mary Ann Liebert publication by David B. Nash, M.D., M.B.A. the Editor-in-Chief. Disease Management is a quarterly, peer-reviewed journal that addresses current clinical and business developments in the Disease Management industry. The editorial board consists of national thought leaders who have a particular investment in Disease Management. As a Board member, Dr. Kaul will be contributing articles to the journal and reviewing manuscripts for their quality and content.

Jack Veale, CMC (PTCFO, Inc.) moderated a panel discussion entitled "Family Company Boards - successes and war stories" at the Annual meeting of the National Association of Corporate Directors in October 2003. As part of a series of seminars in Burlington, VT, Jack presented "Change Management" and "Strategic Planning" to a group of manufacturers.

Isn't it your turn to be in the spotlight? Send your name, your business name and 1) recent awards/distinctions/professional certifications you've received; 2) public speaking engagements; and 3) published articles. (Be sure to include key facts, such as when, where and for whom.) You must be an IMC member or affiliate to be featured. Email them to Ethel Cook at , Subject: IMCNE spotlight.

The CMC Corner

Have You Earned Your CMC Yet?

Join the ranks of the true professional consultant by applying for (and attaining) the preeminent mark of excellence among management consulting professionals, the exclusive Certified Management Consultant (CMC) designation, available only through IMC. A CMC after your name signifies evidence of the highest standards of consulting and adherence to the ethical canons of the profession. Less than 1% of all consultants have achieved this level of performance. Learn more by clicking imcusa.org/cmc.acgi

An invitation to IMCNE CMC members — This section is dedicated to you. If you have commentary you'd like to share, here is a forum for you. Send your commentary to our Editor, Ethel Cook, for consideration. Email Ethel at , Subject: CMC Commentary.

Member Feature Article

Don't Go Where The Money Is!
Go Where The Relationships Are.
by Curtis N. Bingham, President, Predictive Consulting Group, Inc.

Too often consultants waste a lot of time trying to go where the money is, using cold calling, direct mail, or other standard tactics to reach decision-makers they hope will hire them. But to be really successful, consultants should instead go where the relationships are by seeking out people who have established relationships with the decision-makers by whom you wish to be hired. Through these intermediaries you will ultimately reach the decision makers faster and close significantly more business. In this article, we take a look at how consultants can best go about identifying and leveraging relationships with such trusted advisors and as a result close bigger, better, and easier sales.

The Psychology of Hiring a Consultant

It is widely known that companies will hire from within far more quickly and easily than they will hire from outside the company. More scrutiny is applied to candidates from the outside than the insider, or to a recruiter’s proposal, with the highest amount of scrutiny applied to an unscreened resume in response to an ad or posting.

An outside consultant without recommendations or track record with a company will thus be subjected to significant scrutiny and even competitive evaluation. Conversely, someone who has successfully worked with the decision-maker won’t be scrutinized much, if at all. So consultants need to find the place in between. The best way to do this is to obtain recommendations from sources the decision-maker trusts explicitly.

With such strong recommendations you bypass intense scrutiny and competitive analysis as well as bidding wars that you can sometimes end up getting embroiled into, and often lose.

Finding Trusted Advisors

How do you triangulate on a decision-maker and enter this insider network of trust to simplify the retention process and streamline the purchase decision? A colleague of mine has said that as a rule of thumb he tries to have three networking points of contact with an individual, and in this way he eventually reaches them through one of these three. The biggest challenge is to figure out where these people are, where they hang out, who are their most trusted advisors or influencers. It could be other people within the company, could be their boss, or advisors (such as other consultants), or perhaps an accounting firm, bank, etc.

I recently attempted without success to gain an audience with a CIO of a major financial services firm. At a seminar where this CIO was presenting, I learned that a partner at one of the major accounting firms was in fact this CIO’s most trusted advisor. So after developing a relationship with the partner, I came to understand the burning issues this CIO faced which led to the introduction, which I had been trying to attain (unsuccessfully) on my own.

To find trusted advisors, try one or all of the following:

1. Identify peers in the company and develop relationships with the decision-maker’s peers.

2. Identify higher-ranking individuals, as it is far easier to reach someone if you have a relationship with his/her boss.

3. Attend and join networking associations. Be careful here however as some have found good luck though frequently these can be full of other consultants vying for the same business.

4. Serve on boards of non-profits. I have found great success in working on the boards of non-profits since other board members get the chance to see you in action and will then introduce you to their own networks.

5. Locate service providers who have complementary offerings but not necessarily competitive offerings.

Service Providers

Perhaps the best method to reach a decision-maker is through providers of complementary services who already possess strong relationships and whose recommendations are trusted. For example, a banker will know quite a bit about his/her clients and will also know what many of their needs are. CPAs are similar, yet in my experience CPAs seem to be a bit more protective of their clients. Lawyers on the other hand know quite a bit about their clients and are valuable sources of recommendations. If your prospective clients are served by investment bankers and venture capital firms, you may be able to reach your prospects on the recommendation of their financial advisors.

Before you can leverage this avenue, however, you must answer the WIIFM ("What Is In It For Me?") question. That means: Why would these service providers recommend you? Keep in mind that these providers always want to increase or enhance their value in the client’s eyes. If you are able to help them fulfill their client’s needs, they increase their value and solidify their relationship with their clients. As well, if these providers can make a trusted referral, they minimize the risk of having another company brought in who may impinge on their business. If warranted, you may consider offering some sort of a referral fee to make it worth their while and to ensure future referrals from them.

Additionally, these service providers may respond well to reciprocal referrals into your network.

Obtaining an Introduction

How to leverage these interactions once you get them? First, be very clear about the value-added you offer, be ready to describe it clearly and succinctly, and in a non-threatening way. Be unafraid of asking the question, "Do you know of someone who might use these services?" or "Are you working with any companies that might benefit?"

When you describe what it is that you are able to do, you need to do so in terms of the pain or the needs that their clients or those with whom they have the relationship will be feeling.

Instead of saying "I’m a management consultant," instead say something more along the lines of, "I help companies that are struggling with diminished revenue and increasingly elusive customers to find more clients and gain more revenue from each of them."

Following Up

One of the best proponents of this system will regularly follow up with me on the status of the referrals I have provided. He provides a brief summary of the meetings he’s had, the directions they are headed in together, and as an added side benefit, he offers me a percentage of the fee he earns as a result of my referral. Such regular and comprehensive follow-up is invaluable for keeping this process successfully on track.

Summary

Go where the relationships are! The decision to retain your services is significantly easier when you come highly recommended from a trusted advisor. There are many people within a buyer’s circle of influence, all of whom might recommend you. Find out who these people are and establish relationships with them. Leverage non-competing service providers such as bankers, lawyers, CPAs, industry thought-leaders, etc. to reach into their networks. Be sure to take care of your new network and reward it well, for the potential rewards to yourself are immense.

Curtis N. Bingham, President of Predictive Consulting Group, Inc., is a sought-after consultant, author & speaker with more than 15 years of experience in making customer insight actionable for increased revenue & profits. He leverages the Demand Chain to discover customer/prospect "pain", create profitable solutions, and market these solutions with precision and innovation. He has performed strategic planning, market entry and expansion strategy development, and has directed concept testing, definition, product launch, and strategic marketing for Fortune 50 companies.

Welcome New Members

Michael Daily, Executive Service Corps

Breakfast Brainstorms Calendar
Free to IMCNE members and affiliates, $10 for nonmembers

Monday, February 2, 2004
7:45 a.m. - 9:15 a.m.
Sheraton Wayfarer Restaurant, Bedford, NH

Monday, February 9, 2004
7:45 a.m. - 9:15 a.m.
Rebecca's Café, Burlington, MA

Want to host a Breakfast Brainstorm in your area? Contact for details.

Strategic Partner Events — visit our Calendar of Strategic Partner and Other Events on our web site for more information on events of interest. Click www.imcne.org/spcalendar.html.

Book Reviews Solicited

Read any good books lately? Book reviews of up to 150 words are needed monthly. Business books and those you found helpful from other genres are of special interest. Email Ethel Cook at , Subject: IMCNE book review