Business development is not for today. Business development is for tomorrow. A common misconception plagues the AEC industry. Too many firms frame business development (BD) as a quest for immediate gains rather than long-term growth.
Today's BD is Tomorrow's Success Too often, we think of business development (BD) as finding work TODAY. BD within the AEC sector is mistakenly equated with sales - a direct push to win work, sign contracts, and fill project pipelines. But that is not how great business development works. Rarely does a BD professional visit a client and get a project the same day, the same week, or even the same month. On the rare occasion, a project may be solicited a few days or weeks after a BD visit. These are usually not the right client or project fit. Only disorganized clients will solicit work from a consultant in a short turnaround. Cultivate Relationships to Harvest Revenue The best clients, the ones with whom we want to grow, are well-organized and funded. These clients know the projects they wish to accomplish months, if not years, in advance. Great BD work means pursuing a relationship with these clients. While growing or maintaining a client relationship, the BD professional stays ahead of project opportunities. Together, the BD professional and client look ahead to discover projects that are in the best interest of both the client and consultant. Great well-prepared clients are more distinguishing in selecting consulting partners. They're looking for more than a service provider. They're in search of a partner that aligns with their vision, values, and long-term objectives. BD professionals take the time to learn these things through relationship-building. Positioning Leads to Profits BD work done today is positioning for desirable clients and projects tomorrow. Often, the project a prospective client talks about today will not be needed for 12-18 months. The consultants who maintain relationships and stay in the know are the ones who will be best positioned for work in a year or more. Firms with an eye on long-term success shift the focus from reactive opportunism to proactive strategizing. This requires a long-term vision and consistent effort to build relationships and stay informed about industry trends and upcoming projects. The Road Ahead For the AEC industry, redefining business development as a forward-looking task requires a cultural shift. It requires patience, foresight, and a commitment to investing resources without the immediate gratification of tangible wins. Just like smart 401(k) investing, the return on investment (ROI) should be measured in months and years, not days and weeks. In conclusion, great BD work predicts the future of an AEC business and actively participates in creating it. The work put in today yields profitable business tomorrow.
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To celebrate 2023, here are the nine blog posts offered to professional AEC Marketers this year! From learning how to reject clients to determining the winability of a pursuit, you can find something of value.
Five Reasons I Can't Say "No!" Why do AEC Marketers have such a hard time saying, "No?" There are at least five reasons why. Uncovering your why can help you learn to say, "no," without losing your job. Red Light, Green, Light Communication in the workplace is tricky. There are land mines everywhere, especially when offering constructive criticism. Use "red light, green light" to deliver hard news effectively. The Art of Rejecting Clients! Good marketing often means turning down bad clients. Clients who scope creep you to death and treat you like a commodity need to go. Forgiveness You spend hours upon hours with your work colleagues and clients. As such, there will be opportunities for offense and hurtful behaviors. Learn how to forgive. Five Common Challenges for AEC Marketers Your challenge as an AEC marketer is to dig in and get to know your firm, your clients, and your markets. Once you understand your firm's value and market position, then you will be able to overcome these challenges and provide great marketing! Workweek Wars! Be the Unicorns Who Stay Refreshed, Creative, and Balanced As a professional services marketer, your workweek is an assault on your brain, body, and spirit. Many of us struggle to balance our work demands. We also juggle technological distractions and healthy lifestyle choices. Learn to improve wellness and and stay balanced. The Art of Business Development for Professional Services The heart of effective business development (BD) lies in the pursuit of trust-based relationships. Learn how to structure your approach to building great trust-based relationships. Project Winability It is frustrating to put time, creativity, and effort into what you know will be an un-winable proposal. Yet, most of us do it regularly. But you do not have to stay in this rut! Marketing is for Them, Not You! Qualifications on paper or dollars in a proposal will never convince a client to trust you. They will trust you because you have spent time with them. You must prove you are interested in helping them achieve their goals. You are an A/E/C professional marketer. Has your company pressured you to develop a proposal for a project you knew was un-winable? It is frustrating to put time, creativity, and effort into what you know will be an un-winable proposal. Yet, most of us do it regularly. But you do not have to stay in this rut!
For A/E design and construction companies, it's crucial to determine if a project is win-able. But how can you gauge whether a project is truly "win-able?" Let's delve into the key factors that help answer this question. Established Relationships Matter: One of the first signs that a project might be win-able is if the project owner is familiar with your firm. Have they talked to one of your firm leaders or project managers recently? By recently, I mean within the past 6 months. Having a good initial connection or ongoing dialogue can lead to a successful collaboration. To increase the odds of winning, start by communicating well and building relationships. Track Record of Success: To determine if your firm can win a project, consider if you've completed a similar project for the same owner in the past five years. This showcases your ability to meet their expectations and deliver on your promises. A successful track record can instill confidence in the project owner that your firm is a reliable choice. Alignment of Expertise: Does your firm have the skills and expertise that align with the requirements of the project? If the answer is yes, it enhances your chances of winning the project. Just because your people say they "can" does not mean they "should." To stand out, it's important to demonstrate your knowledge and abilities with similar projects. The Preferred Company: Sometimes, project owners may have a preferred firm in mind. To decide if your firm can win, we need to discover good reasons for the owner to think about other options. This could be due to cost, unique expertise, or a specific aspect of your proposal that sets you apart. Identifying and addressing these factors can tilt the odds in your favor. But you have to be able to do something the preferred company cannot do or prove you do it better! Understanding the Purpose: In addition to technical qualifications, it's important to understand the project's driving forces and purpose. To increase your chances of winning the project, your firm needs to meet its requirements and objectives. Understanding the purpose of the project means going beyond the technical. It means answering the "why." Why is the owner doing this project? In summary, determining the win-ability of a project involves several factors. Build relationships. Demonstrate past success. Prove your expertise. Communicate your differentiators. Understand and communicate the project's purpose. Evaluate these factors carefully when making a project pursuit decision. If you can execute on these factors, your project win-ability dramatically increases. |
AuthorGabe Lett, FSMPS, CPSM, LPC Archives
October 2024
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The views and opinions expressed on this blog do not necessarily represent the views or opinions of Prairie Engineers.
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