We need to cross-sell, increase share of wallet, offer clients our full product range, make more of existing client relationships,…
Sound familiar?
One of the biggest constraints to effective cross-selling is partners/directors not knowing what other parts of the firm offer. As firms grow in headcount, capability and footprint, this becomes a bigger and bigger problem. Here are four case studies that address this challenge that you might find interesting and worthy of emulating.
CASE STUDY: 3MT
Each year, PhD students at the University of Queensland are encouraged to enter the 3MT competition. This event is about getting students to present their entire PhD to a lay audience in the most compelling and accessible way in 3 minutes. If a student can explain an 80,000 word PhD thesis that has taken years to research in three minutes, then a professional services firm partner can explain their practice just the same.
One law firm I’m familiar with has introduced a similar competition with a case of Penfolds Grange as the first prize. Each partners meeting starts with three 3MTs and a secret vote on each by all partners. The vote requires not only a score out of 10 but one key takeaway from the presentation and one client or referral opportunity. In order to increase partner engagement, eligibility to win the prize is based all votes entered and comments made. The firm’s 3MT is currently being rolled out, but the early signs are that it’s a winner.
CASE STUDY: TRADE FAIR
A leading Australian accounting firm recently adapted the trade fair concept to enhance firm-wide understanding of what the firm could offer. At the annual partners and managers conference, each practice was asked to set up a stall and spruik their wares. Each person attending was given 1,000 Firm Dollars to place orders based on the quality and creativity of the pitch, with a maximum of $300 with any one vendor. The goal of each stall holder was to win the most business.
CASE STUDY: TED TALKS
I was told recently of a firm that had created an internal TED Talks series and related YouTube channel. Extending the TED slogan of “ideas worth spreading” the firm created a platform for anyone to prepare and present a thought-leadership video. Presentations were usually under 7 minutes and some included music, poetry and drama. The talks were moderated by a small panel which also offered guidance to those submissions that were initially rejected. Linked to the video was a detailed profile of the presenter(s) together with their areas of specialty, clients and recent projects. In some instances the internal TEDs were released to external audiences. The MP Award, Most Viewed, Most Likes and Most Shares were the most sought after prizes.
CASE STUDY: SPEED DATING
A few years ago I facilitated a partners retreat of a firm that had recently merged with another firm of similar size. Many of the people attending didn’t know each other. We organised a speed dating session where everyone got to share and listen to everyone else. The instruction was for each person to speak for one minute addressing one of these topics:
- What’s the one thing you are most proud of? OR
- What has been a really memorable moment in your life? OR
- What would you say is one of your greatest strengths? OR
- In thinking about your career, what do you dream about?
KEEPING IT FRESH
Each of the ideas described above has a use-by date. The Trade Fair concept will work once, possibly twice, but no more. People get tired and bored quite quickly. It’s essential you keep both the message and the medium fresh.
I’d love to hear how your firm builds internal knowledge.
Image: Maria Esther Lopez C (Pinterest)
Like this:
Like Loading...
Related
account planning, business development, client relationships, growth, internal collaboration, key account management, marketing, professional service firms, Sales management, Workshop facilitation
The key to cross-selling: know what you don’t know
In Articles, Commentary on 2 September 2014 at 4:04 pmWe need to cross-sell, increase share of wallet, offer clients our full product range, make more of existing client relationships,…
Sound familiar?
One of the biggest constraints to effective cross-selling is partners/directors not knowing what other parts of the firm offer. As firms grow in headcount, capability and footprint, this becomes a bigger and bigger problem. Here are four case studies that address this challenge that you might find interesting and worthy of emulating.
CASE STUDY: 3MT
Each year, PhD students at the University of Queensland are encouraged to enter the 3MT competition. This event is about getting students to present their entire PhD to a lay audience in the most compelling and accessible way in 3 minutes. If a student can explain an 80,000 word PhD thesis that has taken years to research in three minutes, then a professional services firm partner can explain their practice just the same.
One law firm I’m familiar with has introduced a similar competition with a case of Penfolds Grange as the first prize. Each partners meeting starts with three 3MTs and a secret vote on each by all partners. The vote requires not only a score out of 10 but one key takeaway from the presentation and one client or referral opportunity. In order to increase partner engagement, eligibility to win the prize is based all votes entered and comments made. The firm’s 3MT is currently being rolled out, but the early signs are that it’s a winner.
CASE STUDY: TRADE FAIR
A leading Australian accounting firm recently adapted the trade fair concept to enhance firm-wide understanding of what the firm could offer. At the annual partners and managers conference, each practice was asked to set up a stall and spruik their wares. Each person attending was given 1,000 Firm Dollars to place orders based on the quality and creativity of the pitch, with a maximum of $300 with any one vendor. The goal of each stall holder was to win the most business.
CASE STUDY: TED TALKS
I was told recently of a firm that had created an internal TED Talks series and related YouTube channel. Extending the TED slogan of “ideas worth spreading” the firm created a platform for anyone to prepare and present a thought-leadership video. Presentations were usually under 7 minutes and some included music, poetry and drama. The talks were moderated by a small panel which also offered guidance to those submissions that were initially rejected. Linked to the video was a detailed profile of the presenter(s) together with their areas of specialty, clients and recent projects. In some instances the internal TEDs were released to external audiences. The MP Award, Most Viewed, Most Likes and Most Shares were the most sought after prizes.
CASE STUDY: SPEED DATING
A few years ago I facilitated a partners retreat of a firm that had recently merged with another firm of similar size. Many of the people attending didn’t know each other. We organised a speed dating session where everyone got to share and listen to everyone else. The instruction was for each person to speak for one minute addressing one of these topics:
KEEPING IT FRESH
Each of the ideas described above has a use-by date. The Trade Fair concept will work once, possibly twice, but no more. People get tired and bored quite quickly. It’s essential you keep both the message and the medium fresh.
I’d love to hear how your firm builds internal knowledge.
Share this:
Like this:
Related