Welcome to the March 2022 BD Round-Up.
I mentioned in the January Round-Up that the Year of the Tiger embodies courage, bravery, and strength – well, we have certainly had to channel those characteristics given what has played out domestically in Australia. Our thoughts are with the people devastated by the floods in parts of NSW and QLD as well as those devastated by the unlawful invasion of the Ukraine. We unequivocally stand with the people of Ukraine and admire the courage of the Ukrainian people and the leadership demonstrated by Volodymyr Zelenskyy.
In the March 2022 BD Round-Up, we cover digital, the best marketing channels for small businesses, tips for creating healthy business habits, strategic insights for professional services and how to follow up with someone successfully.
The March 2022 BD Round-Up artciles
This article sets out 5 key marketing channels that small businesses should consider, with an understanding of the cost restraint challenges a small business faces and so they are particularly useful, given that they are cost-effective.
Competitive Strategy for Professional Services – Hinge Marketing by Lee Frederiksen
There are plenty of excellent insights by Lee Frederiksen in this article.
You will learn more about 3 strategic approaches including: a cost advantage strategy; a differentiation strategy and a focus or specialization strategy and how they translate to professional services.
The article also goes on to explain how you can develop your competitive strategy.
News – 5 Critical Tips to Creating Healthy Business Development Habits – The Impact Lawyers by Steve Fretzin
As the title suggests, this article outlines the 5 critical steps to creating healthy business development habits. Adopt one of the tips to get started today.
The one tip that I will be taking away is identifying and engaging an accountability buddy!
What professional services firms must do to thrive by Ashish Nanda and Das Narayandas
This superb article outlines two tools that professional services firms can use to manage their client mix and optimise their strategic position. This first is the practice spectrum and, the second is the client portfolio matrix, which separates clients into four main categories based on cost to serve and willingness to pay.
If a firm’s practices consist of a diffuse mix of clients and unclear strategic positioning, it will weaken the firm’s market profile and lead to internal conflicts, particularly about the organization’s future direction.
A good strategy is knowing who you are and making the right choices!
Feeling frustrated that your follow up emails are not being answered?
This article suggests that you avoid generic phrases including “Following up” or “Checking in.” Rather, be specific about the purpose of the follow up, ie “next steps on Project X.”
Be specific, direct and get to the point.
The March 2022 BD Round-Up Conclusion
The content in the March 2022 BD Round-Up is curated to give you a snapshot of the articles that we have discovered and found to be useful, thought provoking and insightful. They are all stellar examples I am sure that you will agree with.
Sending all readers our best wishes for a happy Easter break (perhaps a great time to catch up on some reading including the articles in this Round-Up) and Ben Paul will be back next month with another robust Round-up covering April, where once again we’ll be bringing you the best BD and Marketing articles from the experts across the world.
In the meantime I hope you enjoyed the March 2022 BD Round-Up and of course more than anything found it useful.