|
TIME vs. MARKETING
By Adam
Radzik
Consultant to Professional Firms
"It's
not that I don't want to market, it's just that I don't have
the time," is the cry of the harried professional. In other
words, he's saying "other things were more important to me".
What could be more important than marketing? Dealing with
clients and practicing my profession is the answer I receive.
Yet, professionals who say this are sincere and genuine. What
can be done about this problem? The first Issue to deal with
is perspective.
What
happens if you don't market?
Will the client flow continue interminably?
If
the answer is yes, then you don't need to market. Take this
newsletter and give it to a professional who doesn't have
an infinite client base. If the answer is no, then you need
to worry about marketing even though you are busy!. For most
professionals, their client base is very much like an orchard.
Trees die all the time, no matter how well you tend them.
Clients go away all the time, too. Clients die, they sell
their businesses, they merge, they become dissatisfied because
the moon is in the seventh house, or the professional commits
a big boo-boo and the client grabs his file and leaves in
a huff. This means you always have to replace clients just
to stay even, never mind getting ahead. So, if you aren't
marketing, you're losing ground every day. You're getting
weaker and weaker.
But,
what to do about being busy?
First,
are you really that busy? Are you really working that many
hours? Remember, a professional is an entrepreneur and a business
owner and long hours come with that territory. If it was really
easy, 95% of the population would be entrepreneurs, rather
than the other way around.
Second,
how much of the work that you're doing should be delegated
to someone else?
Another
one of my sayings is, "A professional firm is nothing more
than a collection of brains." We should be choosing the correct
brain to do the appropriate job: the science and art of delegation.
I remember once waiting quite a while to interview a Nobel
laureate-level scientist who was being paid in excess of $200,000
a year. When I finally got in to see him, he apologized, explaining
that he was busy doing his own filing, as his employer had
failed to provide him with a clerk. My computation told me
that each piece of paper cost $25.00 to file. Not a good utilization
of an expensive resource. The same phenomenon occurs everywhere.
Over and over again, we find professionals performing functions
that should be handled by a lower-level staff person. This
has several negative effects: the partner is left with no
time to market, the client is billed at an excessively high
rate, the firm loses opportunities to utilize subordinates,
and profitability suffers.
Why
don't professionals delegate?
Sometimes
they are perfectionists; sometimes, they haven't focused;
sometimes, they have no one qualified to delegate the work
to. Why don't they have someone qualified to delegate their
work to? Because firms are neither skilled nor careful enough
in their hiring; the weak sisters are not winnowed out soon
enough and not enough senior professionals take an interest
in training junior staff: As a result, there are often few
really promising juniors and even fewer who know anything.
This results in there being too few staff to delegate to and
the seniors saying, "They'll screw this up royally, and it
will take me three times as long to fix it. I might as well
sit down and do this myself." Consequentially, those marketing
phone calls get delayed another week and then another week...
What
are the solutions to this problem?
A.
Make sure you hire the best and the brightest juniors. Don't
settle for mediocrity. Look more, look longer.
B.
Assign each junior to a senior whose task it is to monitor
and mentor that junior. Remember, the single greatest expense
for a professional firm is labor and to have a $40,000, $60,000,
$80,000 inexperienced junior wandering around the halls without
supervision is fiscally irresponsible. Make sure that the
new recruits who are winners are stimulated, trained and given
opportunity. Make sure that the new recruits who are losers
are identified and excised and replaced with stronger candidates.
Remember, the life of the partner will be difficult or easy
depending heavily upon the skill of the people beneath him/her.
C.
Offer mini-courses in delegation and supervision to your seniors
so they'll know a little about management and motivation.
These skills are not found in the D.N.A.. They must be taught.
D.
Periodically, review the types of tasks that seniors are doing
to help them identify which tasks are appropriate for them
and which should be delegated to others. (When you're on the
treadmill, it's difficult to be objective about one's own
work.)
E.
Offer in-house training courses for juniors taught by the
seniors. Create a curriculum of study. Require each junior
to take each important unit. Keep track of attendance. Assign
a senior or two to develop, coordinate and monitor the process.
Once you get it going, brag about this program to your clients
and prospects. They will be impressed with your high-quality
orientation. Again, if you recruit, supervise and train more
effectively; You will give your partners more staff to delegate
to and, hence, give them more time to market.
How
much time should you be devoting to marketing?
Some
of my colleagues say 40% of your time, others say 30%. I say
as much time as you can, but at least 10%. This 10% can be
spent on making phone calls, writing letters, attending hockey
games with centers of influence, etc. The problem for most
professionals, however, does not center around a debate of
40% or 30% or 10%. The truth is, that most professionals are
spending 2% or less of their time marketing. With such a slim
investment, the yield will be correspondingly slim. There
is no way around the following truism:
Marketing
takes time, and you have to be willing, and able to invest
the time.
Finally
there is real merit to quietly sitting down one day under
a Weeping Willow tree and asking yourself what should the
business life of a partner or senior professional be like,
ideally? Would we want them to work very long hours, putting
in as many billable hours as possible? Is this what a partner
should be doing? Or, should that partner be billing a moderate
number of hours and devoting some time to firm issues and
some time to marketing? It would seem to me that the latter
is a much more rational, humane and profitable way to run
a firm.
So
the next time you hear somebody saying, "I don't have any
time to market" - ask yourself, "What is wrong with this picture?"
If
you would like to learn more about sales coaching, contact
SIC today!
|