Collaborative Consulting and the Power of Consistency for Consultants with Jacob Morgan: Podcast #5

Powerful strategies to help you build your consulting business by being consistent, relevant, and positioning yourself for success.

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Description:

Jacob Morgan is the principal and co-founder of Chess Media Group, a management consulting and strategic advisory firm focusing on the future of work and collaboration. Jacob works with organizations that are looking to understand how changes in technology and behavior are impacting the way we work. From the wide variety of new technologies available to companies, to the the millennials that are entering today’s workforce, the future of business and technology are shifting dramatically. Consultants who are consistent with their work and willing to work harder to gain clients’ trust are the consultants that are going to achieve the greatest success in this constantly changing business environment. On this episode of Consulting Success, Jacob shares the path that took him from Craigslist to clients seeking his expertise. Be sure to listen to this episode as we examine the key strategic moves you will want to make to secure your position as a sought-after and highly successful consultant.

Advisory access or consulting projects — what do clients want?

One of the biggest challenges many consultants face is the ability to establish retainer fees with clients right from the beginning. As an on-demand consultant, companies will pay monthly retainer fees to have unlimited access to the your expertise, ideas, feedback, and insights. By collecting retainer fees you can provide coaching and advisory to companies in whatever ways they may need it as various situations arise. Compared to one-time consulting projects, which focus on strategy through workshops, training sessions, and presentations, retainer fees can generate more business for you, and establish a long-lasting relationship with clients. However, Jacob agrees that both create great value, and you may be surprised to hear which approach companies tend to commit to first.

No experience, no contacts, and no credibility? You can still build your business by doing this.

It is essential that you begin building your business before, during, and after you begin working for high-value clients. Until you can find a way to prove yourself, companies are not going to be interested in your work, or be willing to commit to retainer fees. You can overcome this by establishing the value of your knowledge, skill set, and experience. Newsletters, websites, online articles, blog posts, speaking engagements, webinars and best-selling books will all work to build your business and create trust with potential clients. Listen to the work that Jacob has put into building his business that has made him such a highly sought-after consultant.

Building your business means being everywhere.

Every consultant is aiming for the day when all work comes from inbound requests from clients. Jacob has made this a reality by growing his business in a variety of very effective ways. He shares the importance of following technology trends, meeting with technology leaders, and attending as many events as possible. Every effort you make will help you build your business. Blogging can be one of the most effective ways to reach a wide audience, and sharing your opinion means that everyone is not always going to agree with you. Writing about your true opinion, even if it’s more polarizing, will be more effective than writing to please everyone. That’s one tactic that Jacob uses, and you’ll want to listen to learn more about the other approaches Jacob and I discuss for successfully building your business.

There is absolute power in consistency for consultants.

Consistency for consultants means choosing your domain, and centering everything that you want to do around that domain. Everything that you do, everything that you write about, and every way that you project yourself needs to focus on your area of expertise. By creating a brand for yourself, people will start to recognize your work and the value of what you have to offer them. Find out more about the many ways that the power of consistency creates success for high-value consultants like Jacob Morgan on this episode of Consulting Success.

Key Takeaways:

[:35] What does the the future of technology-driven work mean for consultants?
[3:07] Compare advisory access with one-time consulting projects.
[6:20] How can consultants secure retainer fees from the beginning?
[10:05] The road to success will be paved with failures, and that’s okay with Jacob.
[13:32] Jacob got his first consulting client from Craigslist, and he hasn’t stopped consulting since.
[14:41] Building your business means being everywhere — and it all pays off.
[19:08] Following technology and trends is essential in today’s business.
[21:20] Sharing your opinion as a writer means you’re not going to please everyone.
[22:37] Jacob gives proof of the power of consistency for consulting success.
[26:16] What does consistency look like for consultants?

Mentioned in This Episode:

Chess Media Group
The Future Organization

Tweetables:

“Consultants are subject matter experts — we’re there to help businesses figure out what they should be doing.” — Jacob Morgan

“It’s not a failure, it’s a lesson learned that helped you get where you are today.” — Michael Zipursky

“Not everyone is going to agree with you all the time, and you need to be okay with that.” — Jacob Morgan

“Focus on the things you believe in and … are passionate about, and just ignore the people that are trying to bring you down.” — Jacob Morgan

“Consistency needs to be very controlled because it’s how people know who you are.” — Jacob Morgan

Collaborative Consulting and the Power of Consistency for Consultants with Jacob Morgan: Podcast #5 is a post from: Consulting Success

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Swen Nater (UCLA): Train with the best

While reading Coach Wooden and Me (affiliate link), by Kareem Abdul Jabbar, I ran across the story of Swen Nater, who was a first round NBA/ABA draft pick even though he never started, and only play 2 minutes on average per game while at UCLA. Deliberate Practice. Swen did not start out a natural. Apparently, Swen… Read More »

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False equivalence: Washington Post vs. Washington Times

These two newspapers are not the same. Similar name, both based in Washington. That’s where the similarities end. You hear people quoting these interchangeably. Not good. Washington Post. Founded in 1877. Home of Woodward and Bernstein (Exposing Watergate). Circulation of 474,000+ (2013).  47 Pulitzer prizes. Washington Times. Founded in 1982 by the Unification Church. Circulation of 59,000+… Read More »

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How to Write a White Paper That Wins Consulting Projects, with Gordon Graham: Podcast #4

Set yourself apart in the consulting business by highlighting your specialty through customer stories and white papers.

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Description:

There are few people that can consider themselves as great an expert on white papers as Gordon Graham. Gordon is a white paper writer and consultant who has has worked with Google, Oracle, Intuit, and many other Fortune 500 companies. He’s interviewed over 200 C-level executives and written over 170 white papers. He considers himself a B-to-B copywriter. His career path took him from software company technical writing and journalism to a marketing executive in a software company before becoming an independent copywriter who specializes in white papers and case studies. Gordon has spent the last 20 years dominating his field as the expert of white papers. In this episode, Gordon and I discuss the value of white papers as content-filled marketing tools that you can use to set yourself apart as the expert consultant companies want to hire.

How can you make customer success stories work for you?

The countless hours of work that you have put into developing your consulting business has undoubtedly come with powerful success stories that you want to share. These stories build confidence with potential clients and provide insight into the work that you do best. There are a variety of ways to share these stories, from blog posts to audio testimonials, articles on your website or presentations at a conference. You’ll be inspired as you hear the list of ways that you can make customer stories work for you.

Why do white papers work so well?

In today’s industry, up to 96% of customers serve themselves by Googling and then contacting businesses themselves. Customers can make their own decisions about which consultant will work best for them, and white papers can help make their choice an easy one. Gordon recognizes that although you might want to focus your efforts on tweaking your website and all the branding, logos, company name and graphics that go with it, the number one thing that your clients care about is how you can solve their problems. White papers that are filled with marketing content provide clear illustrations of ways that that you can begin to solve your client’s problems.

One common misconception is that videos are capable of producing the same kind of results as a well thought out and prepared white paper. However, videos are incredibly expensive to produce, and they do not have the lasting value or shelf life as white papers. A white paper is a simple product that sums up a your best thinking — it can be your best shot at outshining your competitors. You won’t want to miss the stories Gordon shares that illustrate the power of a well-written white paper.

Regardless of your company size, a white paper will work for you.

Whether you work independently or are building a power team, you can use white papers as an incredibly effective tool to set yourself apart from other consultants. You’ll be able to gain attention and earn trust of the kinds of clients that you want to work with. White papers can help level the playing field between you and a bigger competitor. Listen for Gordon’s take on the single most important “trust factor,” and how to secure that trust with potential clients.

What should you consider when creating a white paper?

The first thing you need to do is put yourself in the shoes of your prospective clients. Forget about your company and your problems, and figure out how to help your clients solve their problems. Next, listen to and consider the two dimensions of specialization that have increased Gordon’s business dramatically. Case studies and numbered lists are two of the powerful tools that white papers must contain. You can hear the rest of Gordon’s tips for successfully leveraging this powerful marketing tool on this episode of Consulting Success with Gordon Graham.

Key Takeaways:

[1:20] Gordon outlines the career path that led him to the top of his field.
[4:30] Customer stories are incredibly powerful — Gordon shares a variety of ways to use them.
[6:53] A look inside the $25,000 booklet that led to multimillion dollar sales.
[10:38] Why do white papers work so well?
[13:30] How can you use social media to increase your business?
[14:35] Gordon compares white papers to business videos — and the winner is clear.
[18:24] How can a white paper work to create the most value for consultants?
[23:20] Sharing useful and relevant information builds trust with potential clients.
[26:05] Gordon’s top tip for standing out in your niche.
[27:52] Can a clear specialization generate more business for you?
[32:52] Horizontal vs. vertical dimensions of specialization.
[36:37] Gordon’s top tips for creating a valuable white paper.
Mentioned in This Episode:

Gordon Graham
White Paper For Dummies, by Gordon Graham

Tweetables:

“Customer stories are so powerful because you can re-purpose them in 25 different ways.” — Gordon Graham

“Nothing else will work for as long and generate the kind of results as consistently as a well-done white paper.” — Gordon Graham

“Consultants can use white papers to differentiate themselves in the marketplace.” — Michael Zipursky

“Everyone wants to stand out in the crowd, but no one wants to do anything different.” — Michael Zipursky

How to Write a White Paper That Wins Consulting Projects, with Gordon Graham: Podcast #4 is a post from: Consulting Success

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McKinsey Quarterly: The perils of bad strategy

Like anything valuable, good strategy is rare. Richard Rumelt, UCLA professor, outlines 4 common ways that companies often fool themselves into a bad strategy in a McKinsey Quarterly article here. Based on his book Good Strategy Bad Strategy: The Difference and Why It Matters (2011) (affiliate link). Bad strategy definitely exists. I would argue that that many organizational “strategies” are… Read More »

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The life of a project: Up, up, down, down

Projects have ups / downs. As someone commented on the last post (hat tip: DS),  there are definitely low points on any project. As Seth Godin is apt to mention (paraphrase), if the work is worth doing, it will be hard and there will be dips. Grit. Who likes doing easy work? As I tell my… Read More »

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Steve Shu on How to Earn $100,000 to $200,000 For Each Consulting Project

Start small and sell the end vision — how consultants can construct a valuable partnership with anyone from small startups to $2 billion companies.

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Description:

Steve Shu is a management consultant who has worked and consulted for Vodafone, Allianz, Nortel, Lucent and Wolters Kluwer, as well as taught courses in the business school at Irvine University. He helps incubate technology-oriented startup initiatives within other companies, including new business units, innovation areas, and new product development.  In this episode, Steve shares key tactics for securing high-figure consulting projects, the value of workshops and networking, and the benefits of making regular investments of increased knowledge within your area of consulting expertise.

Breaking down a $100,000 project.

At the beginning of this podcast, Steve details the different phases that can make up a high value project. Beginning with the business definition and leading up to the acquisition of new clients and staffing the organization, several phases can contribute to the total project, including funding, organization, and prospecting.  Each of these phases contributes value to the overall project.  Consultants often need to bring in their own elements of structure to business planning, and Steve shares what he has seen companies need most from consultants.

How can you sell a $200,000 project?

Sell the vision!  Steve has great insights on how to help companies see the outcome of their investment.  Consultants can also sell starter engagements, and you’ll want to hear how workshops can create the vision for the company that will lead to larger value projects.  Steve is also careful to point out that while chat is free, starter workshops still require a fair amount of prep work to be considered worth their value.  Rather than viewing workshops as a one-time engagement, you should approach them as the first step to a long-term investment with each company.

The Balancing Act of Setting Fees

All consultants know that setting fees can be a difficult path to navigate.  In our conversation, Steve has several suggestions to help ease this process.  The process of setting fees can be made easier by looking at the trajectory of each business, then aiming for value-size projects and retainer fees, rather than hourly rates.  You won’t want to miss his take on how to easily calculate appropriate fees.

Finding the Sweet Spot- Identifying Your Target Company Size

For Steve, the right sized company is somewhere between $200 million and $1 to$ 2 billion. Start ups are another one of his desirable target markets.  You can identify what size is right for you based on your marketable skills.  Steve found that his background in working with startups as both a consultant and an operating manager was advantageous in attracting larger companies, while his knowledge of how to get things done appealed more to startup companies.  Networking is another major key to finding the right fit- you need to hear our conversation about how and why strategic relationships are essential to successful company targeting.

Why should you make intellectual capital investments?

You may currently feel very comfortable in your particular niche of consulting and not see the benefit to expanding your range of knowledge, but Steve argues that investing in intellectual capital provides increased market stability.  Consultants need to make regular investments in their expertise to keep themselves relevant in an ever-changing market.  In this segment you’ll learn how making methodical knowledge investments can be one of the most beneficial moves you can make.  If you have ever considered improving and increasing your area of expertise in order to secure your marketability in the future, you need to listen to Steve’s approach to remaining an authority in your market segment.

Key Takeaways:

[1:15] Steve details the phases of a recent start-up project.
[4:50] To win a $200,000 project, start small — a $40,000 workshop can sell the end vision of a high value project.
[11:15] How Steve approaches to the process of setting fees.
[14:20] An appetite for variety was the driving reason that Steve focuses on start-ups within larger companies.
[19:10] Networking is a key strategy in finding referrals and new partnerships.
[22:00] Steve identifies two of the major benefits of independent consulting.
[23:50] Successful consultants need to make periodic knowledge investments.
[28:30] Knowlege investments are meant to create a new kind of thinking within the existing space of each consultant’s expertise.

Mentioned in This Episode:

Steve Shu
Blue Ocean Strategy
Michael Porter

Tweetables:

“You have to sell the bigger picture.” — Steve Shu

“You have to rely on the network to get an idea of where opportunities might be.” — Steve Shu

“If you want to have market stability, you have to invest in intellectual capital.” — Steve Shu

Steve Shu on How to Earn $100,000 to $200,000 For Each Consulting Project is a post from: Consulting Success

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