Developing Confidence

Management consultants are asking themselves a tough question: What is the most effective way to develop new business? Referrals and networks still work well, but they take up valuable fee-earning time and cannot easily be scaled. Attention inevitably turns to marketing-but can marketing really help to grow such an intangible, people-oriented business? There is evidence that it can indeed.

Firms of all sizes are developing integrated marketing communications campaigns revolving around authoritative publications that demonstrate their expertise and credibility to the market and, importantly, provide real value to prospective clients. By integrating these publications with press campaigns, direct marketing, and speaking engagements, management consultancies are growing brand awareness, communicating practice competency, and increasing competitive differentiation. The result? Face-to-face sales meetings with highly targeted prospective clients.

The business development pipeline can be broken down into five stages, converting unknown prospects into convinced clients. These stages are:

1. prospect research and database development

2. press relations

3. direct marketing

4. speaking engagements

5. sales meetings.

Having a publication as the centerpiece enables each component to add to, and benefit from, the others -- ensuring that the whole campaign is greater than the sum of its part. By making marketing work with publications, you will develop a new business.

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