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| Value |
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"Can I clean those sunglasses for you?"
Armed with a chamois cloth and spray bottle, the affable salesman offers to buff the lenses of passersby.
He has occupied the same beachfront kiosk for years.
Once you've stopped for your complimentary cleaning, it's natural to strike up a conversation about the high-end sunglasses that are on display and for sale.
Of course, he is using a transparent ploy to make people stop and listen to his pitch about overpriced sunglasses. But, unlike other vendors selling the same products elsewhere, this salesman always has potential customers surrounding him whenever he's working. And they buy from him.
He's always busy because he knows that he won't sell anything if he can't get your attention. So he uses value--cleaning your glasses or offering a cooling spritz of rosehip water--to initiate a dialogue. Once he engages you in conversation, his sales pitch is flawless and always informative.
It's easy to forget that it only takes a small gesture of value to make a client take notice of you. In the effort to get something for your business, don't forget to give something.
When you offer your potential client your version of "Can I clean those sunglasses for you," don't be surprised if they agree and want to know more.
Enjoy this month's issue.
And send me an email if you have comments.
Mike
McLaughlin
Editor
Management Consulting News is a publication of MindShare
Consulting.
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| MCNews 12 Index of Professional Services |
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At the end of the first quarter, the MCNews 12 Index fell to its lowest level since we began publishing the Index more than a year ago.
BearingPoint, in an effort to stem its losses, named a new COO last month. David Hunter, a thirty-year veteran of Accenture, will lead the firm's global operations.
In discussing BearingPoint's annual operating loss of $362 million, CEO F. Edwin Harbach offered analysts a heavy dose of corporate-speak:
"We have some strong momentum entering the year, which we will use to strategically leverage our global footprint and capitalize on areas where we have a differentiated portfolio of expertise, particularly our strong Public Services practice."
"We are now at a clear inflection point in our business and in our history. We are excited about what our future holds."
The future for Wipro, India's third-largest information technology consultancy, includes opening outsourcing centers in the US. The company plans to hire more than 1,000 people to staff two new software development centers in Michigan and Atlanta.
Tata Consultancy Services, India's leading outsourcing company, recently opened its first US center near Cincinnati, Ohio, which has capacity for 1,000 employees.
Hewlett Packard, CSC, IBM, Accenture, and Watson Wyatt continue to defy market gravity. Each company has strong growth in year-to-date share price.
By comparison, the India-based firms' share prices experienced double-digit losses in the first quarter of the year.
|
MCNews 12 Index |
Monthly
Change |
S+P 500
Change |
| March 2008 |
888.27 |
- 4.87% |
-1.74% |
| February 2008 |
933.75 |
4.48% |
1.08% |
| January 2008 |
893.69 |
-11.6% |
-9.8% |
The MCNews 12 Index reflects general investor sentiment about the state of the global professional services industry.
The twelve publicly-traded companies included in the MCNews 12 Index account for roughly $80 billion in combined annual revenue, and serve clients around the world.
Learn more about the MCNews 12 Index 
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| Interview:
Ford Harding |
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 "People probably waste more time and money on the subject of networking than any other corporate activity."
Ford Harding knows what works for developing new business--he wrote the book. And he's just released a new edition of his 1994 classic, Rainmaking: Attract New Clients No Matter What Your Field.
In our interview with Harding, he talks about the tools and strategies that every consultant should have to make it rain.
Read
our interview with Ford Harding
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| Flying Solo, by Alan Weiss |
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 Providing Value
Early in my career, a woman read an article I had written and referred me to another woman in a huge bank who referred me to her boss. The boss agreed to meet with me, to my abject stupefaction.
We had a delightful meeting--me, the second woman, and the boss--chatting in his office for about forty-five minutes. As we turned the corner on the first thirty minutes, I was acutely aware that, despite the great conversation, I had no idea whatsoever of anything I could do for him or he could do for me.
Read
the article
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| CEO = Career Ending Opportunity? |
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CEOs bolted their companies in record numbers in 2007. Top executives at 81 of the world's 500 largest companies zoomed off in their limos to pursue other opportunities. In North American companies, CEO turnover jumped 50 percent from 2006, as the US credit crisis, mergers, and buyouts fueled the exodus.
In almost a third of the cases, though, the company booted the CEO, which is up from previous years. Perhaps shareholder pressure to align pay for performance reached the boardrooms of major organizations last year.
Whatever the cause of the turnover, a newly appointed CEO wasn't necessarily recruited from outside of the organization. In almost 70 percent of the cases, companies plucked new CEOs from within their own ranks.
Even if the new CEO is a veteran of the organization, consultants can help that individual get off to a fast start. Many consultants routinely prepare an organization assessment for new executive teams that highlights emerging opportunities and high priority issues.
Don't expect to use such an assessment to sell work, but to build relationships. If your assessment is useful, it will pave the way for future business.
Source: Weber Shandwick
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| Wi-Fi Blues |
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When you're stuck in an airport, it's tempting to start up your computer, search for a wireless network, and get busy answering email, paying bills, or catching up on the news. But when you access that airport Wi-Fi network, be very careful. Prying eyes may be peeking into your confidential data.
In a study of fourteen major airports by AirTight Networks, researchers found that almost 80 percent of the private Wi-Fi networks at airports are either open or using a weak encryption protocol called WEP (Wired Equivalent Privacy). And more than half of the airport networks were open, leaving any computer and its data vulnerable to attack.
Be especially wary of "free" networks that show up in your search for a wireless network, the study suggests. Hackers can easily create free network access points that are designed to hijack your computer, access your data, and then use your machine to access other computers. Free is not always a good thing.
It's easy to secure your computer while traveling. To start, swear off the open, unsecured networks that many airports offer. The small daily fee for secure Internet access is worth avoiding the nightmare of having your data stolen or your computer infected.
Even if you are using a secure network, shy away from WEP-enabled networks. Instead, look for the stronger security protocol called WPA (Wi-Fi Protected Access).
And finally, if your company uses a virtual private network (VPN), you're already protected.
Don't give up on airport networks, but use caution. You might want to wait until airport IT managers upgrade network security.
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| Prospecting by Email |
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Every week or so, I receive an unsolicited email like this one:
I just wanted to drop a quick email to you and see if we could assist with any of your current openings? We work on contract AND full-time positions and I am confident that we can find candidates for any of your hard-to-fill openings.
Please advise at your earliest and I look forward to hearing from you shortly. Thanks!
Name Withheld
Account Executive
On more than one occasion, I've gone to the sender's Web site to see for myself who is condoning such a silly approach to business development.
It's frightening to think how much time and money organizations squander by allowing their people to blast emails out there that have no relevance for the recipient.
Many companies fail to use the power of email personalization. According to Jupiter Research, only 4 percent of marketers use some form of personalization in email campaigns.
If you plan to launch an email campaign--and they can be quite successful--be sure your message is targeted to those who will benefit from your message.
Compose an issue-based communication that addresses a known or forecasted problem your prospective client cares about. And make an offer of value. You may have some market intelligence, a report, or white paper, for example, that your client wants to read.
And if you ever discover that anyone in your organization is sending email like the one above, show that person the door immediately.
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| Coming
Attractions |
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 "In short, we need to rethink and reformulate what leadership means in a professional service firm."
Join us next month when we talk to Thomas DeLong, coauthor of When Professionals Have to Lead: A New Model for High Performance.
DeLong believes that marketplace dynamics demand new ideas for leading professional service firms. And he'll share a leadership framework that can help firm leaders deliver profitable work, recruit and retain top talent, and get some sleep at night.
Look for the next issue of Management Consulting News on May 6, 2008.
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