In the second of a two-part feature on the most effective way to search for new clients, we explore the importance of filtering out unsuitable client prospects. and establishing trust with companies you’ve identified as key client prospects

What trigger factors draw clients to your company?
TRIGGERS are circumstances that prompt a business to consider using another firm or organisation.

In the majority of situations, neither the prospective supplier of professional services, nor the prospective client, have any control over trigger factors, because they are ordinarily caused by factors external to the client. But when they occur a sequence of events is set in action, one event of which may be the decision is to appoint a firm such as yours.

But, says David Tovey, of UK-based clients consultancy The Pace Partners, a company cannot select its client prospects purely on the basis of triggers.

He warns that if it does, then, while it may well find itself with a list of prospects from whom there is work to be had, there may well be only a remote chance of actually landing the work. Another strong possibility is that many of these prospects will be a bad fit for the company, and, as such, are undesirable as clients.

How do you filter out unsuitable client prospects?
For businesses to compile a meaningful list of client prospects, Tovey says trigger factors must be combined with filter factors. These are factors that help a business determine whether prospective clients will enhance the company, in terms of profitability or reputation, for example.

“Filter factors should not outweigh trigger factors,” advises Tovey. “And don’t choose more than 10 of each, or the process can become over-complicated.”

Some form of weighted scoring system must also be applied to selected trigger and filter factors.

“Decide the minimum criteria or score that must be reached in order for a company to qualify as a defined prospect,” says Tovey. “The aim is to screen out unsuitable prospects using your triggers and filters.”

Tovey explains the outcome of the exercise should be that the screened “basket of prospects” will fall into three categories:

1. 1.Organisations that are unsuitable to be considered as future clients;
   

2. 2.Organisations that ought to be treated as key defined prospects and receive the personal attention of someone (or a team) who is involved in business development; and
   

3. 3.Organisations that fall between these two extremes. Tovey says that while such prospects should not be turned away should they approach you as a prospective client, “you would not want to devote a lot of personal professional time to pursuing these types of prospects”. 
   

Building trust is a key factor in winning new clients
Once a pool of key defined prospects has been drawn up, the next stage is converting these into clients. For this, building trust is imperative.

“The role of the trusted advisor is integral to the building of a trusting relationship, whether with prospective or existing clients,” says Tovey.

Procurement professionals, he says, are very familiar with the supplier concept of “understanding the client”.

“They recognise that suppliers who understand them most and have insight into their organisation have a competitive advantage, even in a tender situation,” observes Tovey.

But he adds that procurement professionals give only those whom they trust the opportunity to come to understand them.

“My research with procurement professionals shows they choose who will be allowed insight, based on how much they trust the potential supplier. The deeper this trust, the better the opportunity for understanding.”

Tovey says to earn a position of trust in a prospective client’s eyes, businesses “need to build an image of credibility, competence and compatibility”.

Factors influencing credibility are:
1. Confidence
2. Initial Impact
3. Honesty
4. Delivery as promised

Factors influencing competence are:
1. Knowledge
2. Track record
3. Expertise
4. Non-manipulative questioning;

Factors influencing perceived compatibility are:
1. Demonstrating interest
2. Active listening
3. Adapting behaviour
4. Showing you care
5. Showing vulnerability

ABOUT THE PACE PARTNERSHIP
The Pace Partners is a UK-based consultancy that advises and coaches businesses on how to win more of the right work from the right clients at the right level of fees.

Related posts

Increasing market share

How to market services to clients

I’ll have a P please, Bob

Modern client marketing strategies

How to attract higher paying clients

7 step guide to attracting new clients

5 secrets to finding new clients