307: Building Client Relationships
Episode description
The importance of gaining a client's trust via a solid reputation in the market places a premium on leaders who are skillful in building client relationships. No one would expect a consulting firm with poor reputation to thrive. After all, any firm's future is only as bright as its reputation in the market.
It takes a strategic eye to focus on building client relationships for the long-term, even if it means sacrificing some revenue, and individual compensation, in the short-term. In this podcast we talk about how we approach building client relationships. More specifically, we discuss how we handle negotiating fees with clients. We dive into:
- Should you consider competing on price?
- What competing on price does to your firm?
- If you compete on price what signal are you sending to the client?
Competing on price may bring in some extra revenue in the short-term, but will be damaging to the health of your business in the medium and long-term. Hence, competing on price actually destroys value and should be avoided.
However, if you are a small boutique consulting firm and you choose not to compete on price, how should you compete? In this podcast we also share with you an alternative to competing on price that works for us.
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