How We Acquire New Business Revisited
A refined strategy delivers better results
Prepared for the Buenos Aires AGM of the IPRN - April 2012
What we did in 2009 …
Enhance focus on two capability practices
Investor Relations as national “door opener”
Marketing Communications in the Midwest
Establish two new industry groups
Health Care Practice
And Energy Practice
Having a strategy worked better than the actual strategy
What we did in 2010 …
Change focus:
Investor Relations remains a national “door opener”
Crisis Management begins to attract more business
Reputation Valuation is added as another discipline
Firm resources devoted to using these three to grow
Increased networking to build relationships
Sharpened targeting of possible prospects
What we started in 2011 …
Fresh strategy, combined with recovery, generated growth
But a strategy created in crisis, was not the strategy for future
Consultants, engaged to help us chart our course, suggested:
Use the broader leadership team to create a formal strategic plan
Establish specializations in a small number of vertical industries
Develop a more focused approach to acquiring the best talent
Set up a dedicated business development and marketing function
Revise the revenue pricing model to capture costs and investments
What we started in 2011 …
Leadership Group held an off-site retreat to discuss the future
A former McKinsey executive was asked to moderate the retreat
Senior executives were surveyed, to help shape the discussion
Even the mission and vision were called into question
But the most important topic was direction for the firm
• We had survived, but now how would we keep growing?
What we started in 2011 …
Here are some of the results of that leadership survey:
Specialization is required on industry verticals, such as aviation
Business development should be oriented toward “dream clients”
Business development specialist – that is all they do – is needed
Alter the business model of the firm to ensure profitability, growth
More formally develop great client servers and leaders from within
What we started in 2011 …
In the retreat, leadership developed these strategic priorities:
Distinguish the firm through market-leading, differentiated practices
Drive additional growth through specialization in select industries
Ensure core service lines are competitive, e.g. improve digital offering
Grow the talent base, accelerating performers who grow business
Strengthen quality of the client base, shifting to larger relationships
Become recognized as a national firm headquartered in Cleveland
What we started in 2011 …
We also developed some organizational capacity requirements:
Create and sustain a process for managing the vertical strategy
Strengthen the business development and marketing capability
Create financial model with tighter pricing and expense policies
Develop a comprehensive talent management program
What we are pursuing in 2012 …
7 work groups were established to pursue these priorities
We were too excited, “biting off more than we could chew”
So our efforts now focus on 4 work groups:
Identifying and building vertical industry specialization
Integrating new “Reputation Valuation” practice into firm
Determining best course on business development
Developing a more disciplined approach to revenue
What we are pursuing in 2012 …
What we decided to do about vertical industry specialization
Aviation, and energy and natural resources
What we decided to do about Reputation Valuation practice
High priority, with investor relations and crisis management
What we decided to do about business development
Hire a top talent whose sole responsibility is opening doors
What we decided to do about new model for revenue growth
Impose 7.5% administrative fee to capture costs, investments
What we are pursuing in 2012 …
First, here are our next steps on vertical industry specialization
Identify airlines with which we do not currently work
Formalize relationship with Chartis Aviation (insuror)
Expand relationships with top aviation law firms
Start marketing effort, e.g. speeches, sponsorships
Pursue “thought leadership” through media, blogs
Second, we are interviewing for business development specialist
What we have achieved so far in 2012 …
Third, we are tightening our focus on priority practices:
Investor Relations clients / targets
Bob Evans, Brinker, Cliffs Resources
Crisis Management clients / targets
Boart Longyear, Akzo Nobel, Cardinal Health
Reputation Valuation clients / targets
McDonald’s, Coca Cola, Campbell Soup
What we really expect to achieve in 2012 …
Establish differentiation from our biggest competitors
Create awareness of vertical industry specializations
Get, and “turn loose,” business development specialist
Attract more “dream clients” in vertical industry targets
Recruit and retain more top talent from across the US
Grow client base, now 40% outside area, to more regions
Position Dix & Eaton as “national firm … based in Cleveland”
