307: Building Client Relationships

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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Avsnitt(864)

877: Changing practice styles manages uncertainty (Case Interview & Management Consulting classics)

877: Changing practice styles manages uncertainty (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we speak about our practice styles. Over the course of the case interview training program, it becomes very impor...

2 Sep 5min

876: The Lesson in Choosing to Resign (Case Interview & Management Consulting classics)

876: The Lesson in Choosing to Resign (Case Interview & Management Consulting classics)

When I was an associate and had just joined the firm from a boutique firm, many of my colleagues from the boutique firm were also looking for new roles. Some of them were outstanding and others were t...

17 Aug 12min

875: Using Storytelling in Cases (Case Interview & Management Consulting classics)

875: Using Storytelling in Cases (Case Interview & Management Consulting classics)

Storytelling is a very powerful technique to ensure someone remembers you after an interview. In fact, even when we screen people at Firmsconsulting today, we use this technique I applied as a partner...

10 Aug 23min

874: Managed out of McKinsey & BCG? (Case Interview & Management Consulting classics)

874: Managed out of McKinsey & BCG? (Case Interview & Management Consulting classics)

Too many clients panic when they are managed out of McKinsey, BCG or Bain. They assume the worst and imagine a tattered reputation. This could not be further from the truth. In this podcast, let's rev...

5 Aug 6min

873: Why consulting stars are never managers (Case Interview & Management Consulting classics)

873: Why consulting stars are never managers (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we explain how teams are assembled and the role given to consulting stars. Many assume being the manage means you...

3 Aug 10min

872: Are you a consulting leader? (Case Interview & Management Consulting classics)

872: Are you a consulting leader? (Case Interview & Management Consulting classics)

Many of us rely on titles to determine if we becoming leaders in a consulting firm. This podcast provides a more important of definition of consulting leadership: who does the consulting firm turn to ...

30 Juli 11min

871: Myth of the Technology Strategy Study (Case Interview & Management Consulting classics)

871: Myth of the Technology Strategy Study (Case Interview & Management Consulting classics)

Readers in other sectors like financial services, energy, retail, automotive etc., make a massive mistake when looking at the technology strategy study training we have up on the site. They assume th...

20 Juli 5min

870: Strategy Insight Ratio (Case Interview & Management Consulting classics)

870: Strategy Insight Ratio (Case Interview & Management Consulting classics)

Young consultants make some very common mistakes when they start out, and I explain how to use the strategy insight ratio to correct these problems. Here are some free gifts for you: Overall Approach ...

15 Juli 10min

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