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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778: Sample answer to "Discuss your analytic skills"  (Case Interview & Management Consulting classics)

778: Sample answer to "Discuss your analytic skills" (Case Interview & Management Consulting classics)

In this series of podcasts, let's revisit a Case Interview & Management Consulting classic where we look at each of the typical McKinsey/BCG FIT/PEI questions and provide a typical answer. Note, that while replicating this approach and standard will help you, we caution you that the main test of fit is in handling the cross-examination of your answer. Most candidates tend to be unprepared for that and we urge you to be very aware this will happen and to practice this interrogation style. You can never memorize your way out of these interrogations questions, since you cannot predict the actual question and, therefore, prepare for them. At least 20% of clients ignore this advice at their peril. The reality is that McKinsey will rarely ask this question directly. They will ask a simple question, not referring to leadership, but expect you to always draw out leadership, analytic, teamwork and "can-do" attributes.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

7 Maj 9min

777: The importance of communication (Case Interview & Management Consulting classics)

777: The importance of communication (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we discussed why communication is the most critical skill that a consultant must possess and how to effectively communicate in a logical and structured way.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

5 Maj 18min

776: If you speak english (Case Interview & Management Consulting classics)

776: If you speak english (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we covered a topic about different offices and locations to work if you are an English speaker and its upside and downside you may consider.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

30 Apr 15min

775: The candidate that we took (Case Interview & Management Consulting classics)

775: The candidate that we took (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we spoke about a candidate that we took that did not go well and the important lessons we learned from it.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

28 Apr 20min

774: Brainstorming (Case Interview & Management Consulting classics)

774: Brainstorming (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we discuss what brainstorming is in consulting and what it is not. You will learn what you should actually do when asked to brainstorm.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

23 Apr 9min

773: Exit opportunities (Case Interview & Management Consulting classics)

773: Exit opportunities (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we spoke about the reality of exit opportunities in management consulting.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

21 Apr 15min

772: Be a professional, don't be a business person (Case Interview & Management Consulting classics)

772: Be a professional, don't be a business person (Case Interview & Management Consulting classics)

What is your understanding of the consulting culture or philosophy? What do you think defines and separates the top consulting firms from the others?   For this episode, let's revisit a Case Interview & Management Consulting classic where we spoke about the real culture of consulting firms apart from what people think it is and what distinguishes great consulting firms from others.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

16 Apr 24min

771: The situation of not having the best undergraduate school (Case Interview & Management Consulting classics)

771: The situation of not having the best undergraduate school (Case Interview & Management Consulting classics)

For this episode, let's revisit a Case Interview & Management Consulting classic where we discuss the situation of those people who may not have had the best undergraduate school, are not landing interviews, or do not impress their interviewer too well and how to fix this kind of problem.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

14 Apr 13min

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