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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213: How Michael fixed a stuttering problem

213: How Michael fixed a stuttering problem

This podcast draws on the feedback of one of our principals, Michael Boricki who was a Big-3 principal and left the firm on the day after he was appointed director, to discuss the technique he used to not only fix a stuttering problem, but use the pain from fixing the problem to introduce broader, and much needed, flexibility in this communication techniques.

24 Aug 201414min

212: Vague McKinsey/BCG feedback is good

212: Vague McKinsey/BCG feedback is good

This podcast is built on a discussion we recently had with a Yale PhD. His friend, who made it to the final round of McKinsey, was told that the firm had no specific development areas for her. She just did not make the make cut and she was upset about this lack of feedback, especially having been denied a place at the firm.

18 Aug 201416min

211: Ignore the case interviewer at your peril

211: Ignore the case interviewer at your peril

It is quite common for Firmsconsulting to receive the following emails, questions or comments from clients and readers. When reading the comments below, try to think about why a reader would have these questions. In other words, what are their underlying assumptions?

12 Aug 201412min

210: Yale PhDs, Berkeley PhDs and Harvard MBAs start here

210: Yale PhDs, Berkeley PhDs and Harvard MBAs start here

Due to our longstanding relationships at Yale and Berkeley, since several Firmsconsulting mentors are Harvard alumni, our Harvard and Yale clients' involvement in the development of The Consulting Offer Season 1 and 2, students of these schools receive complimentary access. This podcast offers some unique suggestions for PhDs and MBAs from these schools to use the material. In particular, 32 Harvard MBAs were intimately involved in testing the program between December 2012 and June 2013. We discuss their experiences and advice for using the material.

6 Aug 201417min

209: Unemployed To The Big-3, Behind The Scenes

209: Unemployed To The Big-3, Behind The Scenes

Putting together the September 2013 Quarterly feature article, "Unemployed to the Big-3," was both an interesting and challenging article. It follows the new format of the Firmsconsulting Quarterly. This podcast discusses the lessons you should be taking from this article. The context for those lessons, however, is determined by the way this article was written.

31 Juli 201428min

207: Case Interview Support

207: Case Interview Support

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews.

19 Juli 201411min

206: Case Interview Coaching

206: Case Interview Coaching

This series of detailed podcasts provides prospective applicants to our program all the information they need to put together an application package, do well in the screening interviews, and, should they be the offered a place in the Firmsconsulting program, succeed at their McKinsey, BCG et al interviews.

13 Juli 201448min

205: Case Interview Networking

205: Case Interview Networking

Networking will not lead to an interview in management consulting. That is because networking is very poorly done and treated merely as a process of asking for help and referrals. We have a very high success rate due to the unusual steps we take to prepare clients. All time allocated in this part of the training is at the sole discretion of Firmsconsulting since it is not subtracted from the 12 hours of coaching.

7 Juli 201412min

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