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    0 Replies Latest reply on Mar 26, 2015 1:01 PM by SteveSmith56

    Does Your Professional Services Firm Need a Rainmaker?

    SteveSmith56 Scout

      One of the industries that has exploded in the last 5+ years is the professional services industry.  Never before have there been so many lawyers, doctors, CPAs, and other technically skilled people vying for a share of the marketplace.  This industry is especially competitive in So. California where I live.  Many firms have reached levels of business and financial success that most of us only dream about.  The majority, however, struggle to become sustainable as they employ old methods of marketing and acquiring clients.

      What are these old methods?  They're the things many firms relied on before advertising was condoned- reputation and pedigree.  That's not enough anymore.  The firms who consistently rise to the top have employed such strategies as having a 'rainmaker' on staff.  A rainmaker is someone who is adept at mining the market or their client data base for referrals from existing clients or recommendations for new clients.  And since most businesses are so focused on acquiring new business from the marketplace, they virtually neglect the customers they have already earned.

      So, how do you become a rainmaker?  Here's an article written by Peter Finkelstein of Business Review Weekly who goes into detail about why it's advantageous and how it's done.

      If you want your professional services firm to survive the continued onslaught of new comers and others who also want to improve their method of growing their firms, embrace new approaches like rainmaking.  After all, some of your competitors may already be doing this!