Close the Loop. Be sure to restate your understanding of the prospective clients issues, the budget, timing, when results can be expected, and the manner in which the working relationship will be structured. Your goal should be for you and your prospect to be clear on these issues when the meeting ends. Mention again how much you want the business.

Postpresentation

Follow-up and pursuit after the presentation will help close the deal or, at a minimum, glean learnings from the client to provide improvement in future performances.

Manners Matter. At this point, the firm must plan on waiting for the clients response. Send a thank-you e-mail and any requested materials in a prompt manner. Also, make sure to answer any questions that may arise. If you do not hear back from the prospect within an agreed period of time, the firm should not give up. Stay in touch with the prospect, alternating between leaving a friendly telephone message and sending e-mails.

Never act annoyed or impatient because of the lack of response. Seeming curious is an appropriate approach. Remember, while closing the business may be your top priority, hiring you may be at the bottom of the prospects list. At some point, sooner or later, the target client will need the services of the firm, and ruining a long-term relationship because of short-term impatience is a bad choice.

Learn from Feedback. Requesting feedback is another technique. Regardless of whether you land the business, ask what the prospective client thought of your presentation, what was learned, what was missing, and how you can improve. We all like to be asked for our opinion. This discussion allows you to show your respect for the prospective client-and the process-while gaining vital insight for your next presentation.

Summary

There are numerous models and techniques that successful professionals use to market themselves and their firms in an effort to develop business. However, there are a few essential points, including organization, diligence, and focus. Given the cost of human capital to the professional services firm, it is imperative to take an organized and diligent approach to ensure that you maximize the firms resources. Further, remember to have patience. Developing business can be a long and arduous process. Do not expect immediate results, and be prepared for the long haul. Additionally, perseverance is a non-negotiable quality of any successful rainmaker. It is one of the ways you

can separate yourself from your competition. Finally, preparation and focus in pitching new business is critical and lack of preparation can rapidly undo many weeks of business development effort.

NOTES

1. Charles Richards,

2. Rob Levinson, Help! I Got the Meeting, Now What Should I Do? Wall Street Journal-Startup Journal, accessed March 2004. Available from http: www .startupjournal.com/columnists/marketing/20031203-marketing.html.

Service Line and Intellectual Property Creation

Thomas Marbach

They are all people who are in trouble about something and want a little enlightenment. I listen to their story, they listen to my comments, and then I pocket my fee.

-Sherlock Holmes1

The business world is splitting into two types of companies: those that have intellectual property and those who do not.

-Gordon V. Smith and Russell L. Parr2

This chapter presents two major elements of the professional services firms creative process, the ideation and maturation of services that are offered to prospective clients as products or firm proprietary knowledge, and the subsequent protection of intellectual property that often comprises the essence of these services. Exhibit 6.1 depicts an overview of this creative process.

Why This Topic Is Important

In Sir Arthur Conan Doyles first tale of his infamous consulting detective, Holmes informs Watson that it does not matter to him whether the earth orbits the sun or the moon. Watson sees Holmes as a paradox. Holmess ignorance of topics such as the earths orbit is beyond comprehension while his knowledge of seemingly minor and unrelated topics is extraordinary. As Holmes reasons, he is merely being practical, and in his eminently practical