This Ideas article focused on the biggest audience chemistry builder there is...what EDH refers to as one of the “Stealth P’s” – gaining an advantage over the competition via superior Preparation.
Preparation is what you do to maximize your chances of success from the time you get the call that you are in an important presentation to the time you walk in the door to make that presentation.
Preparation is chemistry-builder #1 because customizing emphasis/delivery to prospect needs/preferences is a sign of respect. It shows you listen and care. It signals what type of client service to expect. In many finals, the die is cast before the presenters even show up. The manager who, before the finals, best clarifies a prospect's issues has the upper hand. These clarifications allow good presenters to relate verbal comments to the prospect's situation and demonstrate empathy. The industry trend to more non-standard mandates makes good preparation even more important.
The first challenge is finding the time to prepare. People say they can’t find the time. But consider a finals competition for $60MM at a 50 basis point fee. In this example, the net present value of the revenue opportunity is over $3.6MM. Looked at this way, it’s hard to think of anything more important than taking the time to prepare well.
Following are a few of the questions you should be asking in advance of important presentations:
Although the merits of asking these questions are obvious, consultants tell EDH that 2/3rds of investment managers aren’t doing this. You’ll never get a better example of a marketing and sales inefficiency than this. The old approach of presenters deciding whose going to cover what in the cab on the way there and showing up cold is still going on!
So how do you exploit this? Develop a set of mandatory questions to discuss with either the consultant or asset owner prior to important presentations. The five questions we just went over are only a starting point.
After you’ve gotten good feedback, at or above some threshold level of potential revenue, mandatory internal planning meetings make sense. Meetings may include representatives from consultant relations, CRM. product management, sales, and/or portfolio management and can cover the following agenda:
The final preparation steps are to customize content and delivery based on your positioning strategy and to rehearse in advance. Altogether, this preparation roadmap will give your firm an edge when the big day comes!
This Ideas article focused on the biggest audience chemistry builder there is...what EDH refers to as one of the “Stealth P’s” – gaining an advantage over the competition via superior Preparation.
Preparation is what you do to maximize your chances of success from the time you get the call that you are in an important presentation to the time you walk in the door to make that presentation.
Preparation is chemistry-builder #1 because customizing emphasis/delivery to prospect needs/preferences is a sign of respect. It shows you listen and care. It signals what type of client service to expect. In many finals, the die is cast before the presenters even show up. The manager who, before the finals, best clarifies a prospect's issues has the upper hand. These clarifications allow good presenters to relate verbal comments to the prospect's situation and demonstrate empathy. The industry trend to more non-standard mandates makes good preparation even more important.
The first challenge is finding the time to prepare. People say they can’t find the time. But consider a finals competition for $60MM at a 50 basis point fee. In this example, the net present value of the revenue opportunity is over $3.6MM. Looked at this way, it’s hard to think of anything more important than taking the time to prepare well.
Following are a few of the questions you should be asking in advance of important presentations:
Although the merits of asking these questions are obvious, consultants tell EDH that 2/3rds of investment managers aren’t doing this. You’ll never get a better example of a marketing and sales inefficiency than this. The old approach of presenters deciding whose going to cover what in the cab on the way there and showing up cold is still going on!
So how do you exploit this? Develop a set of mandatory questions to discuss with either the consultant or asset owner prior to important presentations. The five questions we just went over are only a starting point.
After you’ve gotten good feedback, at or above some threshold level of potential revenue, mandatory internal planning meetings make sense. Meetings may include representatives from consultant relations, CRM. product management, sales, and/or portfolio management and can cover the following agenda:
The final preparation steps are to customize content and delivery based on your positioning strategy and to rehearse in advance. Altogether, this preparation roadmap will give your firm an edge when the big day comes!