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Market/Client Research

Market research: war stories from the front lines

Hi everyone. To close out my series on market and client research, I want to share with you one case study and two anecdotes that, over the course of my career, have left an indelible mark on me.

Case Study: Satisfaction Guaranteed or Your Money Back

We’ve all heard this platitude during infomercials for the latest skillet that makes 500 different meals in a jiffy. But should this apply to professional services? I recently conducted a phone interview on behalf of an ENR 100 firm. The interview — with one of their key clients, a Fortune 500 company — was conducted to elicit opinions on a number of topics and assess their satisfaction with my client. The interview did not go as my client expected, as their client was quite displeased with both the quality of services provided and value imparted. It was clear that […]

Client research: an underutilized BD tool

Welcome to the second of my four-part series of The Friedman File articles on client and market research. My last article discussed how to use powerful open-ended questions in the business development process. Today, I’m addressing client research — arguably one of the most misunderstood and underutilized tools in a firm’s practice management arsenal.

“If you don’t ask, you don’t get.” This truism is applicable to business development, and it’s particularly relevant in client research. There’s so much valuable information to gather, yet asking the right questions, of the right people, at the right time requires a specific skill set. There are three primary types of client research:

  1. Client/prospect perception studies
    Typically conducted every 2–3 years, often as a precursor to a strategic planning and/or marketing/business development planning session
  2. Continuous client monitoring
    Ongoing brief interviews of current clients, via phone or in-person, that are used to […]

Ask, don’t talk: using probing questions to pursue and win work

I’m excited to launch the first of a four-part series of The Friedman File articles on client and market research — a topic near and dear to my heart. Those of you who know me and/or have worked with me also know that I love asking questions, especially open-ended ones. Do you know what an open-ended question is? (Hint: it’s not the type of question I just asked.)

Asking questions, and even more to the point, having your primary motivator be curiosity rather than a specific outcome, is the lifeblood of development — be it personal, professional, career, market, or business development. Any “Business Development 101” class has, at its foundation, the value of asking probing questions rather than talking. As Steven Covey writes in his widely read book The 7 Habits of Highly Effective People, “seek first to understand, then be understood.”

In my upcoming […]

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