marketing & sales: Are You the George Clooney of Your Market
Get me Will Smith!" "We need Sandra Bullock!" "Call George Clooney!"
These mega-stars are known throughout the world. Fans love them for their big personalities and their blockbuster movies, but in Hollywood, they're known for the "cha-ching!" sound studio executives and investors hear whenever they're cast in a new film. In the movie industry, the Will Smiths, Sandra Bullocks and George Clooneys of the world are known as "bankable stars," a term used to describe an actor who can give investors utter confidence that they will achieve a return on their money by ensuring a large box-office draw. They are rare, highly sought after and earn the highest fees in the industry.
The truth is there are bankable stars in almost every industry. And when you can become the George Clooney of your market, it will be great for business.
Just like the bankable stars you see in Hollywood, there are companies and individual executives in every market, who like their West Coast brethren are highly sought after and bring in high fees. I call them "bankable advisors." Some are individuals and some are firms. Regardless, clients love them.
Examples of famous bankable advisors include: Alan Dershowitz (law), Jim Collins (management) and Marshall Goldsmith (coaching). Corporate executives who are in this club might include individuals like Alan Mulally at Ford, who also was a superstar at Boeing, and JPMorgan Chase & Co. and CEO Jamie Dimon, who previously led other successful financial institutions.
Fortunately, you don't have to be globally eminent to achieve bankable status. Regardless of your profession, in your particular market niche, you can become a bankable advisor without the galactic notoriety of Good to Great author Jim Collins. In fact, I can give you two great examples from my own network.
One is a sales executive who is considered the "most connected" individual in the industry he serves. He's at the crossroads of market information and always knows who is up, who is down and what the latest market trends are. Executives eagerly await his calls and visits. Another is a friend of mine who runs an upscale travel agency (yes, they still exist!) that caters to a demanding New York clientele. He knows the hottest places to go virtually anywhere in the world and is the go-to luxury travel advisor for many wealthy businesspeople. You might be surprised to learn he currently owns and rents out four luxury apartments in Manhattan.
So how do you become a bankable advisor who is sought after and earns high fees? Here are seven power questions you must ask and answer to move yourself toward bankability in the business world:
1. Do you offer clients utterly consistent quality, again and again? You must build a reputation for consistent delivery, year in and year out. Goldman Sachs and Morgan Stanley lead the IPO market because they are perceived to have reliably procured capital, at the right price, for hundreds of newly listed companies. On the other hand, I've had clients with such a history of quality issues that they struggled to come up with reliable references when prospects asked for their names. As a result, their margins have been cut, and they face endless RFPs (Requests for Proposals). They are not bankable. I've heard this quality input from many top executives as they've talked about their most trusted advisors: "You have to deliver, deliver, deliver; and over time, my trust in you will build up."
2. Are you a thought leader in your market? Some bankable advisors earn their stripes through writing books. But there are other ways of building a reputation as a thought leader. You can achieve this through deep industry focus. For example, speak at industry forums, write articles for professional publications and be known as the consultant to industry leaders. Take a look at Ernst & Young's Entrepreneur of the Year award. Because the company has run the program every year for more than 25 years, it now owns that space. You must consistently engage in thought leadership activities over time—you can't just write one article or hold one breakfast event and declare victory. If you can produce a slow, but steady, stream of thoughtful perspectives on your chosen niche, you will notice a powerful "flywheel effect" that grows every year.
3. Is your name clearly associated with a powerful value proposition? Like movie stars, bankable advisors have a specific value proposition that people associate with them. For actor Liam Neeson, it's delivering an intelligent action film, whereas for Jim Collins, it's helping companies become great. Your public value proposition may not define everything you do with clients, but it hints at what you're best known for. Mine, for instance, is helping companies and individuals develop their clients for life. Without a recognizable value proposition, you risk becoming a commodity—just another tradable expert-for-hire.
4. Do you have strong name recognition in your market? When you're bankable and potential clients in your geographic area, market niche or industry segment think of your specialty, they think of you. There are many ways to achieve this type of marketing gravity, ranging from publishing to speaking to getting known as the advisor or supplier of choice to top companies. Google your own name—or your company's name. How many times does it show up in a search? However known or unknown you are today, start planning two or three key activities that will increase your name recognition over the next 6 to 12 months.
5. Are you selective about the clients you will take on? Bankable advisors are scarce. When you work for everyone, it dilutes your brand. This has been the downfall of some fashion designers—remember Pierre Cardin, who put his name on everything in sight? On the other hand, attorneys Alan Dershowitz and Barry Scheck (the "DNA guy") understand the scarcity principle and won't take on just any client.
Not just any small company can hire Morgan Stanley to do its IPO. Think about the extreme case of Bruce Lee, the famed martial artist. He died right after his first Hollywood film ("Enter the Dragon") was completed, but he is still one of the most recognizable stars in the action flick genre. Most likely because he was extraordinary—probably the best in history—and also because his untimely death left us all wanting more. But let's face it, after the 10th Jet Li movie, the fascination wears off. Bottom line: Bankable advisors understand they shouldn't spread themselves too thin. They understand that building great client relationships starts with picking the right clients from the beginning. They turn down business that isn't right for them and their brand in the marketplace or that doesn't provide adequate profit margins.
6. Are your prices at the top of your field? Bankable advisors are able to charge high prices. But there is more to it than that. Many researchers have demonstrated that high prices lead to high perceived value. Most people think it's the other way around—that you deliver high value and get high fees. But consider this: When you buy a luxury BMW, you expect it to be fabulous. So on the road to becoming bankable, you enter into a virtuous circle of ever-higher perceived value and fees, with clients experiencing what they expect. One other thing happens: Part of your value comes from the fact that hiring you reduces risk for the person who has retained you. That was IBM's huge advantage in the early days of the computer industry—no one ever got fired for buying IBM. In other words, you add value just by virtue of your bankable status.
7. Do you ask the questions? Or are you grilled by potential clients who don't really know who you are? When a film director calls George Clooney to discuss a potential movie project, who do you think is asking the tough questions? The star. The same applies in business. When a CEO calls Jim Collins, it's Collins who is asking the questions about the CEO's issues, his strategy, his organization and so on. And here's the good news: You don't have to wait until you're famous to put yourself in this position—you can do it right now, regardless of where you are in your career. When you're the one with the thought-provoking, engaging questions in the conversation—be it with a brand new prospect or a longtime client—you immediately move yourself up a notch and gain control of the discussion. You quickly move from being a vendor who takes orders to a proactive, thoughtful advisor who is focused on helping clients achieve their most important goals.
Know this: There's a natural progression of fame that you should expect and enjoy as you strive to become a bankable advisor. In fact, my coauthor on Power Questions, Jerold (Jerry) Panas, is the perfect example of what happens during this progression. Jerry is the undisputed bankable advisor in the field of philanthropy and fundraising. Once, on behalf of a major non-profit client, he even solicited a major gift from the Duchess of Windsor. He's also written 13 books. There is almost no one in the non-profit sector who hasn't heard of Jerry. No board of trustees will ever be criticized for hiring Jerry and his firm.
Here's how the progression of Jerry's career went:
- Who's Jerry Panas?
- Get me Jerry Panas!
- Get me a Jerry Panas-type!
- Get me a young Jerry Panas!
And someday—Who's Jerry Panas?
How far along are you on the progression from unknown expert-for-hire to bankable advisor? Regardless of the answer, start thinking about the steps you need to take to move closer to being renowned in your particular market.
By Andrew Sobel
Andrew Sobel is one of the most widely published authors in the world on client loyalty and the capabilities required to build trusted business relationships. He is the author (along with Jerold Panas) of the new book Power Questions: Build Relationships, Win New Business, and Influence Others (Wiley, February 2012, ISBN: 978-11181196-3-1, $22.95, www.andrewsobel.com). His other books include Making Rain and the award-winning All for One: 10 Strategies for Building Trusted Client Partnerships.