Full Sail Partners Blog | Building Business (5)

Digital marketing, which includes email marketing, is a very effective strategy to growing your business. Most significantly, email marketing and outreach allows you to gain valuable insights into what information and messaging is important to your prospective and current clients. With each email sent, marketers can see open and click rates, and who opened and clicked on a link in the email. As a result, prospects can be easily identified, and messaging modified to grab the attention of other targets.

Email Marketing is Alive and Well

For many people, mainly the non-marketing folks, understanding how email marketing is effective can be difficult. In fact, many believe that email marketing is ineffective since they get so much spam and find it to be an annoyance. However, this is not the case. Email marketing actually has a very positive impact on your business. Here some are staggering facts about email marketing:

• There are 3.7 billion email users in the world and that will increase to 4.1 billion by 2021 (Statista)
• Email marketing has a 28.5% ROI compared to snail mail which has a 7% ROI on average (Chief Marketer)
• 59% of marketers agree that email marketing generates their biggest source of ROI (Emma)
• Email marketing is 40 times more effective at acquiring new clients than Facebook or Twitter (McKinsey)
• 72% of people prefer to receive promotional information via email compared to 17% who prefer social media channels (MarketingSherpa)
• Email marketing is 6 times more likely to result in a click-through than a tweet (Campaign Monitor)
• 90% of people said they will opt-in to receive a newsletter to obtain updates about a company while 10% elected Facebook (Nielsen Norman Group)
• 70% of B2B marketers agree that increasing their email list quality is their top priority (Delivra)
• The average office employee checks their email 30 times per hour (Marketing Insider Group)
• Checking email is the number 1 activity on the internet (Marketo)
• Companies in the United States will spend more than $350 million dollars on email marketing in 2019 (Statista)
• Email marketing drives on average $44 for every $1 spent (Campaign Monitor)

Email Marketing has a Bright Future

With all of these facts about email marketing, it is evident that the strategy works. While your firm is probably using email marketing as part of your overall digital marketing strategy, are you seeing the ROI and maximizing the benefits? Learn more about tracking and measuring email marketing success rates here!

Professional services firms focus on specific industries and provide a plethora of knowledge to their clients in the projects they undertake. For existing clients, professional services firms must continue to stay abreast of the most recent events or rules impacting that industry. They must also continue to build their client base with business development. There are numerous organizations available to professional services firms and many benefits to join them. Let’s take a look at some.

SMPS

The Society for Marketing Professional Services (SMPS) provides a creative and inspiring community to exchange ideas. Members can connect with A/E/C professionals from other firms and disciplines across the country. The information gleaned from networking with like-minded professionals can be applied to your firm’s business. Also, sharing your firm’s best practices can establish your company as a thought leader in the A/E/C industry. Additionally, the new connections in the A/E/C community that you make from SMPS can lead to future business opportunities for your firm. 

PSMJ Resources Inc.

The mission of PSMJ is to improve the business performance of A/E/C organizations worldwide. Membership in this organization provides several advantages. First off, member firms are offered advisory services from expert consultants who serve as coaches pushing firms to achieve greater success. Next, these experts annually conduct hundreds of bootcamps, workshops, roundtables, and networking conferences which provide industry education and a chance for business development. There are also numerous publications available such as articles and books which give solutions to A/E/C challenges. Finally, surveys are performed presenting accurate and relevant industry metrics that firm leaders rely on in making decisions. 

ACEC

The American Council of Engineering Companies (ACEC) is another organization providing great value to professional services firms. ACEC’s mission is to strengthen the business environment for member firms through government advocacy, political action and business education. This organization addresses key issues impacting A/E/C firms and provides online classes and seminars. Additionally, there are networking conferences for firm leaders to develop relationships. ACEC communications cover important legislative matters, and a magazine with thought provoking articles on advocacy and other business interests is published bimonthly. 

Deltek User Groups

There are many Deltek User groups offered across the United States. The Large Firm User Group (LFUG), the Power User Group (PUG) and regional groups by state are ideal networking environments for all Deltek users. These venues provide great opportunities for users to network, trade Deltek experiences and examine best business practices. In these forums, users can grow both professionally and personally gaining information on industry trends, new product features and business processes. 

Join Some Organizations

Professional services firms have much to gain by signing up with a variety of organizations. From firm leaders, to marketers to regulatory specialists, everyone can benefit from being members of these groups. Take some time and think about which organizations are the best match for your firm needs. Once you know, joining is just a click away!

For professional services firms, having the right project lifecycle is essential to having a profitable company. Even more, the processes that drive your firm’s project lifecycle must be in sync with the systems you use to manage them. There are several stages in the project lifecycle and evaluating your processes requires breaking down the steps. In this blog, we’ll look at the initial and most overlooked phase of the project lifecycle…winning the work.

Leads and Opportunities

Here’s where many firms go wrong when examining their project lifecycle…to start a project, you must first win the job. So, evaluating the lead to opportunity process is an essential component and must be considered in the project lifecycle.

When a new lead is acquired, it needs to be captured in a system that provides visibility to the entire company. As a business development person learns more information from the lead, it is input into the system and analyzed to see if the firm can meet the requirements to win the project. Once the decision is made that your firm can win the work then the lead becomes an opportunity.

If you are using Deltek Vision or Deltek for Professional Services (DPS), it is recommended that you create a “proposal project” to track the time to prepare the proposal. By using a proposal project, your firm will have the analytics regarding the cost of winning and losing work as well as the total cost of the business development efforts.

Fee Proposal Development

Developing the fee proposal is another important step to the business development portion of the project lifecycle. The fee proposal will eventually become the basis for the project budget. It will include what your firm is being paid for the various stages of the project. This may also include bonuses or penalties for meeting or failing to meet certain milestones.

It is recommended for Deltek Vision and DPS users to develop the fee proposal using the resource planning module. This will allow you to incorporate previous performance from similar projects to ensure you are charging the right amounts and including the correct milestones. Additionally, firms should continuously check the scope of work and make sure it’s in line with the fee proposal you are developing.

Fee Negotiation and Finalizing a Budget

Once the client indicates it has a desire to move forward with your firm, the fee negotiation and budget finalization phase of the project lifecycle begins. Things to keep in mind during this stage are possible changes to scope, schedule and fees. The budget created during this process will serve as the guide for the project manager to execute the work.

Next Steps to the Project Lifecycle

This blog discussed the business development piece of the project lifecycle. Remember that periodic reviews of your firm’s project lifecycle are a must to ensure that the process is still in line with how your firm has evolved. Stay tuned for more blogs about project execution and project closeout.

Technically, business intelligence or BI has been around for centuries. It is simply the review/analysis of business data. Traditionally, this review had been focused on the past performance of financial data which was easiest to access. As this was financial data, the only people who had access were senior management teams and lower level employees were provided little, if any information. Fortunately, we have come a long way since the old days.

Old Days No More

Financial trends have become easier to access and report against, and we have gotten better at creating and using tools to let us peer into the murky future. Solutions such as resource (people) planning, project planning and CRM (client relationship management) now allow us to track what we see on our immediate horizons. With a combination of these past-looking and forward-looking tools, we can provide a comprehensive view of our performance and where we see upcoming opportunities.

New Problem with Amount of Available Data

So, here’s the new problem. We have access to so much information that it is easy to get overwhelmed. There needs to be a way to draw our eye to a potential “opportunity.” We have also restructured enough that simply having a team who looks at the information and communicates the “opportunity” down the channels isn’t enough. We now require everyone in the company to see the potential and act on it. 

Power of Modern BI Tools

Modern BI tools are the solution to this problem. They allow for consolidation of information into a single data warehouse, so management can see the trends, but this information can also be maintained ‘real-time’ or very close to it depending on the situation. The information can then be presented in a cohesive format that provides an easy view of how the company is performing against its goals.

Furthermore, this information can be disseminated through all the employees (as appropriate) so they can then make informed decisions about their day to day priorities. Additionally, with our mobile workforce, modern BI provides people access to what they need when they need it. Ultimately, the best BI will offer a visual that will call out an issue (or opportunity to improve) and then allow direct access to the data to see what the detail is. 

Example of How Modern BI Works

Below is an actual Division Manager view that shows her the team’s utilization, backlog and outstanding AR. She might look at the AR third column (with the big past due amount) and want to see the specifics:

A simple click of a button will drill down to the clients and let her know there really is only one problem:

She can even go down further to the detail level and see more:

This information will be available to her at the job site, the soccer match or while she grabs a coffee on the way to work. Modern BI tools are very convenient and effective.

Ensuring Successful Firm Performance with Modern BI Tools

Today’s BI is the best way to stay in touch with your company’s performance. A responsive, well thought out BI tool will allow the company to focus on performance metrics that can easily be drilled down to the individual and rolled up to the management team. This modern BI will enable everyone on the team to pull in the same direction and ensure success for the entire company.

Acquiring and maintaining accurate client data is absolutely necessary for both marketers and business developers. Marketers need it to provide valuable content to clients and business developers for a successful sales pipeline. Additionally, as with any other firm department, both marketers and business developers need a way to track their efficiency and effectiveness. With iAccess, this all can be achieved. Here are five things you probably weren’t aware of that iAccess can do for marketing and business development:

Business developers and marketers spend lots of time on the go rather than at their desks. With iAccess, you can use the web browser in your mobile devices to update your CRM and keep data current. We recommend saving it as a bookmark or using the “Add to Home Screen” option for even quicker access on the go. 

Furthermore, the iAccess Business Development workspace enables you to contribute and maintain key pipeline information wherever you are as long as you have an internet connection. 

2. Enter and Edit Contacts, Opportunities, and Touch Points

Using iAccess, you can work with Contacts and Opportunities as well as set up touch points. Under the Contacts tab, you can perform basic searches and add contacts. The contact area provides quick access to key information for your contacts such as title, phone numbers, company, location and email address. You can even add image links into contact records.

From the Opportunities tab, you can view all your current opportunities as well as add new opportunities. You can easily change and view data such as the opportunity stage or see what client you are working on. Additionally, you can view and update the touch points as well as quickly add a touch point within any of the tabs by clicking on add touchpoint under the Touchpoint tab.

If the standard saved searches don’t provide the information you need, you can create a custom search. When you create a custom search, you can save it for the future, so you do not have to continually recreate the search parameters. 

3. Easily Sort, Filter, and Export Opportunity Reports

Opportunities are found within the Business Development workspace of iAccess. Here you have critical information at your fingertips. You have the option to sort opportunities by active opportunities, all opportunities or just those that you are associated with as part of the team. See the opportunities instantly as you filter and organize. These reports can then be exported to wherever you want them to go.

4. Track Your Department Spending

Another nice feature of iAccess is that you can use it to track department spending and can make sure you are being effective and efficient with your resources. If you set up budgets for Promotional Projects, you can easily see where you are Job to Date (JTD) and Year to Date (YTD) for that project. In that project record using the Project Management workspace, iAccess provides visuals to  see the labor and expenses that have been charged to the promo number and what budget is left.

5. Update Contact Notes Using Talk to Text 

A final iAccess benefit is that you can use “talk to text” to update Contact and Opportunity records. When you open iAccess using your mobile devices (explained above), you can use the talk to text feature to update any field. We like to update touch points and notes using this talk to text method. There couldn’t be an easier way to provide a meeting summary after visiting a contact. 

Let iAccess Work for Marketing and Business Development 

Now that you have discovered five things that iAccess can do for marketing and business development, are you ready to try it out? For more information, check out these past webinars to get an introduction to iAccess for business developers and to learn how to connect to Vision from anywhere with iAccess. Lastly, if you’re attending the SMPS Southwest Regional Conference, make sure to attend Lindsay Diven’s pre-conference Vision CRM workshop.

You’ve just spent hours creating a clever email with an enticing subject line to send your clients and prospects. As you prepare to push the button to send this email, you hope for a positive outcome of your campaign. Over the next 24 to 72 hours, you will log into your email marketing platform, such as Constant Contact or MailChimp, to check the performance of this email. But, which numbers really determine the success of an email marketing campaign? Let’s take a look.

The open rate is simple to understand but quite important. This is the percentage of the recipients that opened the email. Knowing how many people opened your email is significant because it will show you if your subject line drew enough attention to make opening it worth their time. Of course, the higher the open rate, the better.

Click-through Rate

Here’s probably the most important metric that allows you to know how successful your email marketing campaign has been. The click-through rate lets you know who actually read your email and took action by clicking on the included link. Seeing who clicked on the email allows you to know who’s interested in your content. This tells you who to target in the next stage of your marketing campaign. In other words, the more click- throughs, the more potential leads that have moved further into your marketing funnel.  

Bounce Rate

The bounce rate tells you how many of the intended recipients did not receive the email at all. There are two types of bounces, a soft bounce and a hard bounce. A soft bounce happens when the recipient’s mailbox is full, the server is down, or the email is too large for the inbox. On the other hand, a hard bounce means the message is permanently rejected because the email address is invalid or doesn’t exist. Obviously, the more bounces, the less potential for exposure to the email content.    

Unsubscribes

Like click-through rates, unsubscribes allow you to assess the quality of your content. If a person signs up to receive your emails and newsletters but unsubscribes, it is usually because the content is not what they expected. So, unsubscribes can show you how many recipients have determined that the content is not valuable or interesting.

Spam Reports

While unsubscribes are bad, being reported as spam is worse. This usually happens for one of two reasons. Either you send emails to people that never signed up to receive them or you send emails to people with irrelevant content. Email marketing platforms can and will suspend accounts that have a high spam rate. Therefore, not spamming is a priority in your email marketing campaign.

Refining Your Email Marketing Campaigns

Using A/B testing is a great way to improve your email marketing campaigns. This is a controlled experiment that compares two versions of the same content to determine which messaging improves your email marketing success rates. There can be a variation of the subject lines, the messaging in the email and the verbiage used in the call-to-action. Remember, in the end, the main goal is to get your email marketing campaign through to its intended audience and have it be well received. How you accomplish this is up to you.

Now that I have your attention, I must admit I totally hijacked that title from my good friend and fellow Full Sailor Rana Blair. In January, she presented a webinar on using Deltek Vision’s iAccess features to enhance the project management function of your firm. It was such a big hit, that we decided to continue the conversation in February. We’ll shift the focus to iAccess’ capabilities for enhancing client/contact management, tracking your pipeline of new work, and preparing for Vision’s future.

I’m convinced Rana was right. We’re at a point where there truly are NO MORE EXCUSES. Now is the time for all good client-facing associates in professional services firms to have immediate access to critical client information. If you don’t, no big deal, your competition will figure it out for you.

Commit to Using Deltek Vision as Your Corporate Contact Manager

It still boggles my mind how many Deltek Vision users don’t do this, sometimes even with the CRM module in place. One of my favorite parts of the module is the remote access to Vision CRM through iAccess. You can roll out access to critical client and contact information to anyone with a license and a data connection. While we typically refer to the CRM module as more of a marketing and BD toolset, contact information is used across the entire firm.

While iAccess screens possess many of the same fields and functions as the traditional “smart client” for Vision, you can easily arrange for custom tabs and fields to appear as well. None of this works, of course, unless you’ve done a decent job at migrating existing critical data and launched a good process for capturing additional information as it comes into your firm.

Gain Clear Insight into the Next 6 to 12 Months of New Work

Pipelines do not have to be complicated, but at a minimum, they should allow your firm to pull from existing client information and maintain a weighted list of future revenue estimates. The basic information required to do this (client, name of pursuit, estimated revenue, start date, and finish date) is typically best-known by the individuals closest to the client. iAccess can assist you by minimizing the distance between those individuals and the fields where you house the information.

If you’re already well-versed at managing Opportunities in Vision, consider iAccess as a tool in your bag to help key rainmakers maintain and update information they typically receive first. Dictating updated information about an opportunity directly into a Vision record using your iPad isn’t all that far-fetched anymore. It can also be used for basic reporting to help the same people avoid stepping on each other’s toes with large clients. Distributed pipeline information in iAccess, built on Vision’s core foundation of clients and contacts, could give your business development team a great boost.

The Future of Deltek Vision Looks Like iAccess

If you’ve not heard of Deltek for Professional Services (DPS), the “reimagined” next iteration of the Vision platform, now’s the time to start thinking about when and how your transition will take place. While thinking ahead with your software vendor’s developing capabilities in mind is always a good idea, this transition is particularly important for Vision users. Many key characteristics of DPS are already present in Vision’s iAccess screens. With iAccess in Vision 7.6, you can start getting users comfortable with the browser-neutral and device-agnostic features that will eventually be pervasive throughout the DPS platform.

Not Quite Convinced Yet About iAccess?

Feeling a little uncomfortable with all this new stuff in the Deltek environment? Join me for some more discussion on iAccess and we’ll do our best to help you get there. We believe taking advantage of these capabilities will help you get the most value from your system and allow you to enhance your clients’ experiences with your firm!

Ironically enough, despite the advances of 21^st century technology, everyone is now busier than ever, and time is a precious commodity. It used to be commonplace to reach out to prospects and clients by phone, but these days it is time consuming and often an annoyance to the people you are contacting. So, what’s a more efficient way to share information on a regular basis with your clients and prospects? There is social media, but it warrants its own blog, and direct mail is slightly archaic. Email marketing, however, is an ideal way to capture your audience’s attention and build more business. Here are some ways your firm can use email marketing to build business.

Newsletters

Whether monthly, bi-monthly or quarterly, an email newsletter to your clients and prospects greatly benefits your marketing plan. For starters, you likely create informative material for your target audience such as blogs, webinars and whitepapers. This information is only helpful if people actually see it, so a regular email newsletter provides the perfect avenue to share your content with your target audience.

But wait, there’s more! Newsletters can also contain pertinent announcements like industry events and conferences your firm is attending or the hiring of new employees because of increased service offerings. Marketing via an emailed newsletter to your audience is a fantastic way to draw attention to your firm and build business.

Generate Brand Awareness With a Soft Touch

Building business requires building brand awareness. Email marketing allows firms to reach out to their clients and prospects in less intrusive ways than making a call or stopping in at the office. One way to look at email marketing is to consider it a soft touch technique to connect with your audience. 

There are endless opportunities that allow you to reach out to your clients and prospects via email. It’s a simple method to stay “top of mind” with your audience. Receiving something of interest this way will resonate well with your audience, and when a need comes up, your brand will be remembered.

General Promotion

Email marketing can also be used for general promotion. In this area, there are unlimited emails you can send. Is your firm attending an industry event? Is your firm hosting a webinar? Let your clients and prospects know with an email.

Your firm is already investing in attending an event or creating an informative webinar, so why not make sure you get the most out of it? With email marketing, your firm can promote these events to generate more participation which will increase the overall return on investment. Additionally, from the email marketing promotion of webinars or events, more business can ultimately be gained.

Be Smart With Your Email Marketing

As with phone calls and stopping by offices, emails can become an annoyance to your audience if not used wisely. You should consider some things before you start emailing away. First, you should segment the list of people that receive emails based on role in the firm. Next, you should use an email automation system, like Constant Contact or MailChimp, that allows you to track the performance of your email. You can see who opens your email, what they click on, and who unsubscribes. So, now that you have the basics for email marketing, start using it to build business for your firm.

Many firms have a plethora of data regarding existing clients, prospects, and wins and losses just sitting around being underutilized or possibly not being used at all.  So, what should these firms be doing with all this data? Well, this significant information needs to be analyzed to create actionable insights which will help drive business development decisions. Here are some thoughts to ensure a proper data analysis.

Reports Don’t Equal Analysis

Reports are pretty and give you an easy view of your data. The line goes up and you smile, the line goes down and you frown. However, quickly glancing over these reports doesn’t actually answer why these are the results you see?

Analyzing means taking those results to the next level and learning why these are the trends your firm is experiencing. You must ask the right questions to find answers in your data and then form a hypothesis to test your data against. This will allow you to find the reason behind your numbers.  

Using Analysis to Achieve the Real Goals

As simple as this sounds, getting the right information from your data analysis can affect achieving your firm’s goals. To make actionable decisions, the goals of the business must be what drives your measurement strategy. Using the correct data analysis technique requires that you know what questions you’re trying to answer.

Think about it, generic questions tend to lead to generic answers. To determine what you’re trying to figure out from your data analysis, you’ll need to have clear objectives provided by the firm’s stakeholders. Without having a specific question to answer, you won’t get a clear answer.     

Creating Metrics That Promote Action

Communicating the results of your analysis in a way to create actionable insights can often be difficult. It doesn’t have to be when the results of your analysis answer the questions that have been established by the business objectives. Therefore, communicating actionable insights requires being able to quantitatively measure the success of the plan you recommend.

The findings of the analysis should drive the development of key performance indicators (KPIs). With these KPIs, the company knows what quantifiable objectives determine the success of the business. Keep in mind, your KPIs need to be realistic based on your data. 

Good Data in Equals Good Data out

Collecting the right data and maintaining it is the most important part of data analysis. For project-based firms, projects are the lifeblood of the business. Winning more projects is essential to generating more revenue. As a result, discovering key project related data from your analysis is integral to creating compelling proposals that win new business. 

Making Data Work for Your Firm

To learn more about project data collection and maintenance best practices, make sure to attend this year’s SMPS Pacific Regional Conference and the Southeast Regional Conference. Lindsay Diven, Full Sail Partners’ Senior Consultant, will be presenting a session titled, “Develop Your Data Collection & Maintenance Program – No CRM Needed” to address this specific topic. Let your data work for you.

After the ball drops every New Year’s Eve, the song “Auld Lang Syne” triggers everyone to begin a personal reflection of the past. Similarly, at the end of a year and on a professional level, business development and marketing professionals should look back at the previous year and evaluate the results of their efforts. How they use this information will help them strategize for the following year and improve upon performance. Here are some New Year’s resolutions that business development and marketing professionals should make to get the most out of next year.

New Year’s Resolutions for Business Development 

Improving client relationships is essential to generating more sales and revenue. Here are five ways to help nurture better client relationships.   

1. Streamline your client engagement/touchpoint activities. Distill your activities to the essentials to shorten sales cycles while providing high-value interactions with clients and prospects.
2. Get to know your clients better. Ask the right questions and actively listen to the client’s answers.
3. Coordinate and collaborate with the marketing team on a regular basis.
4. Embrace new technology. Communicate with prospects and clients and record information gained. Share this information with internal teams.
5. Stop checking in. Instead, use your database to connect with prospects using meaningful conversations or useful content. 

New Year’s Resolutions for Marketers 

While marketing requires evaluating the performance of efforts throughout the year, using this data to become more effective for the next year is a difficult task. Here are five ways marketers can increase the impact of marketing plans for the new year. 

1. Examine last year’s marketing campaigns and see which ones met your goals. Determine how you will use this information for next year’s planning.
2. Take a hard look at your process for collecting and maintaining your information/data. Make it a goal to get all your data centralized into one place.
3. Coordinate and collaborate with the business development/sales teams on a regular basis.
4. Create high-quality, value-based content that your clients and prospects need.
5. Understand the client experience journey from prospect to project delivery. How can you, as a marketer, improve your client experience to differentiate your firm? 

Increase Business and Revenue in 2018! 

With the New Year comes the potential to increase sales goals and revenue. This is the best time to make changes and adjustments to business development and marketing strategies. Follow these New Year’s resolutions to be more productive in your marketing and business development efforts for 2018.