Their breeders – the more progressive professional services firms – feed them incentives to spot opportunities for others and to cross-sell. The collaborative rainmaker still has a hunger for the work and a passion to win it, but plays by their firm’s rules and personifies the vision and values of their organisation. They are looked up to as the ‘role model’ leader whose approach should be emulated.
And unlike the old myths of charismatic ‘salesy’ types, the new rainmakers tend to be excellent listeners and their thoughtful and consultative questions-based approach goes down well with clients looking to buy sophisticated advice for their business. Their attitude is more in line with ‘how can I help?’ rather than ‘what can I sell?’
Clients and potential clients recognise the huge difference between these attitudes and gravitate towards the lower-key collaborative approach.
How are today’s rainmakers winning business?
We conducted a study of what rainmakers are doing in the current economy to win business and explored how they generate leads. They mainly cited activities that get them face-to-face with people as being the most potent. Here is the typical pecking order:
- Maximising revenues from existing clients: many of the rainmakers had an eye on their existing clients and how they can add further value to their situation. One particularly collaborative rainmaker was very good at getting to grips with his clients’ strategies and issues. If he personally couldn’t help, he happily recommended others in or outside the firm who could assist. Over time, this individual has built up a highly loyal client following who recognise the breadth of his firm’s services – rather than the initial area of expertise they originally purchased.
- Leveraging their personal network: by maintaining regular contact with their network, the new rainmakers are keeping themselves ‘front of mind’ for when a client needs their expertise. They ensure people know what it is they do and the benefits they bring to clients.
- Face-to-face meetings: planning and preparation are seen as vital when structuring face-to-face meetings, so that the rainmaker can focus on the benefits they bring to the situation. They often research the client ahead of the meeting and use whatever means they can to get ‘under the skin’ of them and their business. In doing so they try to evaluate what makes a specific client or contact ‘tick’. What are their goals, motivations, barriers and threats?
- In meetings, the rainmakers typically demonstrated what’s in it for the client by using their services. They did this by listening to what people said and avoided rushing to sell. One in particular was brilliant at using probing questions in a way that unearthed new information his competitors hadn’t found. His use of questions demonstrated his real interest in the client and a superior insight into their particular situation.
- Internal networking: the new collaborative rainmakers were also good at selling in their colleagues’ services as well as their own. This act was often reciprocated and so many rainmakers worked hard to cultivate their internal network as much as their external one. They invested time to understand the benefits colleagues were currently bringing to clients. They also educated colleagues about their latest achievements.
- Building a strong personal brand: many cited the importance of personal brand in rainmaking. Becoming known as the ‘go to’ person in their profession (through speaking engagements, PR, networking and direct mail) was certainly helping a number of the rainmakers forge a great reputation and profile that brought in new business. Many worked closely with their firm’s marketing teams to position their expert opinion to a particular audience. They often had a plan of focused on raising their professional profile in that market.
In the current environment those professionals who:
- really understand their existing and potential clients’ issues and challenges
- have the emotional intelligence to engage their contacts in a collaborative way to help them (either through their own skills of those of colleagues within their firm)
...are the ones who are being trusted with the next high value assignment.
John Timperley is managing director of The Results Consultancy
