Winning new clients and revenue streams Marc Cohen

Winning New Clients Building Revenue Streams

UK Recruiter End of Year Conference 2012

MARC COHENConSol Partners Ltd

November 2012

Contents:

• State of the industry

• Importance of markets

• Developing a BD strategy

• Working in ‘hot markets’

• Building new revenue streams

• Developing solutions for YOUR business

c) ConSol Partners Development Academy 2012

Intro to speaker

• Marc Cohen is founding Director of ConSol Partners

• 0-£10m in sales in 4 years, 50+ staff

• Made 2012 Sunday Times Fast Track 100

• Focus on UK + international markets – made placements in 39 countries

• Clients include Cisco, HP, Expedia, Tesco, MTV, ITV, BP

• Dale Carnegie Trainer - delivered programs to over 1000 people, across 8 different industries.


Recruitment Industry Today

The UK recruitment market shrank by nearly 30% in 2008-2010.

• 2006 £17.8 billion• 2007 £22.0 billion + 24%• 2008 £27.0 billion + 23%• 2009 £22.5 billion - 17%• 2010 £19.7 billion - 12% (cumulative 27% drop over 2 years) (* Figures from REC)

Yet we have also seen some companies grow rapidly year on year – seemingly oblivious to global economy in meltdown.

How did they achieve this?


Recruitment Industry Today

How did they achieve this?

Training – up skilling staff

Staff retention – greater ROI per head

Key customers not affected

Won major staffing project

Tied up long term deals (contractors, RPO)

BD Strategy - Targeted the right markets at the right time


Importance of market strategy

Most recruiters tend to work historic markets that are ‘tried and trusted’. Their focus on new sales is around……. Pitching, Account management, Objection handling, Negotiation fees etc.. As the economy evolved many companies did not change to review what markets they are working and why.

Today is about creating a strategy behind BD in order to have the right tactics to bring in additional revenue for an expanding division or business.


Expansion Methods

1. Sell our existing service to NEW companies = Winning new clients

2. Provide new solutions to existing client base= Building alternative revenue streams


Winning New Clients

How can a company/division/individual develop a winning BD strategy?

Build on your existing success…..

Competitors of existing clients – easier to build credibility, re-use candidates, create competition, build network in one space, domain expertise, same marketing Action: Select your top 5/10/50 clients – research their closest 4 competitors. Are you in contact with these 20/40/200 companies?

Partners of existing clients – use network to make introductions, cross over with candidatesAction: Does your client have a partner page on their website? DO they have close ties with other businesses? Research the partners as above. Are you in contact with them?


Winning New Clients

International locations of existing clients – already working with them, chance build traction in new territory, less saturated than UK, often higher fees (Europe), helps client retentionAction: Map out geographic locations of key clients, Identify several hiring managers in each region and canvas. Use your existing agreement/relationship.

Periphery/cross over markets of clients and candidates – Many markets are interconnected and converging. (For example recruitment + HR or recruitment and direct sales). Your existing candidates can be used + larger client pool Action: Have a team brainstorm session to track where opportunities might be for cross over sales. Track recent candidates your were working with but did not place.


Winning New Clients

New hot markets based on research, network, interviewing, candidate leads Action: Organise a future market session – each consultant presents on new area/development they believe will be key in the next 2-3 years.

Networking opportunities through former clients and candidates is generally overlooked. Warm business, instant credibility, higher fees.Action: Ask each client to refer you to either a candidate or company. Easy but rarely done.

Opportunistic hires – if you see a great consultant in a new areaAction: Ensure your recruiting channels are aware you will look at new markets.

You must take an active interest in research and strategy – not simply input of calls/vacancies etc.


Building New Revenue Streams

How do you separate yourself from your competition? What can you do for clients beyond sending CV’s?

Pareto Law – Sales training and recruitment Engage Education – iDay ConSol – International Campaign Recruitment C-Serv – Professional Services

These could be VAS, chargeable services or increasing existing fees.



GROUP CHALLENGE

Three new ideas to generate revenue, VAS or increase fees.

Cross section that may apply specifically to your company, those in your group and recruitment as a whole

The best people to advise are outsiders to your sector – fresh ideas!

Example idea: Payroll solutions



Some Ideas:

• RPO/Managing recruitment process• Recruitment Training• M+A• Interim recruiters – sell billable time and not candidates• Start Up Consulting – locations, offices, compliance, lawyers, accountants• Payroll solutions • Executive seminars


Action!

• Commit to BD research and strategy per individual, team, division and whole business

• Leverage your existing success in your business

• Consider reducing investment in ‘traditional’ markets that are not bringing significant return

• Create new solutions – will help retain clients and separate from competition and earn the revenue that accompanies this

IMPLEMENT ONE SOLUTION FOR BD AND ONE NEW REVENUE IDEA BY JAN 1ST

ConSol Partners Development Academy 2012

Business

Winning new clients and revenue streams Marc Cohen