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Retainers are an efficacious and valuable way for clients to gain access to your intellect and wisdom. The client is able to use you as a sounding-board but not to implement projects. That is when you provide the client with a separate proposal.
Retainers are a way for clients to contact you by telephone, fax, email or in person if need be, to discuss problems, issues, questions, opinions and just provide an objective “ear” to the organisation. And believe me; this is incredibly valuable to the client who is surrounded by “Yes” men.
Retainers can be in the form of monthly, quarterly, or longer periods (I have in my time been on retainer for a year, with two different clients).
Specify who, exactly, has access to you and what the terms of contact are. This may not even be an issue with SMEs but certainly must be clearly defined prior to commencing the arrangement with larger organisations. Payment is in advance.
Retainer business is valuable for the client and is good business for the consultant:
- Commitment is provided by the consultant to the client, because the client has engaged the consultant and therefore will have priority over prospect meetings.
- Commitment is provided by the client by dint of the advance payment.
- Retainers increase perceived value.
Executive Wisdom Consulting Group has developed the “Professional Services College” for consultants to grow and market their firms. The College is three days of intensive interaction with Ric Willmot and a very small group of colleagues. The College focuses on pricing, strategy, marketing, negotiations, interpersonal relationships, customer service, staff, etc.
Then we provide you with six months of mentoring to assist you implement!
Comprehensive details about the Professional Services College.
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