Catherine McQuaid

Catherine McQuaid

Big Game Hunting
Catherine McQuaid is principal of Big Game Hunting. New business development and major account acquisition within the financial services sector. Clients are advisory, professional and business services firms.
  • 0 comments 1,042 reads
    Posted on 2011-04-25

    Optimizing investments in face-to-face events can help reduce the cost of acquiring and converting the asset value of key stakeholders. If we take key account acquisition costs as a model, the average for business services is 30% of revenue generated. 

    Live events, whether you are hosting or participating, are optimal times to expand your potential stakeholder pipeline and to reach beyond your local territory where you have face-to-face representation.  
     
    “You”-focused (as opposed to “I”-focused) video and audio...

  • 0 comments 845 reads
    Posted on 2011-04-25
    Face-to-face contact with key stakeholders frequently drives the decision to host live events, since these relationships underpin financial sustainability. Acquiring and developing a key relationship can represent a significant portion of the financial contribution such a relationship represents (considered as cost of sales).
     The semantic web can amplify  in-situ returns. One way is to embed stakeholder acquisition and development pathways...
  • 0 comments 829 reads
    Posted on 2011-03-03

    Wouldn’t it be great to NOT spend an average of 30% of billings acquiring that trophy? 

    Ask Big Game Hunting how.

    This is usually what is required:

    When a large trade association asked Chris LaBossiere and his team to make a presentation overseas on four days’ notice, it finally dawned on him just how much effort can go into winning a giant client.

    The CEO of Yardstick Software Inc., an Edmonton-based provider of web-based employee testing and training services, was almost 18 months into a campaign to ink a major deal with the large international industry association. After making four trips and more than 100 phone calls to the association’s Montreal headquarters, pitching his case to multiple decision-makers at escalating stages in the procurement process and accruing about $100,000 in sales expenses—a major sum for a company with revenue of $6 million—he believed he was on the brink of a deal....

  • 0 comments 884 reads
    Posted on 2010-11-09

    Creating demand for big-ticket business services inside the C-suite requires much more than contact with that executive.

    If your service will impact a couple of  business units,  there may be 25-30 stakeholders who have a point of view about your company. Knowing their interests and needs before proposal time, increases your odds of winning  an assignment. 
     
    Assignments leading to approved vendor status can have cycle times of +24 months.

    This may explain why the cost-of-sales in business services firms is upwards of 40% of revenues.
     
    High lifetime-value clients rather than one-time assignments can challenge even the most optimistic Big Game hunter.  However, becoming an approved vendor enterprise-wide means sustainable revenue growth.
    ...

  • 0 comments 877 reads
    Posted on 2010-10-30

     Acquiring major accounts takes more than a traditional sales process.  

    And it takes more than getting to talk to senior executives because they’re in your “rolodex”". 

    If your firm has never done business with a global brand, to them you are a contender. A critical step  in winning a first assignment  is understanding that the easiest way to get a project funded will be out of a discretionary budget.

     Members of the executive committee have discretionary budgets for mission-critical, short-term initiatives. In other words, discretionary budgets are used to fix immediate problems affecting investor behaviour.

    Annual operating budgets, on the other hand, are admistered by department heads and are used to fund...

  • 0 comments 993 reads
    Posted on 2010-10-07

    Winning new business with a big company can reduce profits if face-to-face selling  means a high cost of sales ratio. Business services firms would expect to spend 30-40% of project billings on the costs of acquiring a new client.

    Social reduces travel and entertainment costs of new customer acquisition.

    Here are some things to watch out for when using social media:

     

    1. Effective vs. busy: Is marketing  time online spent communicating directly with constituents, answering questions or giving suggestions? Posting profiles and expecting followers to turn into buyers is wishful thinking. 

    2. What were the benchmarks for the program? If service improvement was an objective, for instance, what was the service level when you started, and has customer satisfaction changed since then?

    3. Indirect monetization...

  • 0 comments 974 reads
    Posted on 2010-09-25

    In order to become a pre-approved vendor within a large company, it is best to reach out to the senior executive heading up each division or business unit

    This is how I get a “green light” and referrals:

    1. Contact the executive’s support person.

    2. Acknowledge that you haven’t spoken before & offer to send an executive briefing by email.

    3. Call back a week later and ask to arrange a 45-minute telephone conversation, even if you’re in the same city.

    4. An optimum outcome from that conversation is being sent to a member of their team. 

    This is called getting a “green light” referral.

    Try the approach;  ...

  • 0 comments 939 reads
    Posted on 2010-09-14

    key-accounts5Reaching the most senior executives in a big company  can take the skills of a big game hunter.

    Before asking for an appointment, I design an Executive Briefing to help open doors:

    1. Get permission from the administrator to send an executive briefing in advance of a meeting.  This document situates your service at senior level concerns rather than day-to-day operations.

    2.  The Executive Briefing includes business cases which demonstrate company-wide impact of your work

    3. Illustrate how the business challenges of one industry are relevant to another.  Pre-empt the “What do you know about our industry?” question.

     

    ...

  • 0 comments 974 reads
    Posted on 2010-08-25

    You have your binoculars trained on the King of the Jungle.

    You’ve Googled the executive you want to reach. You’ve made notes on charities and schools you have in common.

    You’ve planned a concise 60-second commercial. Your business coach has helped you craft knock-'em-dead responses to the most likely questions you’ll be asked.

    Now, this is the big day. You've pre-arranged a call for today.
    The assistant picks up phone, you introduce yourself and you hear,

    “Our company isn't interested at this time”.
    big game huntingbig game hunting

    This is not the end of the trail.

    There are 3 ways to pick up the trail again:

    1. Go to the heads of each...

  • 0 comments 1,538 reads
    Posted on 2010-07-26

    Getting the first “toehold” inside a key account is a challenge. By positioning your business service in a very specific niche related to industry-wide pressures and relating your service to what an executive, discretionary budgets would fund, the odds of winning an initial assignment increase.
     
     
    Has your firm’s first assignment been funded out of a discretionary budget? 
     
     
    Discretionary budgets fund one-time interventions supporting commitments the board has made to shareholders and principal stakeholders. 
     
     
     
    A training client who focused on behavioural change aligned their service with customer experience rather than training.  Senior executives were ready to listen to anything which would...