Consulting Success Podcast Less Marketing, More Consulting — How To Win Projects Within Your Network with Stuart Friedman
Today I’m excited to be joined by Stuart Friedman from Global Context. This Silicon Valley-based previous electrical engineer with a passion for theater studied at Carnegie Mellon, then started his career in product marketing and sales before becoming a VP General Manager. He had climbed his way to the top of the corporate ladder when a piece of luggage knocked a profound truth into him — literally. After months of stuttering and having speech and cognitive therapy, Stuart realized that the ability to communicate and the ability to process information and his talent for both was not to be taken for granted. Global Context was born, and 12 years later he has been working in all aspects of cultural communications — from the challenges within one organization to the cultural differences that are always apparent, and often the killer, of any acquisition or merger.
On this episode, Stuart shares the number one consulting success truth — your network is your biggest marketing tool. We explore how you can make your network work for you so that you don’t have to spend your time chasing after your next client. By using Stuart’s advice, your next client will come to you. He shares lessons he has learned, mistakes he commonly sees consultants make, and some of the ways that he has scaled his business for growth without hiring unnecessarily. If you’ve been looking for ways to spend less time marketing and more time consulting, you won’t want to miss this episode of The Consulting Success Podcast with Stuart Friedman.
Building A Business on Cross-Cultural Communications
A background of engineering, marketing sales, and theater may not seem like one that would logically add up to forming a cross-cultural communications consultancy, but that was the perfect recipe for Stuart. It all came together during a conversation with a previous competitor. Stuart was approached to do some consulting work, and the former competitor specifically wanted to know how Stuart had managed to take away all of their business in Asia. It was obvious that Stuart knew something that his competitor didn’t, and at that point, he realized that the work he had been doing in studying different cultures and business practices could benefit more than just him. This former competitor became his first client, and the rest is history.
Stuart has consulted many high-profile companies, but he prefers to maintain a mix of large and small clients in his business. Bigger clients mean more time and higher client acquisition costs, and as someone who has worked with big-name companies including Apple, Sony, Oracle, Microsoft, and Nissan, Stuart has discovered something else. He has found that the bigger the company and the more accomplished people he works with, there also tends to be a greater amount of blind spots that can limit the executive's willingness to learn and change. Higher up people are often convinced that they’re in their role because they already understand how everything works, and Stuart calls working with larger companies with people such as that a laborious effort. Changing an executive’s mind can be a difficult task to take on, but Stuart knows exactly how it can be done.
Winning Business Within Your Network
By taking on projects with smaller companies, Stuart has been given the opportunity for greater success with larger companies. Much of the work that he has procured in his business has come from smaller companies that have since moved onto larger companies, and those people have remembered his work and reached out to him again and again. Referrals in his network haven’t entirely eliminated the need for marketing, but by maintaining and expanding his network, he has been able to shift his focus from chasing clients to getting consulting work done. Over the last 12 years, Stuart says that the majority of his work has come from personal contacts and referrals and that is significant proof that your network can give you more business than your marketing efforts might.
Rather than focusing on marketing and business development, Stuart shares the efforts that have given him the greatest success in acquiring new clients. His success has been accelerated with writing and speaking opportunities. As has been the case for many of my guests here on The Consulting Success Podcast, Stuart has found that by taking advantage of these opportunities, he has increased his credibility and that companies are more trusting of his ability to deliver the kind of change they are seeking.
Additionally, Stuart has maintained a good bandwidth of communication with the clients he has worked with and is currently working with. By following the news he stays informed on how business moves are impacting cultures, and he can stay connected with those in his network. Just like Stuart, you will find that your network is invaluable in accelerating client acquisition. Never neglect your network! The payback for the time that you put into maintaining your contacts will be worth more than any amount of money that you could possibly put into marketing.
Convincing Clients That They Need Your Help
Your job as a consultant is to convey the value in your work to buyers so that you can help them become a better company than ever. Unfortunately, many clients don’t recognize their problems or even care about getting those problems fixed, especially when choosing between making such changes or focusing their efforts on the “hard skills” of growing sales and revenue or decreasing costs. Although the “soft skill” of improving the culture of a business may not be as high on the priority list for an executive, it is just as essential for the success and health of a business. As a consultant who works in the heart of Silicon Valley, Stuart has had plenty of experience with this same problem.
It’s the great paradox of successful companies. In the same conversation, Stuart has heard executives boast about their advanced technology, experienced and talented employees, and operational excellence, and then go on to share the less-impressive facts that they have missed revenue goals, have too-high expenses and are facing disappointing and surprising forecasts coming in again.
If these companies have such excellent resources, why are they still struggling? Simply put, the human issues are the ones that will bog down any company. Once Stuart is able to help executives recognize this overarching flaw, his work becomes easier. You’ll want to listen to the approach he uses and the tips he shares for helping stubborn executives recognize that they do have big problems and that those problems can be solved with the help of a successful consultant.
One of the greatest points that Stuart shares in our conversation is this — your job as a consultant is not to persuade the market into thinking that you have a good opportunity to share with them. Instead, your job is to figure out where you can add value. Stuart says, “You can wake up every day and try to convince somebody that they need something that they don’t think they need, but wouldn’t it be a lot more fun to figure out what keeps them up at night and talk to them about how you can help solve that problem?”
Simply put, you have to focus on your area of expertise and help your clients see where and how you can add value to their company. If you can do that successfully, you can then position yourself in such a way that you can have deeper and more meaningful conversations with potential clients. And, just like Stuart, the insurmountable task of helping executives recognize that they actually do have a problem that you can solve will get much easier.
Turning Mistakes Into Learning Experiences
Every consultant has made mistakes. It’s part of the process on the road to success, but there are always lessons to be learned from our mistakes. Stuart shares three major mistakes in our conversations, and the lessons he’s learned from each one are invaluable. You’ll want to hear him explain each of them himself, but here is a glimpse into the stories he tells.
First, Stuart learned the hard way that the companies he has worked for didn’t necessarily have his best interest at heart. Secretly, he says, he may have been hoping that someone would take him under their wing and point him in the direction of entrepreneurial consulting, but that advice never came. Rather, he had to forge his path on his own and find his own place in the systems he was working through.
Second, Stuart regrets not taking better advantage of the time and training he had while he was still working as “a cog in the corporate system.” He reflects on the number of business trips he took and the time that he wasted just by watching the in-flight movies. Instead, he could have spent that time in more valuable ways by researching the insights that would have given him stronger and quicker legs when he finally did begin to pursue consulting. Of course, we all know hindsight is 20/20, but the lesson Stuart learned should be taken to heart by anyone that is considering moving away from the safety net of the corporate world — take advantage of any time you have to learn more about the field in which you see yourself as a successful consultant.
Third, Stuart reflects on the most common mistakes that he sees repeated all too often in the consulting world. Earlier in our conversation, Stuart shared his perspective on marketing and client acquisition costs. Now, he gives more insight into the consulting secrets that really work for him, and it’s not spending big bucks on marketing. Listen to him tell the facts and you’ll understand exactly what he means when he says that his higher fees and business growth have come more surely by not pursuing an account than ever before.
Business Growth Starts Here
Global Context was formed back in 2008, just prior to the stock market crash. It was a disappointing day for Stuart when he had to let go some of the long-time colleagues turned employees that had joined him in his new business venture, but it also gave him some perspective on how he really wanted to grow and scale his business. The second time around, Stuart decided to create a network of affiliates who were also consultants in other specialized areas that were synergistic with his work. From Brazil to Finland, he was able to join forces with other consultants and create a network of people that he can now use to help him complete various projects.
Additionally, because Stuart is fully booked, he has had to figure out ways to scale his business if he’s not willing to hire on employees. He shares a number of ways that he has made this work for him, including aggressively building product. He has developed his own e-seminars and blog posts, developed seminars for other people, and even developed an app for people to practice a presentation in front of an audience and receive real-time feedback. Each of these efforts has allowed Stuart to maintain control over his business size and scale it right to where he feels most comfortable.
As someone who has enjoyed a dozen years as a successful consultant, someone who can now turn work away, and someone who has found the key to smarter marketing and business sizing, Stuart is a guest that you are sure to gain valuable insights from, all on this episode of The Consulting Success Podcast with Stuart Friedman.
Key Takeaways:
[:10] From the theater to Silicon Valley — meeting Stuart Friedman.
[4:05] Building a consultancy around cross-cultural communications.
[7:12] Working with big brands starts with small projects.
[9:15] Maintaining your network is worth more than marketing.
[12:34] Helping clients recognize that they really do have a problem that you can fix.
[17:55] Challenges and mistakes on Stuart’s path to consulting success.
[24:03] Follow-up with potential clients is an essential part of the process.
[26:12] Scaling business growth means working smarter.
[30:30] Connecting with Stuart Friedman.
Mentioned in This Episode:
Stuart Friedman at Business Insider
Stuart Friedman at Fortune.com
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