Strait Insights 10 Year Anniversary
True: I once ran corporate communications for a global financial services giant that was at one time the fifth most profitable company in the world. We became the best at integrating companies and the communications they required. We handled multiple crisis responses on a global scale. Our communications team was constantly building great talent and did so while reducing the overall cost of our operating platform in a growing company. We were complex business problem solvers, not just press release writers. Bright lights, big city, high stakes, you get the idea.
Also true: I now run my own successful boutique PR and communications firm.
True: I never set out to run my own firm. I left a 28 year large corporate career at the beginning of the financial crisis, the summer Bear Stearns and Lehman Brothers blew up. The seas looked very dark in the world. No one was hiring and often recruiters in the communications space had no idea how to handle my non-traditional background.
Also true: In the past ten years I have had dark days professionally and personally. We endured great tragedy in my family during this period. A childhood of stormy crisis steeled me. You can read about resilience all day long but you have to live the challenges of life to really understand it. Building your own firm will teach resilience too.
Not true: My illustrious corporate past opens door after door for me. All I need do is cold call a potential client, or fire off a slick introductory email, and I’m hired sight unseen.
The truth is, in the past 10 years of being on my own, I have not had one cold call converted to new business. I can count on two hands the number of former peers, people I did not know personally, who have found the time to return a courtesy introductory email.
People hire who they know. They will often hire people their colleagues know. They hire larger firms with bigger brands and often less experienced people at higher prices. Your existing network and relationships are everything. Cold calls mean nothing. Arguably, I run one of the most effective and experienced M&A communications consultancies in the US. But my cold call stats won’t demonstrate that.
So what can you learn from my experience if you are starting your own firm?
If you were important before, you aren’t now
When you start your own business, you find out who your corporate friends really are. There are those who will always respect you because of your reputation and your reciprocal relationship; and there are those it seems who were more likely fond of your corporate checkbook or ability to wield influence in the past. The same is true for vendors and external relationships that you no longer pay. It won’t take six months for you to determine where your real allies are. Move on. Invest in those who invest in you.
Colleagues are still trusted colleagues – but probably need reminding
A trusted colleague is in a conference room with ten other people when suddenly the need for an outside resource emerges that includes your exact skill set. Someone other than your friend is quick to the punch with a name or referral. The room moves to the next issue and an opportunity is lost for you. Don’t get mad, get over it. Your trusted colleague is still your trusted colleague. They’re just human and you’ll get lost in their memory banks unless you keep reminding them you’re open for business. Quick emails with relevant articles, tweets, sharing a quote you have in the WSJ. All of these small efforts keep your name blipping on the radar.
Don’t waste time on cold calls
Cold calls are called that for a reason. It can get chilly out there. Pitching your skills and experience to someone who has never heard of you is like standing outside their office window holding a neon “pick me” sign. They don’t know you from anyone. Research and use your network to find introductions to new clients. Even former industry peers are more likely to return an introductory email if it’s made on your behalf by someone they trust. Establish your friends and tend to them, before you need them for something. All that said, I keep doing it. I am stubborn enough to convert just one cold call to new business.
You will never be McKinsey
A senior executive will rarely take the bet to hire a small firm whose principal they do not know, no matter your corporate pedigree. They will hire the brand name over a lone wolf unless, again, someone they trust vouches for you. Find your client base in those you know or in smaller firms that will be more willing to take your experience over a big brand name. While your personal experiences may outweigh those of the principles in a larger competing firm, it’s a very tough slog to sell experienced insights and reduced infrastructure costs over a big brand name. You can still do work at the largest of companies, but it will be work that comes through networking or relationships.
Marketing, websites and social media
Create a website. Create a logo and a nice business card. Maybe create a couple of videos with your viewpoints or approach to the kinds of problems your firm solves. Post on LinkedIn and Tweet with commentary, but don’t spend a lot on marketing. No one who is buying your intellect and experience will find you through a search engine or your website. Someone may check it out, but it’s because they already know about you and want to know more. Create your own PR by writing and getting thought leadership quotes out there.
Don’t worry about creating content when others’ will do
Content is king! Except when it isn’t. Creating content takes time away from developing business. Tough love for you English majors, I know, but trust me on this. Unless you’re a noted author, you’re better off leveraging existing content. Articles, news media, and social media posts are all things you can share with others to let them know you’re keeping up with things that are important to them. Curate thought leadership that reflects your points of view; create it when you feel absolutely compelled. It’s much more efficient. You should of course, pen a few pieces to publish now and then.
If your peers start retiring, know their direct reports
You may be of an age where you’ve noticed more and more of your contemporaries leaving their corporate or agency careers to start consultancies or join boards. As this trend increases, you’ll find that you have fewer first contacts inside companies. Make sure that in every assignment you’re creating relationships with multiple generations of leaders and decision-makers. Your current contacts will get you in the door; the newest leaders will keep it open.
Truth be told: The benefits of running your own shop are well worth the uncertainty and humility you’ll feel when you’re just getting started. Trust in what you know; let those who believe in you be your advocates; and don’t waste your time on dead-end leads or busy work. If you decide to return to a large corporate environment, you’ll have a 100 new cultures to draw from in your experience base. It’s an incredible learning experience! Like me, you will be incredibly thankful for existing colleagues, their referrals, and those new relationships you create along the way. Good luck!