There Are Four Types Of Business Development Professionals. Which One Are You?

There are four types of professionals when it comes to professional services such as accounting, legal work, consulting and financial advisory, where the objective is new business. Two of these types regularly result in new revenues, and two do not. We can see the four types in the following matrix. For didactic simplicity, let’s divide expertise and brand into high and low levels. 

Expertise/Brand Matrix

Let’s now take a look at each type.

Talented Expert. You have a high level of expertise coupled with a strong brand. You’re as adept as any of your competitors, and the “right people” who are existing clients, prospects and key referral sources know who you are and what you can do exceptionally well. The “talented” component indicates you will do an exceptional job for clients. The “expert” component means you will be able to do so. In this matrix, this is the best place for you to be.

Hidden Talent. What happens if you have a high level of expertise but lack a meaningful brand? You’re not well recognized for your knowledge and capabilities. If this is the case, you’re a Hidden Talent. Given the opportunity to work for a high-caliber client, you will do an exceptional job. The big complication is in sourcing that high-caliber client. Potential clients are unaware of or have a limited view of your capabilities. Other professionals do not know much about you and are not likely to send new business your way. This results in you periodically not being in the running to win a prospect’s business. 

Incompetents. Moving to the bottom left quadrant of the matrix are professionals who lack expertise and a meaningful brand. There’s little doubt that if you’re in this segment, you can scrounge out a living or slightly better, but it’s unlikely you’ll get very far. Your ability to source new business is dreadfully limited.

Incompetent Experts. If you’re in this quadrant, you have a solid and attractive brand in the right circles. The fact that you’re not very capable is not a deterrent to your ability to generate a lot of new business and, consequently, tremendous pecuniary success. Put plainly: A lack of real technical capabilities doesn’t hinder very effective business development efforts when the right circle of people believes in your professional knowledge and abilities, even if they’re illusionary.

The Talented Experts and the Incompetent Experts are the two types that are best able to generate new business. When it comes to being very effective at new business development, these two types occupy the same playing field. Why is this the case? It’s really quite simple. When it comes to high-end professional services, clients and prospects, as well as their other professionals and confidants, are regularly incapable of accurately evaluating most professionals’ expertise and capabilities. 

Based on our experience working with some of the leading professional and professional services firms worldwide, an all too common misunderstanding needs correction: Being recognized by decision-makers as an expert and actually, an expert is not necessarily the same. The most effective and powerful way to become recognized as a foremost expert in your field is to become an industry thought leader. Even if you’re not all that knowledgeable and capable, becoming an industry thought leader will likely be as effective as a Talented Expert in business development.

So, which type of professional are you?

Russ Alan Prince is the executive director of Private Wealth magazine and chief content officer for High-Net-Worth Genius. He consults with family offices, the wealthy, fast-tracking entrepreneurs and select professionals.