🎙️Show Notes for Episode 126 - How To Define A Consulting Advisory Retainer

Aug 09, 2023
Tune in to this episode to learn how to define and sell a consulting advisory retainer so you have  recurring revenue and long-term clients.
The episode focuses on:
  • Understanding what a retainer is
  • A three-part framework to design a consulting retainer
  • Examples and exercises to get you started with your consulting advisory retainer
  • How to pull the three-part framework together and add the retainer to your service offerings
  • The supporting resources that will help you get started with adding consulting retainers to your consulting business
Key points in this episode:
  • [03:50] Melisa’s update
  • [07:15] Episode agenda
  • [07:55] Companion resources
  • [14:00] 3 part framework to design a consulting advisory retainer
    • [15:30] Part 1: determine a business problem a retainer would solve
      • [16:50] Examples of finding client problems
        • [16:53] CEO is reorganizing without an HR executive
        • [18:00] Private equity-backed company with a newly appointed CEO needs thought partnership
        • [18:55] CTO needs an external sounding board to strategize new deals
        • [19:45] SVP is promoted and needs advice on managing multi-level employees
    • [22:00] Helpful exercise
  • [25:30] Part 2: identify the impact of a retainer for clients
    • [26:00] Quantifiable examples
      • [26:30] Deals go through faster
      • [26:50] Hits executive board targets on time
      • [27:30] Avoid costly business mistakes
      • [28:15] Avoid costly personal mistakes
      • [28:50] Exploring “what if” scenarios
  • [31:00] Part 3: outline your own business requirements
    • [31:50] What type of support do you want to provide?
    • [32:30] How would a retainer client earn a spot on your roster?
  • [34:30] Pull 3 parts together to implement retainer offering
    • [34:55] Value propositions
    • [35:00] Qualification criteria
    • [35:18] Specific features of retainer
    • [35:35] Pricing
  • [36:30] How to contact Melisa
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