Page 186 - The McKinsey Mind

07 (159-172) chapter 7 1/29/02 4:51 PM Page 161

Managing Your Client 161

In fact, McKinsey sells, but it uses an indirect approach. Instead
of cold calls and mass mailings, the Firm relies almost exclusively
on existing relationships to generate new business. Many of
McKinsey’s engagements are follow-on work (a fancy term
describing an additional project for a client after one is finished).
To build relationships, the Firm markets: it publishes books and
articles; it performs extensive community service (which often has
the added benefit of allowing McKinsey consultants to rub elbows
with the corporate titans who populate so many charitable
boards); and it sponsors topical presentations and workshops. All
of these efforts serve to get McKinsey’s name out there—if its rep-
utation isn’t enough already—and broadens the Firm’s network of
corporate decision makers, any of whom might be in a position to
call their local McKinsey office with their business problems.
Be careful what you promise: structuring an engagement. In
the words of George W. Bush, “A promise made, is a promise
kept.” Over the years, McKinsey has learned how important it is to
make good on its promises. Unfortunately, even McKinsey some-
times forgets that it can only fulfill a promise if the promise is rea-
sonable. Bear this in mind when laying down the boundaries of
your project—don’t overpromise because you’re bound to under-
deliver, which is no way to get follow-on business. Instead, balance
the demands of the client with the capabilities of your team. If the
client wants you to do more, you can always start a second proj-
ect once the first is done.

LESSONS LEARNED AND IMPLEMENTATION
ILLUSTRATIONS
At first glance, one may think that obtaining clients in a consulting
environment varies dramatically from other industries. Our alumni
who are now in other industries, however, claim that McKinsey