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Developing a Systematic Approach to Dealing with Investor Inquiries. Kathy Khuu Nairobi, Kenya October 2010. What Does it Take to Become a Good Facilitator?. Strategy. Technology. Human Dimension. Internal Systems. Knowledge Management. Monitoring & Evaluation.
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Developing a Systematic Approach to Dealing with Investor Inquiries Kathy KhuuNairobi, KenyaOctober 2010
What Does it Take to Become a Good Facilitator? Strategy Technology Human Dimension Internal Systems Knowledge Management Monitoring & Evaluation
What Do Top 25 Performers Have in Common? • 1. Inquiries are taken very seriously • 79% have key account management: a single person to handle each lead • 86% screen and prioritize inquiries according to potential value of investment and sector priority • 2. Internal systems are robust and processes are clear • 92% use Client Tracking Systems • 92% have written staff guidelines on how to respond to inquiries • 57% establish fixed time parameters for responding to inquiries • 86% have periodic staff meetings to update the pipeline • 3. The right staff at the right pay • 76% of staff has private sector experience • 71% of successful IPIs pays staff at over public sector levels • 76% staff stays a maximum of 5 years on the job
Components of Inquiry System: 5 Steps Reception Screening Processing Response Follow up
1. Reception: Making Sure Inquiries Get To Us Inquiry reception must be handled under the principles of Availability and Contactability • Display clearly IPI contacts • Display contacts from the inverstors’ need • perspective: by topic or sector Web site • Make sure telephone works at all times! • Promotion staff should have own phone line • Voice Mail to allow prompt call-back Telephone • Working emails with adequate spam filters • Individual emails for each promoter • Automatic replies. Email
2. Screening and Setting Up Priorities • Inquiry screening should be done promptly, fairly and following established qualification criteria • Sector • Value • Number of jobs • Type of investor • Source • Although all inquiries should be attended to, those inquiries that match the IPIs strategic areas (ex. priority sectors, high employment projects) should be given special attention and handling
3. Processing: Allocating Resources Based on Type of Inquiry Inquiry processing, with timely responsiveness and staff guidelines of response Level 1 Level 2 Level 3
4. Response: Ensuring Quality Drafting: Consistent, Accurate and Making a Business Case Quality Control Client Tracking System KM
5. Follow-Up: Converting Inquiries into Leads By providing ongoing customer care to the interested investor, according to their timeline and process Follow up and Build the Relationship with the Company • For example: • Can you tell me more about the project? – Before we answer the inquiry • Have you received the information we sent you? --2 days after response • Do you need anything else? – 1 week after response to inquiry • How is the selection process going? – 1 week after inquiry deadline • Can I come to meet you in your office? – Any time!!!
Last but not Least - Monitoring & Evaluation: What Gets Measured Gets done • Track the whole investment generation process: Responding to inquiries is the entry point of the lead pipeline, the IPI as a whole should measure its effectiveness in generating investment from this point on until establishment. • Performance Targets for Staff: converting X inquiries into Y actual leads (site visit) Objective: follow up to develop relationship with investor with a view to influencing the investment decision • Management Oversight is important to ensure quality control • Survey client satisfaction some weeks after inquiry reply submitted
What will set your IPI apart from other IPIs? Timeliness Quality Professionalism Follow-Up Monitoring and Evaluation Improvement ! Questions ?