Looking for the real secrets to success with expert networks? We asked employees at major expert networks and their leading consultants to share the inside scoop on becoming in-demand expert. A Client Associate at Third Bridge Group shares a behind-the-scenes look at how they find experts for a project and the factors that go in to whether you’re picked or passed over.
Starting out as an Associate at Third Bridge, I sourced new experts for each project I was staffed on. That meant understanding what types of questions the client wants to get answered, figuring out ideal profiles of people who can answer those questions, finding people who match this profile, figuring out a way to contact them, convincing them to consult, and then selling them to the client. To find a single expert, I typically had to speak with over 15 people – and on some projects a client would want to speak with up to 100 experts!
After getting to know the ropes, I’ve been promoted to Client Associate, so now I work directly with clients. I still custom source experts, but my focus now is on screening experts already in the network to match them up to projects.
With a couple of years under my belt, I’ve sourced so many experts for so many projects at Third Bridge that I’ve lost count! Make life easy for me and and my colleagues and we’ll try to staff you on as many projects as you can handle. Here’s my advice on how to do that.
Make yourself easy to find
Start by making sure your LinkedIn is up-to-date. Associates don’t rely solely on LinkedIn, but we lean pretty heavily on it. If you’re a department or category manager specify which department category you manage. If you’re a CIT/CTO or a high level IT executive, call out by name every software you’ve used, implemented, or researched. If you’re a buyer or procurer, specify what products you have procured. It’s always better to be specific. Instead of saying “in charge of procuring soft drinks”, say “procured Fanta, Gatorade, Lipton and Dr. Pepper”.
One of the under-the-radar places we often look to source experts is customer testimonials, which are a great place to source prominent customers of a product who were willing to offer up there opinion. For example, if a client is researching the CCaaS (Contact Centre as a Service) industry, then they will want to speak with the decision maker behind the choice of provider of this service.
To get started on a search like that, I’d often go the websites of top providers to find their testimonials page (if they have one), and figure out which companies use their services. If there are a few customer testimonials with name, title and company listed, it is incredibly easy to reach out to those people to ask them to hold a call with a client. Oftentimes, though, these reviews don’t have a full name attributed to them, so if you do provide testimonials, authorize use of your full name so that it’s easy for us to find you. (If you don’t want to do that, a first name, title and company makes it relatively easy to track you down; never be anonymous.)
Most importantly, you have to be very responsive. Our projects are very, very time constrained. Experts typically think we’re exaggerating when we say that the project is urgent but our clients change priorities (i.e they go from wanting to speak to a customer from x company, to an executive from y company) within 1 – 3 days. So if you’re sent an email about a new project, make sure to reply within the hour if possible or at least within the same day for the highest chance of selection.
Nine times out of ten, the project proposal emails you receive include screening questions. Clients provide these questions to us so that we can find experts for them to talk to who are on point. While a few clients are cool with an expert just confirming that they can discuss the topic of the consultation, but the majority of clients are much more picky than that and want brief, but very specific answers. You may be a great fit for a project, but If you respond to screening questions with skimpy answers, we’re generally too busy ask you to provide more details and you won’t land the assignment.
Clients don’t need an essay, but they don’t want yes/no answers either. A few thoughtful, descriptive sentences is all it really takes. For example, if one of the screening questions is “can you discuss the competitive landscape?”, a “yes” isn’t enough. Instead reply with “Yes, I can discuss company X, company Y, and company Z in detail”. Clients are looking for company names and figures (averages, percentages,etc). If you provide us with this information, it makes it so much easier to sell you. Selling experts to clients is the most important aspect of the associate’s role, so the faster and more thoroughly you reply, the more likely we are to put you at the top of the list of people that we present to our clients.
Your rate plays a role.
As you can see, experts have a pretty wide range of rates, even amongst the highest earners. There are many factors at play here, but ultimately it’s a function of supply and demand, with industry and seniority being the largest drivers. Some industries are really easy to find experts from (i.e music industry), others aren’t (i.e mining industry). If an expert has experience at a niche/difficult industry, they’re harder to replace and therefore can negotiate higher rates.
The average rate for most experts ranges between $250 to $500/hour, with a typical expert offering 2+ years of experience at a specific company. Many experts, especially higher earning ones, hold managerial roles because clients are interested in speaking with decisions makers.
Have a logical hourly rate. The majority of the projects we receive are market research or due diligence projects, which means the client is looking to understand the trends, dynamics, competitive landscape and future outlook of the industry. Less common are the strategy projects, where the client is looking to enter a market, or to invest in a market, where they are looking for an expert to solve problems.
If the project is a market research project, an hourly rate of $500+ does not make sense. It really doesn’t. It’s literally an hour of your time, that you’re not required to prepare for and that you can make while driving, while chilling by the pool, or while laying in bed. If your rate is too high, it’s not just that the client might not select you but it’s also that we might not even submit your profile over to the client.
One of the most important KPIs for associates at Third Bridge is cost. An expert with an hourly rat above $500 will drive the project cost to the roof and negatively impact an associate’s KPIs. So, we will look for someone with a lower rate, someone with a rate between $100 -$500. The rate for manager-level experts (account managers, sales managers, etc) ranges between $110 – $350. The rate for C-level executives ranges from $350 – $1,000. The $1,000 hourly rate is very rare, however. Typically they’re experts with 30+ years of experience in a super niche industry.
If you are new to an expert network or have only consulted a few of times, keep your rate at the lower end of the ranges provided above as you’re getting started. Once you’ve completed about five consultations and received positive feedback from the clients on all of them, ask for an increase of 100$ – $150.
Experts tend to assume rates aren’t negotiable, because associates make it seem like they aren’t. They are, but don’t take it too far. I once on-boarded an expert and explained that he will be compensated at 110$/hour. He was fine with that rate initially, but then he emailed me an hour later to tell me he won’t consult for anything less than 500$/hour. If he had said that had had thought things over, done a little research and felt that $200/hour was more appropriate, I would have increased the rate to 150$/hour. But to rudely demand an instant jump from $110 to 500$/hour when you’ve never consulted with us, and never consulted with any of our clients before? It ain’t happening.
Additionally, building a relationship with expert network associates can also affect your project selection rate a bit. At Third Bridge, associates can add comments and feedback to the experts’ profiles. If you were ever rude, mean, or inappropriate, the associate will likely make a comment about it which will discourage others from contacting you about new projects. Similarly, if you were very nice and approachable, associates will leave positive comments that will encourage others to contact you.
I once called someone for a project, and explained to them how Third Bridge is a global company with offices in China, India, London and the US. He proceeded to make a racist comment. I highlighted this on his profile and he’s never been contacted for a project again. On the other end of the spectrum, I once spoke with an expert who asked me where I’m from. Turns out he has previously visited my country, and loved it very much. We spent much of that phone call chatting about his visits. I made sure to recommend him for every single project in the nursing homes industry as it was his industry of expertise (he had great experience as well, I wouldn’t recommend him just because I like him.)
Associates also add clients’ feedback to your profile. When our clients tell us that they loved speaking with someone, we definitely make a note of that. However, if you consulted on a project and received negative feedback, it’ll be added to your profile and you’ll receive fewer opportunities to consult.
Name names on your profile
Make sure to add as many details to your profile at the expert network as possible. Add every industry you’re knowledgeable about, every company you can speak about, every product/service/solution you’ve purchased or been a part of the selection process of, and add your CV. We use keywords to find people through our network, so use them in your CV or profile.
Something you might have noticed as an expert is that in one month you’d receive 10+ consulting requests, and then months would go by without a single consulting request. The main reason for that is that instability and change drive our industry. If you’re suddenly receiving a lot of requests, it’s probably because a company in your industry is about to IPO, be acquired, is raising money, or there is a lot of investor interest in your industry. A month later, our clients’ interests have moved elsewhere.
Take advantage of that. You know what the ‘hot’ companies in your industry are, and if your are talking about a big piece of news from one of them at work, odds are that many expert network clients are too. Make sure that you continuously update your profile to include new companies that you know about, as well as your relationship to them (employer, competitor, customer, etc.) Read up about what’s happening, and accept every project sent your way. You have nothing to lose. You’re ought to be selected for at least one of these projects.
To wrap up – being an expert at an expert network can provide you with many opportunities, besides just great compensation. It’s an opportunity for you to network with the most prominent investment and consulting firms in the world. Many people consulted a couple of times with our clients, providing them with great insights that the client decided to work with them on a long term basis. Other people found a full-time job through being part of an expert network. The current Head of HR at Third Bridge Group was initially an expert, and was then offered a job at the company. This is just to tell you to stay open for opportunities, you never know what’ll come your way.