If you have become your client’s trusted advisor and have established the good will that comes from successful business relationship, they will return the favor when you ask for referrals by introducing you to other clients. The good will and solid relationships that they have will work in your favor. It will provide you with the opportunity to make their clients your prospects.
A great business development tactic we recommend is to introduce your clients/prospects to your firm’s other clients. Another great tactic: ask you clients to introduce you to their other business unit executives, suppliers, supporters, advisors, and the individuals they go to as experts.
In other words, in order to meet new prospects and develop new client relationships, work with your clients to “host” meetings with non-competing and complementary prospects.
More in our next column on building successful business development relationships.
While client dissatisfaction is never comfortable to deal with, it is something you should be aware of long before a client disengages. Even if it seems insignificant, when even the smallest issues arise during an engagement DEAL WITH THEM IMMEDIATELY. Especially if they have been a long term client, take action and win them back. According to Jay Abraham, 80% of these relationships can be recovered with instant actions – in fact, you may find that they become your best clients.
The tactics presented in OWN THE ZONE are all used one way or another in our business development training sessions and workshops. For example, our training emphasizes thinking long term. When it comes to approaching a new prospect or a long term client, we encourage our clients to:
* UNDERSTAND the prospects’ and clients’ needs and internal pressures;
* BECOME a trusted adviser, and
* PROTECT the prospects’ and clients’ interests.
Become a valued business partner and friend, offer rewarding solutions that are profitable for all involved. It’s how we work with our clients and how we encourage them to approach their prospects and clients in the same way.
Continuing with this series of “prepare, prepare, prepare,” from our book, OWN THE ZONE, our client training and advising focuses on thinking long term. When it comes to approaching a new prospect or long-term client for business development opportunities, we encourage you to:
UNDERSTAND the prospects’ and clients’ needs and internal pressures;
BECOME a trusted advisor, and
PROTECT the prospects’ and clients’ interests.
These are key elements of Jay Abraham’s “Strategy of preeminence.”
In chapter 9 of our book, OWN THE ZONE, we often refer to Jay Abraham. He has been called “America’s number one marketing wizard” enough times that it’s the tag line used on the “About” page on his website. He’s seen as a genius at getting down to basics and, having worked with him in the past, I check in on his work from time to time.
When we work with our clients, we follow Jay’s “Strategy of Preeminence.” As a marketing and business development consultant, we aim to become a valued friend, to offer results oriented solutions that are profitable for everyone involved and we encourage our clients to approach their prospects and clients in the same way.
In the next several columns, we will discuss how to prepare for things that become challenges and how to overcome them to become -“preeminent.”
RESPONSE – the bigger you become, the more you need to focus. Begin with a few promising practice groups and use their successes as a model.
RESULT – One practice group may begin envying another practice group’s success. It’s a dynamic that requires some political sensitivity on the part of management, but it is a another great problem to have. Competition stimulates growth.
RESPONSE – A true pipeline for business development includes junior partners and associates. Take them to sales meetings. encourage them to get their names out there via articles and speeches. With newer lawyers, the key is to encourage business development without undue pressure. Whatever they bring in is gravy – and you are making a great investment in the future.
RESULT – We help clients create a true “sales” culture ( I know this is a dirty word, but !!!) from top to bottom. You can too.
RESPONSE – Of course it does. Your members are already spending money on marketing and business development at one or more ends of the spectrum. You simply need to collect that data and find out what you’re already spending. That is your budget.
RESULT – Getting a hold on your current, actual spending will allow you to focus resources where they will clearly do the most good. This is a critical step to measure current results and refine and improve the tactics.
RESPONSE – Don’t dwell on any one matter or even on any whole genus of legal business. Look to the pipeline to deliver a stream of alternative possibilities, some of which may not yet be on your radar screen.
RESULT – You’ll need to start making decisions about which kind of business to go after, and which to let some other law firm chase. That’s a great problem to have.