Excuse for Not Marketing – “I know no one who knows anyone!”
Of all the excuses for not marketing, “I know no one who knows anyone” is the most absurd. As Mark Twain observed, “The secret of getting ahead is getting started.”
Where’s the Beef? 2017 Law Firm Outlook
Hearing from attorneys and marketing professionals in response to the 2017 Law Firm Outlook Survey, “getting attorneys out on the business development trail” says it best. Significant concern was expressed about growing competition but fewer attorneys willing to market. Law firm outlook was also described as needing to increase market share and winning new clients.
Therefore, our article title, Where’s the Beef focuses on the need build a long-term pipeline. But the “beef” also refers to the winner of our Survey Drawing.
MARK LEIPOLD, ATTORNEY AT GOULD RATNER in Chicago selected an Omaha Beef package as his prize.
The strongest responses identified primary needs as:
* Build a long term pipeline;
* Close more “new” business;
* Close more “new” business from current clients;
* Improve training for business development;
* Remove under performing activities and investments.
Clearly, the recognition of these law firm marketing needs are not a surprise. But what seems to run counter to them is satisfaction with what firms are investing in traditional marketing, such as advertising, social media, events, etc. And what several identify as the missing element is leadership’s lack of managing timelines and assignments.
In summary, if management want their 2017 law firm outlook to be successful, focus and execution should be placed on “getting attorneys out on the business development trail.”
We’ve Sweetened the Offer – Take our 2017 Law Firm Outlook Survey
STEAKS OR PIE?
We want to sweeten our offer for helping us with our 2017 Law Firm Outlook Survey. We’re conducting a brief survey to learn morfe about the key issues facing law firms in 2017. Anyone who responds can participate in a drawing for their choice of an OMAHA STEAKS package or GOODE TEXAS PECAN PIE – both sweetened and tasty rewards for helping us.
We;ll collect responses and share the results with our law firm community. Responses are anonymous and confidential – entry in the drawing is optional.
We greatly value your time and input. Take the survey https://www.surveymonkey.com/r/5CCRFGP
Your Invitation to the 2017 Law Firm Outlook Survey
We are conducting our 2017 Law Firm Outlook Survey. It is a brief survey to learn more about the key issues facing law firms as we head into the new year. We’ll collect responses and share the results with our law firm community.
Responses are anonymous and confidential.
We greatly value your time. To take the survey, https://www.surveymonkey.com/r/5CCFRGP
Where Does Client Trust Fit in the Business Development Puzzle?
Client trust is perhaps the greatest element in business development. Or to put it another way, why should they buy from you? Although you may be selling the most sophisticated service, your audience may harbor a deep dread of being manipulated.
The solution, then, is to confront that tacit distrust by building client trust as a major focus of your business development efforts. When we work with clients and developing their business generation strategies and tactics, we teach them to build relationships with their prospects. And by understanding their business, and the market place dynamics, (competitors, recruitment, growth strategies, etc.) one will demonstrate the knowledge that converts into client trust.
“Partnering” has become a byword in sales strategies so we should define and pursue that kind of relationship “partnering = trust.” In establishing your client relationships, you have taken pains to assure them that you are fully attuned to how their business operates, including the need for confidentiality, for ethical compliance, for client-specific sensitivities whatever they may be. At the same time you have sent the message that, if anything, they have an obligation to at least consider the latest advances in client services that you offer.
You have thus reversed the burden from worrying about dealing with you to worrying about what might happen if they don”t!
Driving Performance: The Next Piece of the Business Development Puzzle
Driving performance is the next piece of our business development puzzle (part 4 of the 9 pieces). Sure, today’s marketplace is about as challenging as any market on earth. But there is a reason why some of us continue to slug away for decades. Once that iron wall of resistance totters, we find that the intellectual and professional rewards are extraordinary. You can enjoy the sweet satisfaction of knowing that you have succeeded where many other worthy aspirants have failed. [Visit our Books page for more details from Own the Zone.]
To Hit a Target Is to Take a Shot!
Driving performance to increase marketing and business development growth requires its own separate set of best practices, including:
- Designate leaders for each client target that you and your firm have been keeping in the backs of their mind.
- Enhance performance results by providing greater strategy debates before investing in RFP’s or in making new initial contacts.
- Demonstrate successful performance by submitting success reports to firm managing partners.
- Constantly review the failed business development efforts in post mortem meetings. Codify the steps that led to successful new business development.
- Populate the marketing and business development program with targeting and pursuit efforts by specific groups.
- Assure that business development training sessions are practical, not academic.
- Keep your firm ahead of economic and industry trends and build this knowledge into every prospect call and current client.
- Make decisions on under-performing activities by either abandoning them or improving your approach in each case.
Driving Performance: Get Started
You can achieve success driving performance using many different tactics. Pick the ones that serve your current situation best and get started. The shot that will never score is the one you never take…
Further Reading
Just in case you missed the earlier posts, you can find them here:
A Business Development Puzzle – Win a Prize
The Second Piece of the Business Development Puzzle
Do You Know the Next Piece of the Business Development Puzzle?
And you can get more more in-depth content from Own the Zone by getting your copy from our Books section.
Do You Know the Next Piece of the Business Development Puzzle?
As business development consultants, in our business development round tables we are often asked “what is the next step?” or do you know the next piece of the business development puzzle. In previous posts, the first two pieces were: 1: build future leaders; 2. teach advanced tactics and process strategy, not theory.
The third piece of the business development puzzle is “Do not resolve for your professionals to make an impact; expect them to make an impact now!” For those who say “I don’t know how to begin”, send them to our Business Development Opportunities Check List in OWN THE ZONE, on Amazon, B&N, etc. It is designed for even the marketing and business development novice to begin a specific weekly/monthly actions program.
Three primary segments are Marketing and Business Development, People, and Internal Marketing. Elementary marketing can begin with the simple marketing bromide,
* Go Where They Go
* Read What They Read
* Know Who They Know.
As for “people”, have your non-marketers considered going to their alumni association meetings, become active in children’s groups such as soccer, or attend the industry associations where their practice focus resides?
And the third segment of our Business Development Opportunities Check List is “internal marketing,” typically the most overlooked marketing asset in every firm and company. How easy are these 3 elements? When can you start the “reluctant ones” on this path for new revenue generation? Go to the “Books” section of our website and begin the journey.
2nd Piece of the Business Development Puzzle
The 2nd piece of the business development puzzle is “teach advanced tactics and process strategy, not theory. According to Chet Holmes in his Business Breakthroughs program, closing is one of the last steps to winning new business. As a marketing consultant, we find that in order to be successful in business development, there are several tactical steps that need to be taken. Understanding and using the steps to closing we include in OWN THE ZONE,are critical to winning new business.
Reminder, if you submit 5 of the 9 puzzle topics correctly, before December 1st, we will make a donation to the Children’s Cancer Research Fund in your name.
All strategies demand tactics, not broad theories. And if closing is a fine art, then the needs include marketing resources and sales (yes “sales”) maneuvers. to learn more about the Steps to Closing, go to our contact page.
A Business Development Puzzle – Win a Prize
Do you know the 9 pieces of a Business Development Puzzle? With each post, you will see one more critical tactic we emphasize for long term revenue growth and sustainability. For anyone who guesses 5 of the 9 pieces prior to December 1st, we will make a donation in your name to the Children’s Cancer Research Fund.
Building future leaders should be the mission of every law firm and professionals services firm. Professional development programs including client management, client retention, marketing, cross-marketing, etc. should be present in every firm. A recent ALM Intelligence survey pointed out the reason. In surveying partner-level laterals (within the previous 3 years), 48% said one of their primary motivations to moving to another firm was the availability of professional development training. Yes, 48%.
A hint for the next business development puzzle piece – Where does marketing theory fit in?
To send your business development puzzle answers, visit the contact page.
You Won’t See This on WikiLeaks – “Emails Don’t End in Handshakes
British Airways got a real boost from this marketing and business development ad, “Emails Don’t End in Handshakes.” It today’s highly competitive market for professional services, one-way electronic communications do not win new clients nor retain current clients. That is why in our marketing and business development keynotes and seminars, we emphasize the absolute need to build trust through personal relationships.
Just as we teach specific tactics to create partnering relationships, we must realize that there are specific behaviors on our part that can further our relationship with them or destroy it altogether.
As “emails do not end in handshakes” emphasizes, in business development, it is critical to go where your clients go. If your clients, prospects and suspects will be attending an industry or ACC conference, be there to reinforce the relationship. Ask them to be on panels with you or co-author an article. Learn more about the charitable organizations that are important to them. If a prospect is speaking at an upcoming event, attend it even if the subject matter is not in your particular specialty area.
Business development does not occur simply by offering an engagement letter. Closing skills begin with the first contact and involve following up, building the relationship, understanding their business, business brainstorming and offering ideas before ultimately asking for the business. In other words, being face-to-face, even if only occasionally, is how you win and keep clients. Indeed, to grow business, emails do not and will not end in handshakes.
For a complimentary 15 question Rapid Marketing Assessment of your firm or practice area, acolman@closersgroup.com