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4 Steps to Master Closing New Business

Written by Allan Colman on . Posted in Law Firm Marketing, Marketing Partners, Strategic Planning.

When focusing on how to master closing new business, this post emphasizes work by Rick Justus at 36ixty.com and Bill Aulet’s “Disciplined Entrepreneurship” (Amazon, et.al.). These link directly with making a profit from your service.

Aulet identifies 4 steps to master closing new business:
* Design a business model;
* Set the pricing framework;
* Calculate the lifetime value of a client;
* Calculate the cost of client acquisition.

All too often, we see clients spending too little time in designing a business model. But in the interest of closing new business, building a pipeline future business requires: how and where to establish rapport; qualifying the buyer by finding their need; building your value to meet those needs; creating a desire for your firm and your service; identifying answers to overcoming objections; and methods and tactics to close new business. These 6 elements are known as the DEAL MAKER from Rick Justus’ 36ixty.

In our next column, we will offer action details for setting the pricing framework, calculating the lifetime value of clients and calculating the cost of client acquisition.

How Do You Win A Client?

Written by Allan Colman on . Posted in Attorney Marketing, Law Firm Marketing, Online Marketing.

Continuing this series on Aulet’s 6 themes in “Disciplined Entrepreneurship” (available at Amazon), this element focuses on how do you win a client? His client development asks you to:

* Determine the client’s decision making unit

* Map the process to acquire a new client

* Map the “sales” process.

In “Own The Zone” (also available at Amazon, etc.) I recommend clients to questions to answer before meeting with a suspect or prospect. For example, do you know what is happening in their market place? What internal pressures might they be under? What do you know about their competitors and their services? And even something as simple as learning how they prefer to be invoiced.

One of the best tools available to know your prospect is social media where you can identify and evaluate businesses. Then a pre-meeting call will also facilitate your mastery of client needs and how to communicate your value proposition to them. For more details available, go to http://allancolman.com/services/

What Can You Do For Your Client? (Business Development Part 2 of 6)

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Law Firm Marketing.

The second theme focusing on new business development in Bill Aulet’s Disciplined Entrepreneurship is “What Can You Do For Your Client?” Once you have taken the first steps outlined in Part I, identifying who your client is, Aulet says you must now identify what you offer of value. These include:

  • Full life-cycle use
  • High-level service specifics
  • Quantify the value proposition
  • Define your core
  • Chart your competitive position

 

Want to Learn How to Tell Clients about YOUR Value Proposition?

To receive more details on creating value in a highly competitive market place, contact us.

Who Is Your Ideal Customer? (Business Development Part 1 of 6)

Written by Allan Colman on . Posted in Business Development, Law Firm Marketing, Marketing for Law Firms. 1 Comment on Who Is Your Ideal Customer? (Business Development Part 1 of 6)

In Disciplined Entrepreneurship, Bill Aulet begins his 6 themes with Who Is Your Ideal Customer, focusing on business development. Topics covered include:

  • Market Segmentation
  • Selecting a Beachhead Market
  • End User Profile
  • Total Addressable Market for the Beachhead Market
  • Persona for Beachhead Market

 

Want to Learn More about YOUR Ideal Clients or Customers?

The Closers Group offers a complimentary collection of speed-review questions that are essential to Getting To Know Your Client and determining how to undertake new business development.

Contact us and request these 14 questions.

 

Where Do I Find Prospects?

Written by Allan Colman on . Posted in Asking for Business, Attorney Marketing, Business Development, Client Retention, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Marketing, Marketing Partners.

One of the most common questions clients ask is where do I find prospects?

Simple Rules to Find Prospects

There are 3 simple rules to follow when attempting to find prospects, critical to undertaking marketing and new business development:

  • GO where they go
  • KNOW who they know
  • READ what they read

Play the Numbers

Business development is a numbers game. The more you go, meet their colleagues and read what they are reading (from Wall Street Journal to National Enquirer), the more relationships you are building for the long run. You will find prospects, more as you continue, along your way.

Just do it!
– Nike

Why Clients Fire You – Client Retention? Part II

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Client Retention, Content Marketing, Conversion Rate Optimization, Email Marketing, Marketing Partners.

This is the concluding column on 10 reasons why clients fire you. Client retention is among the top priorities for building future business and receiving referrals. Last week we indicated that:

  • Lack of Contact
  • Their situation changes
  • Decisions made without authorization
  • Non-responsive
  • Failure to help

In thinking about clients that have left your firm, can you attribute any of these 5 reasons as a possible cause?

  • Apparent disregard for client’s budgets
  • Boring pitches in seeking new work or referrals
  • Not replacing a relationship partner with bad chemistry
  • Groundhog Day Syndrome – repeating the same work over and over
  • Capacity-bound partners with little or no time, continually passing work on to Associates

When it comes to attorney marketing and law firm business development think about the clients you have worked so hard to get.

Why Clients Fire You

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Client Retention, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Marketing, Law Firms, Marketing for Law Firms.

by Valerie Goodman

In the Closers Group experience, lack of attention to client retention is a primary reason clients fire you. When it comes to attorney marketing and business development, the first step is to value and properly serve the clients you’ve worked so hard to get in the first place. It is one of the simplest ways to accelerate business, wouldn’t you agree?

Jay Abraham, in “Getting Everything You Can From Everything You’ve Got”, cites these primary reasons why clients have become dissatisfied and have left relationships.

  • Lack of Contact — leading to your client forgetting about the relationship
  • Their Situation Changes — and no longer need what they hired you for, or were unaware of your
    other practice areas
  • Decisions — were made without authorization
  • Costs — were incurred without authorization
  • Non-Responsive — to requests for changes or reviews in billing
  • Failure — to respond to requests for help with additional practice areas

We’ll identify an additional group of reasons clients fire you in the next article.

Top 5 Myths About Business Development

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Law Firm Marketing, Law Firms, Marketing for Law Firms. 1 Comment on Top 5 Myths About Business Development

by Valerie Goodman

To really under understand what successful business development is, one must understand what it is not. Here are our top five myths about business development.

Myth #1:
Business Development and Law Firm Marketing are Interchangeable Terms

Law firm marketing is about being found, not chosen. How you get found is through publicity. This includes media outreach, networking, and distribution of collateral materials, conducting and attending workshops. Law firm marketing is the activity that targets the eyes, ears and interests of your potential client.

With ammo in hand, where do you aim? This phase is called “business development”. Perhaps a more appropriate term for business development is “business generation,” which requires (dare I write it) sales training and closing skills. And, exactly what we do here at The Closer’s Group.

Myth #2
Attorneys should step into the business development process only after the marketing department develops a strategy.

Let’s face it; your marketing department isn’t going to magically wave a wand and “poof!” new clients appear in front of you. Ultimately the onus is upon the attorney to bring in (and keep) the business. The role of law firm marketing should support those goals with collaterals media and public relations activities and identifying seminars and workshops that help facilitate network development (Remember “law firm marketing” you just read above…).

Once you have the information and sales training, plan a strategy to pursue the business and hone in on your closing skills.

Myth #3:
When it Comes to Attorney Marketing, “One Size Fits All”

NEWS FLASH…. One size never fits all. Marketing should be tailored according to personality, needs of the firm and those of the client. One tactic that works for one attorney won’t necessarily work for another. One fatal marketing mistake is to use the same tactic over and over without looking closely at each prospect. Tailored business development, sales training and closing skills will land you clients with a much higher closing rate.

Myth #4:
Clients Want Sellers to Do Most of The Talking

Keep your resume to yourself and let the potential client do the talking. Adopt the old IBM 60/40 sales training rule — keep them talking 60% of the time and spend the remaining 40% asking good questions based upon your research. Pay attention to your client’s verbal cues, and refine your pitch accordingly.

Myth #5:
Once You’ve Won The Business, Further Marketing to The Client Isn’t Necessary

A big complaint that I often hear from clients is the lack of communication and the feeling of being “kept out of the loop” in important decisions. Your firm’s client retention depends on identifying their needs regularly.

Client needs are a moving target. The time you spend listening and attending to complaints could be the difference between keeping a client and accelerating new business, to losing them to another, more attentive firm.

 

What She Said – Putting Testimonials to Work

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Client Retention, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Leadership, Law Firm Marketing, Marketing for Law Firms.

One way to establish trust in the early phases of the business development process is applying “what she said”, or, putting testimonials to work on your firm’s behalf.

Many firms pitch every chance they get, polishing proposal after proposal. Yet they continue struggling to win new business. When asked, most prospects and clients say the “no’s” are due to a lack of trust.
Testimonials are the forms of validation that tell prospective clients that others have trusted and hired your firm. This endorsement is especially helpful if someone has stumbled upon you from an online search. Why would they consider you over the next firm that popped up?

Here’s an example of the power of a well written testimonial. “Marcia Colman is a consummate professional who consistently provides me with excellent legal representation. Marcia’s work ethic, attention to detail and overall sense of urgency is hard to find. She also has an extensive network of arbitrators, financial and tax colleagues to lean on, which I found extremely helpful. Marcia is always available to provide great advice and counsel.”

The first step in obtaining testimonials is recognizing the variety of ways to get them. (Adapted from Kissmetrics)

FACEBOOK REVIEWS

SEND A CLIENT SURVEY

SEND AN EMAIL

PUT YOUR TESTIMONIALS IN ONE PLACE

THE DARK SIDE OF REVIEWS

Contact Closers Group for details on these 5 tactics to enhance testimonials.

Dancing With The Stars and Client Retention

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Client Retention, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Marketing, Marketing for Law Firms, Marketing Partners.

Which of the four personality types are you trying to tango with?

For those focused on accelerating new business and client retention, Dancing With the Stars, “Which of the four personality types are you trying to tango with” offers an important lesson: the hard work you put in during rehearsal is every bit as important as your time spent dancing in front of the camera.

There is nothing more important than your ability to talk, listen, look at, express, laugh, be serious, and connect with your client. Each client, depending upon his or her personality type, will respond to you according to how they process information. Just like a couple who moves across the dance floor as one, the words and how they are delivered by you during a meeting or encounter will make a difference in your business development outcome.

In general, most clients will fall under four personality types. Think about a few of them now. Can you categorize any of them into one of the following personality types? If so, here are some tips on how to communicate more effectively:

1. The Socializers

The socializer is the easiest group to communicate with. They’re fun, talkative, and gregarious. They’re OK if you’re busy or late. They’ll put you in a good mood. They are open-minded. They will accept unanticipated changes. They have lots of friends and want you as one also. For case presentation or to present a new idea to them, just be earnest and friendly and tell them what they need.

2. The Drivers

The drivers can be intimidating, but they are the second easiest group to accept your recommendations.
They’re all about business, being on time, being productive, and getting it right the first time. They don’t care if you’re their friend. They want you to be competent and professional. Every spare minute is important to them. Multi-taskers, they could be texting while you are getting settled into the meeting! Be confident and present. Don’t give them options. Your conversations should be: “This is what we need to do….and why….”

3. The Realtors

This group is more challenging. They are warm, gentle and considerate clients. They do not make quick decisions. They need to talk about your recommendations, think it over. They need time. Don’t be sensitive or upset that you don’t get the quick “yes”. You’ll wonder, perhaps, what you did wrong if they don’t say “yes” right away. These aren’t first-day-decision clients. If you have a “realtor” as a client be sure that you focus on:

  • Discussing how many times you’ve been successful with the specific matter you’re talking about
  • Presenting examples
  • Being clear and thorough during your presentation

“Realtors” just need more time to think. Hang in there.

4. The Thinkers

Just like the name implies, the Thinkers like to think it over. They are courteous, respectful, and inquisitive. They want you to be professional and informed. They don’t like changes. They might ask you for a detailed accounting of their matter and why. Making a presentation to a “thinker” is like presenting to a colleague. Know your stuff! Be detailed and to the point.

 

Dancing with the Stars and Client Retention

Remember, when it comes to attorney marketing, your clients (and potential ones) are both the audience and the judges. The more you prepare the better your performance will be.