According to a Harvard Business Review blog, 50 % of your new business, EVERY YEAR, should come from clients and referrals. We approach client retention by turning them into important advocates and spokespeople for your firms.
There are 3 Rules of Client Retention,
10. I don’t want to pester people
9. I’m very busy
8. I need to complete my time sheets
Stay tuned for more ————–
New Business Development Myth #4, Client’s want you to do most of the talking! Nothing could be more “untrue.” 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 on your pre-meeting research.
Pay attention to the prospect/client’s verbal cues, and refine your pitch accordingly.
If you have been challenged to bring in new business, why do attorneys need to wait for the Marketing Department? Ultimately, the onus is on the sales team to bring in (and often to keep) the business. Marketing should support those goals with collaterals, media and public relations activities and by identifying seminars and workshops that help facilitate network development.
Once you have the information and sales training, plan a strategy to pursue the business and hone in on your “closing” skills. Maximize your conversion rates!
“Marketing Should Not be Left to the Marketing Department.” – David Packard. His message means that everyone should be marketing, the marketing department, legal assistants, paralegals, accounting AND attorneys. Business development is chasing suspects and prospects, business generation means “closing” the deals.
A current movie marketing campaign says “Cookies are for Closers ” but we hasten to add they are not for attorney marketing. Experienced marketers know that closing new business, or asking for the business, is several steps removed from beginning a relationship. And during the courting period convincingly demonstrating the value you and your firm bring to a prospect is critical.
THE VERY EXPECTATION OF VALUE CREATES A DYNAMIC THAT’S OPTIMALLY CONDUCIVE TO CLOSING!
When was the last time you asked your clients for their business? You were certainly not giving them cookies. Consider this, asking for more work on a semi-regular basis is a solid client retention tactic that could lead to bottom line dividends. ASK FOR THE WORK.
Try to avoid what Hollywood calls “typecasting.” Demonstrate that your firm has capabilities beyond the scope of your current assignments, emphasize the value you bring, and then detail how you can help clearly and concisely. Then there will be no need for cookies.
The following excuse from an attorney for not marketing defies intelligence, “I don’t know how to begin.”
Although today’s marketplace for legal services is more challenging then ever, there is a reason why some of us continue to slug away. Once that iron wall of resistance totters, the intellectual and professional awards are extraordinary. So if this quote fits you, just ask!
This is the most agonizing excuse for not marketing, “I failed once; why try again?” Stop the agony and join post-mortem firm reviews on proposals that failed. Take advantage of your firm’s business development training and other professional development programs such as client retention and client management. And learn the value of slugging away.
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.”
Pricing your service, the 2nd step in Aulet’s foundational steps for business development is Set the pricing framework. In our experience, this is another one of those efforts clients often underappreciate.
Pricing your service is not just numbers. It should include, as Rick Justus preaches:
* Value creation;
* Client’s experience;
* Marketing structure;
* Messaging used for your core story;
* Cost of sales and customer acquisition.
Most importantly, clarifying value creation for your clients, making an effort to understand what your client needs and the cost of client acquisition are often overlooked. Do them!
One of the most common questions clients ask is where do I find prospects?
There are 3 simple rules to follow when attempting to find prospects, critical to undertaking marketing and new business development:
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