It is the responsibility of client-relationship leaders to ensure that everyone in their groups build relationships with their peers at clients’ and in professional organizations. Effective firm leadership would ensure that senior staff and professionals are identifying who would replace their clients if they left their positions or if the company was acquired. Invite them to be on a conference panel with you. Ask about co-authoring an article which would appear in their industry journal.
Insure that firm business development efforts include associates and that they are provided with training. Lack of training is one of the primary reasons attorneys lateral to new firms. So ask these questions; Does your firm’s professional development program include on-going business development training? Are you holding the firm’s senior management accountable for client succession planning?
Firm leaders need to focus on ensuring that closing skills and marketing begin with the first contact and involve following up:
Building the relationship;
Understanding the prospect’s business;
Brainstorming;
And offering ideas before asking for business.
Our approach insures that the leadership in your firm develops the skills necessary every step of the way.
They should be focused on helping every marketing team practice these skills, even for a lunch meeting, to close more business. Assign specific responsibility and accountability to your senior professionals and marketing staff to identify and upgrade underperforming assets.
Make sure the firm’s leadership is focusing on developing the right strategies and cultivating teamwork to grow new business. And make sure these strategies are clearly, and often, communicated to the team.
In our recent practice, 2 firms approached us with a very similar problem: “We’re spending lots of money for marketing and business development but not seeing any measurable results.”
It was clear that they were blocked from revenue growth and an improved ROI without a Strategic Actions Plan. Both managements were stymied.
The pathways to improvement were different based on their sizes and geographic coverage. Their stories and the recommended solutions demonstrate the wide range of challenges and obstacles clients face. Let’s see why one of their COO’s stated, “After 2 years, we are 90% implemented.” ……….
Attending the performance of a symphony orchestra is a great opportunity to experience the beauty of bringing diverse instruments together. For exceptional leaders, such a performance can serve as a reminder of how amazing things can result when various elements work together for one outcome.
But there is something bigger that you can take from the experience – an understanding of the importance of a strong leader. Consider this: while an orchestra’s conductor does not play an instrument, he or she is arguably the most important member of the symphony. After all, the conductor is responsible for ensuring that each player knows his or her part and for delivering a polished presentation to the orchestra.
Some professionals feel out of tune in their efforts to make decisions and have them implemented. It is crucial to remember, however, that leadership is a highly focused activity that must be internally orchestrated. You must decide which advice to take, determine which of the available tools and strategies will work, assign implementation tasks, hold people accountable, weight he risks, and consider the impact on a future legacy. These are the 6 Laws of Exceptional Leadership that we will discuss in the succeeding posts. They are all based on “The Crazy Impact of Leadership” where I am one of the co-authors.
Clearly identifying your “value” to clients and customers is a critical link to other essential practices for revenue growth including your brand, strategy, marketing approaches, communication, etc. It is often referred to as a Unique Positioning Statement. And there is a vital back-end to how using your value can be translated into a prospect’s needs. But first, instead of a time consuming, theoretical approach to clarifying your value, begin by asking questions.
1. When clients, competitors and prospects hear your firm’s name, what adjectives come to mind? Are there common themes or adjectives used? Once clarified, use them to communicate who you are in all aspects of marketing and business development.
2. Determine what it is that makes your firm, consultancy or company stand out from your competitors?
3. Why do current clients continue doing business with you?
4. Are there things that make your firm truly unique?
5. Why should clients and prospects actually come to you for services?
6. What do you have to offer that is not available elsewhere?
Once you have taken the time to answer these questions, and come up with the most powerful thing that makes your firm special, create a single, simple statement that sets you apart from your competition. It is your value and relates directly to your brand and core story. This value statement must reflect the honest fact that sets you apart from the rest. Honesty is the key – make sure you can fulfill the promise 100% of the time.
Now what about this back-end use for your value? When meeting with prospects listen carefully to their needs. Respond to them with examples of how your group has dealt with similar problems or issues, thereby demonstrating your values. If successful, you will have converted their needs to your values! And you are on the road to new business.
The very expectation of value creates a dynamic that is optimally conclusive to “closing.”
The core story combines the value, brand and strategy you have developed to clearly and simply communicate to prospects what you do. It should immediately follow a brand statement. Once delivered, you should have prospects and new acquaintances asking lots of questions which should be stimulated by the core story.
1. Do you know what’s happening in our market?
2. If I work with you, how do we measure results?
3. What do you know about our competitors and their services?
4. Are there risks if we retain you and your firm?
5. Tell me 3 reasons why you are better than firm x?
6. How important is diversity and inclusion to your firm?
7. How can you help us communicate results internally?
In other words, in refining your core story, put yourself in their shoes. If it doesn’t resonate with them in an initial meeting or a formalized pitch, why not? And in a follow-on discussion about retaining your services, have your team members been given training to “close”? Have they practiced going from the core story to implementing your sales strategy? Imagine sitting at the table with a particular prospect because the right industry and the right prospect have been targeted. Your research has given you a clear sense of how this buyer thinks, what their business is about and what the company wants and needs and what your opportunities are vis-à-vis your competitors.
Make sure the core story fits and is blended into your marketing and sales efforts.
Do you know the why? When Mary Barra was first appointed CEO of General Motors, she was asked what the biggest challenge she faced – “The head nodders” she said. They are the people who nod their heads yes when presented with a new program, process, decision, plan, etc. and then just continue on doing what they always have. By addressing the importance of communication, another in the 12 Essential Practices of New Business Development, clarity and follow-up are critical.
If a decision is not clearly communicated and prominent in the minds of the leaders, and followers, it will be difficult to convert it into action. Do not just issue decisions, present plans, unveil new services and then stand back. Remain in contact with those you have delegated to lead the implementation and insure they are doing the same. If obstacles or delays are encountered, identify ideas for collaboration or new steps to take. And continue to call for direct action.
Sound decision making must always keep the end in mind. Take in the longer range view of the desired end result and incorporate those goals into the designated actions. And again, make sure they are repeated often throughout the organization.
CEO Barra recognized that we are all in the people business. And people are creatures of communication. Remember, as she does, that every product and service is designed by people, built by people, sold by and to people. So communicate the why in order to accomplish the what.
So what are you doing about it? All too many companies and firms let new business slip through their fingers every month. Our keynote and workshops utilize methods for finding missed opportunities, underperforming assets, prospect segmentation, targeting and building effective leadership – all proving to double books of new business.
“Brand” is the second of the 12 Essential Practices for Revenue Growth we use in guiding clients in growing more revenue, more clients and opening more doors. It can be visual or descriptive. But as Jeff Bezos of Amazon says, “Your brand is what stays in the room after you leave the room.”
What you say or do in a prospect meeting, at a networking event, or on a speaking panel becomes the mental picture others have of your firm, through you. Will it enable you to have longevity with your targets. Or have you burned bridges without even knowing it. As one counsel stated, in a pitch meeting, we were outnumbered and out-talked. Another mentioned that in a recent meeting she was offered help with managing what they were already doing, not what they needed. And we have even heard that presenters were not prepared, showed a lack of business etiquette i.e. taking calls, and seemed disinterested in building a relationship.
Nike does not sell shoes, they sell performance enhancing products. Black and Decker does not sell power drills, they sell “holes” according to their Senior Vice President for Marketing.
So what is your brand communicating? What are you leaving behind in the room? Remember, there is a critical point at which your values need to become the prospect or client’s need. That is your brand.
When a new client said, “Honestly I don’t know how to begin developing new business,” my response was “So get started already.” As Mark Twain said, “The secret of getting ahead is getting started.”
There are simple instructions to help find new clients and close new business. The following seem so elementary yet are often overlooked by even experienced revenue builders.
If you see a prospect or a client or his/her company mentioned in an article, clip it and send it with a handwritten note.
How about this one: Keep in touch with your college buddies?
If you are on local boards of directors, offer your professional expertise, or get active on the program committee. Give decisive preference to those foundations and boards with current or prospective clients whom you may be selling to (or want to sell to) and with which you are already involved.