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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.

 

 

Grow Your New Business in 5 Minutes a Day!

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

Guest editorial from Valerie Goodman

Grow your new business development in just five minutes a day.

MOST FIRMS who approach us looking for business development and sales training want fast results. Many of them are surprised when we say that a firm’s bottom line can grow by dedicating five minutes a day to a simple plan. This is especially true for smaller firms whose principals may not have someone dedicated solely to relationship-building and business development.

On the flip side, adding this uncomplicated five-minute- a-day strategy can lead to unexpected rainmaking. Even if people believe in you, and even if they believe you’d be a great hire, business partner, vendor, or whatever, people need to be reconnected with and reminded that you’re there.

If you spend five minutes a day for a year that is at least 250 business development “touches”. And if you are in a firm of 30, and each attorney does 250, that’s 7,500 touches per year. Wow!

THE ACTIONS themselves will take longer, but by dedicating just five minutes per day to generating new business, you will be mapping out a course marked by true efficiency and will be on the road to accelerating business growth.

Contact Closers Group to learn your plan for the week.

4 Secrets to Accelerating Growth

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Marketing, Marketing for Law Firms, Practice Group Leaders, Strategic Planning. 1 Comment on 4 Secrets to Accelerating Growth

In order to practice the 4 secrets to accelerating growth, using our one-page-strategic-plan becomes key. As practice areas, offices and cross-specialties groups build this approach into their firm culture, they will open and then close multiple new business development opportunities. And business acceleration becomes a highly recognized and respected key to your firm.

By turning your business growth strategies into action, you have learned to avoid fatal mistakes and garnered more management support. You will build and sustain new revenue by using the 4 secrets;

* Increase the number of clients you serve;
* Get those clients to purchase more services each time they retain you;
* Encourage your clients to purchase more often from you;
* Increase your fees.

Now get to it before the competition does.

Have You Been Told to Grow Your Practice? – Origination Credit

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

As competition for legal services increases, non-equity partners are being challenged to “grow your practice.” In more and more firms, marketing and business development efforts are being intensified and carefully measured for new revenue origination.

Those who succeed have not only applied law firm marketing coaching and advisory support, but now understand how to achieve:

  • Sustainable revenue growth
  • Providing superior client value
  • Out-maneuver the competition
  • More success in less time
  • Define and use their “identity capital”

These 5 and other components of accelerating new revenue and fee origination are designed to help grow your practice by transforming your ability to market and closing multiple new opportunities.

 

Have You Been Told to Grow Your Practice?

For a complimentary consultation on growing your practice and accelerating your new business, please contact us for a free consultation.

Ridin’ The Storm Out — #5 in Accelerating New Business Development

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

In our last post we began a discussion of Bruce Tuckman’s 4 phase path for teamwork – “forming, storming, norming and performing” and how it applies to accelerating new business development. When “storming”, people start to push against the law firm marketing and business development programs that are identified in the “forming” stage. This is often the stage where many teams fail and firm management may give up. Storming frequently begins where there is conflict between team members’ natural working styles. But if these working styles cause unforeseen problems, the individuals may become frustrated and loose the proximity to the “accelerator zone.”

Other storming situations may occur if team members challenge your authority or jockey for position as their roles are clarified. Some may question the goals and resist taking on tasks.

Next column will cover “norming” and how this stage impacts law firm marketing and business development.

90% of Marketing is “Half” Mental

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Leadership, Leadership, Managing Partners, Marketing for Law Firms, Marketing Partners, Practice Group Leaders.

Yogi Berra’s famous quote, in it’s modified use, addresses the most important aspect of marketing and accelerating new business development. Ultimately it is the attorneys and paralegals that will drive law firm business development into the “accelerator zone.” For management, understanding how to support and drive their people by using our “one page strategic plan” becomes the road to success. Psychologist Bruce Tuckman observed a 4 phase path that teams need to follow on their way to high performance and accelerating new business — “forming, storming, norming and performing.”

Today’s column deals with the “forming” stage, where team members are positive and polite. Some are anxious as they do not fully understand what work they will be doing. As the leader, you play a dominant role at this stage, because roles and responsibilities are not clear. Be aware that this stage can last for some time, as people begin working together and make an effort to get to know their colleagues. The so-called attorney “silo” operational set is still all to present and prevents early acknowledgement of entering the “accelerator zone.”

Next column will cover “storming.”

Don’t Make Flying Pigs From Law Firm Rainmakers

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Content Marketing, Conversion Rate Optimization, Email Marketing, Law Firm Marketing, Marketing Partners, Strategic Planning.

It is stunning how many lawyers treat all leads alike, and market to the wrong prospects. Another major leadership mistake is asking law firm rainmakers to get out and prospect, which is analogous to “teaching pigs how to fly.” It would be far better to determine where each attorney needs the most business development help.

36ixty asks:
* Are they comfortable building rapport with new prospects?
* Do they know how to qualify the buyer/user?
* Will they build real value for clients?
* Can they create the desire to buy?
* How do they overcome objections?
* Do they close?

Use these questions and marketing training tools to bring along the next generation of law firm rainmakers.

Are There Really “Magic Pills” for New Business Development?

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Content Marketing, Conversion Rate Optimization, Law Firm Marketing, Marketing Partners, Online Marketing.

ACCELERATE NEW BUSINESS DEVELOPMENT NOW
Chapter 2

Are there really “magic pills” for new business development?

Following our last post, on what happens to your new business development efforts when you are not in the “accelerator zone,” one wonders why isn’t everyone in business living in an “accelerator zone”? We find in our work that a primary reason is that most people don’t know what ingredients are necessary for leaders to new business development success. 36ixty Inc. cites 12 Essential Practices that lead to new business growth. They are branding, leadership, strategy, communication, team, value creation, core story, marketing, sales, customer experience, revenue and systems to manage all of these.

These 12 are not an end-all, cure-all or a series of magic pills. What they are equates to actual implementation of a business plan. They are especially applicable to firms and companies which are too often managed by consensus or collegiality. Practicing these 12 will lead to more clarity, focus and execution in new business development.

Our next chapter will address Business Development “Impact Areas”.