Continuing with this series of “Gut Check” questions you should be asking about your firm’s business development opportunities and challenges, todays is:
What under-valued relationships exist, such as a strong referral base?
Thomson Reuters Legal Solutions Blog
November 6, 2015
For law firms struggling with growing new business, there is a learning curve marketing leaders (both attorneys and professionals) need to lead. It is not magic at all. Rather, experience shows that a group of common problems lead to a lack of new business growth. Your answers to the following dilemmas will guide you to more revenue, more clients and more open doors.
This post will add a new dilemma daily to provide a comprehensive list of questions that will certainly help you identify and solve business growth obstacles and opportunities.
From Allan Colman, Business Development Accelerator, Speaker and Author – Clients average a 60% increase in new business in 6 months.
Third and last in this series on questions to provoke firm leadership into actively building and closing new business includes the following questions:
Your thoughts, ideas, comments are welcome.
From Allan Colman, Business Development Accelerator, Speaker and Author – Clients average a 60% increase in new business in 6 months.
Continuing with the series begun last week, these questions are meant to “provoke” business development leaders and professionals to ask and answer these questions. You will find your true business development successes — or improvements needed!
More provoking questions to come. What can you add to this growing list? I will include them in the upcoming series.
There are too many articles being written about metrics for marketing and business development efforts without focusing on answers staring you in the face. This series will identify numerous questions to ask and answer and find your true business development successes — or improvement needs — in provoking business development.
What questions do you want to add? I will include them in the upcoming series.
Are Your Firm’s “Incentives” Lighting A Fire For New Business Development ?
We often hear the following reasons from attorneys who do not want to market:
* It’s unprofessional;
* I fear the process;
* I failed once; why try again?
* I won’t cross-sell;
* We have no business development training program;
* I’m not compensated.
The easiest complaint to overcome is offering a performance plan which includes incentives for attorney marketing and business development actions. Excuse my cynicism but cash incentives often overcome inhibitors to performance. And if properly communicated during semi-annual performance evaluations, and supported by training and marketing staff, perhaps 10% of your professionals will get it and get moving.
Are You “Organized” for New Business Development ?
In order to bring in new business by combining marketing, business development and business generation skills, is your firm organized with:
* Success metrics?
* Reputation Monitoring?
* Brand audits?
* Tracking the competition and trends?
* Organizing for pursuit?
* Talent Building?
* Training?
* Alliances?
* New offerings?
* Legal project planning?
If your answer is “no” to two or more, get moving before your competitors do! What else would you add to this list
Is Your Firm Really Ready for New Business Development?
In order to bring in new business, by combining marketing, business development and business generation skills, your “people” need to understand:
* Perception dynamics;
* Client retention tactics;
* Relationship building;
* Value of speeches and panels;
* Multi-uses of publications;
* Diversity;
* Pro-bono work;
* Community participation.
What other elements would you add?
“With all of the changes professionals face working to generate new business, from both clients, prospects and suspects, shouldn’t they now be called
DEALMAKERS? With clients reducing the number of “go-to” firms, tougher fee negotiations, firm budget demands, and the requirements for more communication, aren’t “deals” being made, not “rain?”
Does Your Firm Have an “Enduring Competitive Advantage”?
This often overlooked strategy needs to be recognized by all professionals. It requires energy, resources and time. But it is the key to long term, productive revenue development.
* Whenever and wherever you are with a client or customer, the brand discussion must be the same.
* Does your group assess client satisfaction on a regular basis?
* Are your professionals being trained to utilize a common approach to the core of your services and the differentiation with competitors?
* Do you require a simple strategic plan for each approach?
* Is there a review of the stage of growth with each relationship?
The answers to these and related questions will make a major contribution to your long term revenue growth.