Skip to main content

CATAPULT YOUR REVENUE GROWTH without losing a dime!

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

Underperforming company sales and marketing assets, when identified, are a real drag on your firm’s assets. These should be your biggest sources of revenue growth, but if they’re not handled properly they can turn into a money pit that will eat you, your bottom line, and your business alive. Out of the 25 questions we use to build a successful business plan for customers, what would your responses be to these seven?

  1. Are you making decisions on underperforming activities and investments?
  2. Do you complete success/rejection analyses of pitches and proposals?
  3. How are you maximizing the impact of these pitches and proposals?
  4. What success are you having expanding the number of colleagues actively selling and cross selling?
  5. Can you use single sales tools to leverage wider exposure and response generation?
  6. Is there a format for building a long-term pipeline of leads and opportunities?
  7. Who is measuring and reporting results, and does anyone pay attention to them?

And what do we mean by saying we can advance the discussion of under-performing assets without losing a single dime? It’s really simple: Experience shows that by a simple increase in your new revenues, you have paid for the search. And that is typically returned four to five times over within six months. There may be no other place in the entire business world where such a small investment can yield such incredible returns, and on a regular basis at that.

“Creative Abandonment” is the term Peter Drucker uses to describe how to decide whether or not an asset is performing as expected, underperforming, or not performing. It requires looking hard at your asset and taking your ego out of the equation. It might at one point have been the darling of your catalog or portfolio, but now it’s the ugly duckling. It all comes down to performance. If it underperforms, can you invest time to make a go of it and increase its ROI? Will a little sweat equity, shoe leather or brain power turn it into the sales acceleration formula you always dreamed it could be? If not, or if it is not performing at all, “abandon” it and place the time and resources elsewhere. It won’t cost you a dime; in fact, you might even save that dime and a lot more.

You’ve heard that the best part about hitting your head against a wall is that it feels so good when you stop, right? That’s the paradigm we’re working with here. You won’t realize how much of your time, effort and mental energy that ugly duckling was consuming until you kick it out of the nest.

Think of your business like a hot-air balloon. While it’s still tied to the ground, it can only rise so high, and it still has to burn fuel to stay just a few feet above the ground. Cut loose the tether, and it can rocket into the sky, go for miles, and grow your business.

 

 

 

Dr. Allan Colman
Chief Revenue Officer
ClosersGroup.com
1.310.508.8600

 

ZEN EXCUSES FOR NOT SELLING

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

If there ever were a Zen excuse for not selling, it is “I’m afraid of the process.” Oh, come on. Follow Arthur Ashe’s advice and

“Start where you are. Use what you have. Do what you can.”

Or how about this most agonizing excuse for not selling, “I failed once; why try again?” Stop the agony and join post-mortem reviews on proposals and pitches that failed. It’s not fun to learn that you’ve failed, and it’s even less fun to sit still while other people pick apart your approach and point out your mistakes . . . but it might be the most important learning you ever do. Take advantage of your firm or company’s business development and sales training and other professional development programs, such as client retention and client management.

If all else fails, find books, podcasts or blogs that address your issues and learn from them. Ignorance is no excuse in today’s multimedia world! You can find any learning you want if you just look for it. Don’t be limited by sticking to just your field. If you sell whatsits, listening to a podcast by a guy who sells thingamajigs might just give you important insight. At a certain level, sales is sales.

How many people have you met or heard of who could “sell anything?” It’s not magic! Yes, some people are simply born to sell, but 99% of successful salespeople have spent years honing their craft and learning from experts. Learning how to get new customers in sales.

Here’s an excuse I’ve heard frequently, “I know no one who knows anyone.” Mark Twain had it right.

“The secret of getting ahead is getting started.”

So, get started already. If you’re the one who doesn’t know anyone, find professional groups in your area and join them, even if they’re just online in social media.

It’s an oldie but a goodie, but joining network marketing groups can be a great way to connect with prospects and seasoned professionals alike to help you on your sales journey. This can be an excellent way to learn about increasing revenue through sales growth from experts who have walked the same path you are currently walking.

And don’t you just love this one, “My partner does all the selling; I deliver the work.” It is clearly the responsibility of customer relationship leaders to ensure that all team members build relationships with their peers at their business locations and in professional organizations. If you see sales as somebody else’s business, your customers will soon seek out other companies that sell to them more effectively. Harvey Mackey, an internationally known sales guru, says,

“Everyone is in sales. It’s the only way we stay in business.”

And here’s my favorite Zen excuse for not selling, “I can’t market but I’ll hire someone who can.”Oh, come on now, call your marketing department and learn to practice pitches, proposals and even lunches. Make it clear that the more you learn their craft, the more money the whole business will make and the bigger everyone’s checks will be. My favorite poetess, Maya Angelou, has it spot-on:

“Nothing will work unless you do.”

Dr. Allan Colman
Chief Revenue Officer
ClosersGroup.com
1.310.508.8600

MYTHBUSTERS!

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

For a sneak peek at a revenue hint
from our forthcoming virtual-video program
The Five Top Myths of Selling
To understand what makes for successful sales, you must first understand what successful sales are not.
        Time and time again, we’ve heard comments like, “I failed on that proposal. Why try again?” or “I already see a decent amount of sales; why would I need to improve?” What they are reallysaying is that they don’t know how to sell and already have the excuses ready or reasons why a plan wouldn’t work.
        And the following myths define the problem.
Myth #1. Sales and Marketing are Interchangeable Terms
Marketing is about being found, not chosen. Being found happens through publicity, media outreach, networking, collateral materials, and conducting and attending workshops. These all target the eyes, ears and interests of your potential clients and customers. However, first, you have to locate the target. That is what we call business development—the step between marketing and sales. Even more specific is business development, which requires—dare I say it—sales training and closing skills. It is crucial to spend time learning about the prospect, their industry, their competition, and the laws and policies that impact their business.
 
Myth #2. One Size Fits All
A common misconception in the industry is that when it comes to sales, one size fits all. News flash: one size never fits all. Sales tactics should be tailored according to the unique personality and needs of the individual. A method that works for one won’t necessarily work for another. Customized business development research, sales training and closing skills will land the new business. Practice, practice, practice!
 
Myth #3. Since When Do You Wait for a Sales Opportunity?
Since when do you wait for a sales opportunity? If you have been challenged to land new business, why do you need to wait for the marketing department? They typically have little or no sales training. Don’t look for an excuse or place blame on a colleague or department; go out and make that opportunity a reality. You can get yourself going with the targeting we discussed in Myth #1 above. Remember, it’s about being found.
 
Myth #4. Clients Want Sellers to Do Most of the Talking
Keep your resume to yourself and let the potential client do the talking. After all, they are the ones who know what they want. It is helpful to adopt the IBM 60/40 sales training rule: keep them talking 60% of the time and spend the remaining 40% asking good questions based on your research. Pay attention to the prospect’s verbal clues and refine your pitch accordingly.
        According to Dr. Mark Goulsten, “Don’t listen “to”; listen “for.” In other words, listen “for” what the prospect is listening for!
Myth #5. Once You Have Been Retained, Sales Cease
There’s a common lie floating around that once you have been retained, sales cease. Nothing could be further from the truth. When I survey a business’s clients, two of the top complaints I receive are a lack of communication and feeling “out of the loop” on important decisions. When was the last time you asked an important client about his or her present needs? Chances are, they’ve probably changed since your last conversation.
        Client/customer needs are a moving target. The time you spend listening to those needs—and attending to complaints—could be the difference between keeping a client or losing them to another, more attentive company.
Get Back on Track
So, what are you going to do with this newfound knowledge? It’s time to scrap these myths once and for all and time to get back on track! Purge them from your mind and take some time to critically think about how these myths have manifested in your sales process. Then, take this information to your team. When you are all aware of these potential pitfalls, you’ll see your sales skyrocket.
Dr. Allan Colman
Chief Revenue Officer
1.310.508.8600

CEOs’ Views to Beating COVID-19

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

In a remarkable survey of 172 mid- and lower mid-market CEOs,
“CEOs recognize their success is subsequently a function
of their organization’s ability to execute their plans with precision.”
The Chief Outsiders organization conducted this survey, entitled “Expectations & Strategies for the Mid-Market Comeback,” from June 22–28, 2020. Overwhelmingly, 64% view their ability to “execute” their recovery plans as critical in order to meet revised goals.
Our 90-Day Revenue Sprint course focuses specifically on the execution of sales strategies. In fact, a full 75% of the CEOs interviewed agreed that “Execution Precision” is the top factor in achieving their updated revenue goals. “New strategies” followed, along with careful tracking of COVID-19 trends and preparing to recover.
Following are the top strategies being pursued in the CEOs recovery plans:
  • targeting new markets or customer types;
  • shifting their messages or value propositions;
  • deploying new digital marketing capabilities;
  • adding new services or products;
  • adjusting pricing; and
  • creating special offers.
Their key growth plans have combined several of these sales and marketing capabilities. The advice is “staying focused, keeping the course, paying attention to company culture and not giving up.” Using the SPRINT FUNNEL from our virtual course will enable you to do just that and provides the tools to get it done.
Dr. Allan Colman
Chief Revenue Officer
1.310.508.8600

COVID Carousel

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

Enough with these ups and downs that we hear constantly in the news. There are spikes, there are no spikes. More businesses and parks are opening; more threats to close them down again. Wear masks; don’t need to wear masks. If you haven’t already established your operating level to build and/or rebuild your revenue stream, determine which of the following would be most helpful in enhancing your entire business acceleration efforts.

This is just one of 15 segments from our BUSINESS DEVELOPMENT RAPID ASSESSMENT we conduct with our clients.

  • Making decisions on under-performing activities and investments?
  • Multiplying the use of single marketing tools to leverage wider exposure and response generation?
  • Expanding the number of colleagues actively selling?
  • Establishing completion timelines with specific assignments for senior management?
  • Could you utilize business generation training sessions?
  • Providing a format for building a long-term pipeline of leads and opportunities?
  • Maximizing the impact of proposals and pitches?
  • Completing a success/rejection analysis of past pitches and proposals?
  • Measuring and reporting results?
  • Closing more business?

Which ones will help you?

  • Accelerate more revenue;
  • Double the number of prospects;
  • Open many more doors?

Now you are off the COVID Carousel
and on to a Revenue Acceleration Campaign!

 

Dr. Allan Colman
Chief Revenue Officer
ClosersGroup.com
1.310.508.8600

Chasing New Clients

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

[Okay! Enough of the Big Bad Wolf analogy!]

Accelerating revenue is working where the focus is on the active pursuit and moving closer to closing. That’s closing of new-client engagements or selling your goods and services. Building relationships at this stage is absolutely critical for ultimately winning new business.

THERE ARE ONLY THREE SOURCES OF NEW BUSINESS

Success happens when you have a solid strategy to land new clients from:

  • Clients,
  • Referrals,
  • Prospects.

A professional services firm should have at least 50% of its new business every year coming from clients and referrals. This indicates a client’s recognition of high-quality work and on-going awareness of client service, which, in turn, results in more work from recent and past clients and their willingness to refer business. (And you should be referring business to them.) We find all too many clients focus on developing prospects. They should also be going for that 50% factor of past clients and referrals.

So . . .
What can you do to cultivate relationships with past clients and customers?
What resources can you turn to that cultivate more referrals?
What simple directions can you work from to find new clients?

For a complimentary copy of our business development OPPORTUNITIES CHECK LIST: acolman@closersgroup.com.

Dr. Allan Colman,
Chief Revenue Officer
ClosersGroup.com
1.310.508.8600

Little Red Riding Hood Wallops the COVID-19 Wolf

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

We have faced the big bad wolf before, confronting obstacles never amassed in such numbers or hurled with such spirit- deflating persistence as this Covid-19.

Remember, Little Red Riding Hood feared the wolf at first. Then she walloped him. Moral of the story: Rainmakers can also kick the wolf, especially the one at the door.

Of course, the facts aren’t pretty. An overview of the economy shows significant job loss among current and former clients. As a result, the fear factor (Maslow’s Hierarchy) accelerates searching for new business and prospects. Factors driving the selection process are both operational and economic.

Here’s where Little Red Riding Hood can do some serious clawing. New opportunities will be created daily. Particularly for small to midsized firms and companies that base their survival strategies on client service, an enticing new business tool is now accepting applicants.

It would be a shame to squander such opportunities by falling back on old excuses. Now is the time to sell by overcoming client resistance and offering a carrot or two to pique the buyers’ interest.

In any event, the real takeaway is that every impediment to accelerating revenue can be transformed into a revenue acceleration tool. Know where the wolves lurk and how they do their best hunting.

For the tech-savvy, the horizons are vast.
• Access the relevant sites.
• Ask your own questions, offer responses.
• Contact the questioners.
• Link them to your LinkedIn, Facebook, Twitter, etc. pages.

Do them now! And have them ready for the return to action.

The very fact that you are resourceful enough to do so will be a critical differentiator between you and your competition.

The Big Bad Wolf is typically a bully. But he does not stand a chance with people who fight back using our Business Development Roadmaping.

Dr. Allan Colman,
Chief Revenue Officer
ClosersGroup.com
1.310.508-.8600

How to Sell to Four Generations of Buyers?

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

With four generations now occupying the business world, knowing who you are selling to becomes a challenge.

Who are these four generations of buyers ?

  1. Baby Boomers / Ages 55-73 / Work hard; first generation with women in the workforce; WOODSTOCK!
  2. Gen X / Ages 38-54 / Work-life balance, and enjoying life now;
  3. Gen Y (Millennials) / Ages 25-39 / Impatient and casual, but globally and environmentally oriented;
  4. Gen Z / Ages 9-25 / Pragmatic and great at multi-tasking.

To effectively reach these four types of buyers, you may need to:

  • Refocus your content;
  • Refine your message and graphics; and
  • Reposition your “reach” tactics such as social media and collateral.

In building a communications plan, advertisers recognize the need to channel and properly encode a message so the end user properly decodes it. A classic example is a mistake made by KFC. In translating “finger lickin’ good” into Mandarin, the encoder used language that translated into “eat my fingers.”

Today, it is critical to understand how our four generations in business want to receive your messages.

  1. Boomers prefer solutions-oriented selling.
  2. Gen X prefers value-based selling.
  3. Gen Y prefers digital selling.
  4. Gen Z prefers tech-detailed selling.

Selling to multiple generations means improving the ability to successfully communicate. Take into account your audience’s decoding preferences and accelerate your sales next quarter.

Dr. Allan Colman,
Chief Revenue Officer
ClosersGroup.com
1.310.508-.8600