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Business Development “Gut Check”

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Law Firm Marketing, Law Firms, Marketing Partners.

Is Your Business Development Suffering?

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.

  • Are the number of new engagements per client dropping?
  • How many long-term clients are no longer using your firm?
  • Is there an absence of cross marketing?
  • Do you have “underutilized assets” such as internal marketing, sharing of published articles and speeches with all attorneys?

Identifying Business Development Opportunities

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.

 

Provokers Pt. III. — Can They Really Close New Business?

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Law Firm Marketing, Marketing Partners, Practice Group Leaders.

Closing New Business

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:

  • Has lack of follow up lost engagements? How many and how often?
  • Are your attorneys, accountants, etc. trained to overcome objections during the selling process?
  • Do they understand what are the greatest needs of clients and prospects?
  • Can your professionals close?

 

Your thoughts, ideas, comments are welcome.

Business Development Leaders — Have You Been Provoked? Pt. II.

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Law Firm Marketing, Marketing for Law Firms, Marketing Partners.

Business Development Leaders – Have You Been Provoked? Pt. II.

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!

  • Can you raise your firm’s profile with no “out-of-pocket” expenses?
  • Are your marketing and business development staff being trained for a continuum? a long range pipeline of new business?
  • What, if any, IT and Finance metrics are being used to plan future growth?

 

More provoking questions to come. What can you add to this growing list? I will include them in the upcoming series.

 

Provoking Business Development “Leaders” – Pt. I.

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

Provoking Business Development “Leaders” – Pt. I.

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.

  • How many new relationships have your junior partners generated this year?
  • Do you know what percentage of your firm’s prospects are ready to buy?
  • If you require individual marketing plans, are they followed? are they a waste of time, effort and money?

Provoking Business Development – More Questions?

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 ?

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Law Firm Marketing, Marketing for Law Firms, Marketing Partners.

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 ?

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Law Firm Leadership, Law Firm Marketing, Managing Partners, Marketing Partners.

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?

Written by Allan Colman on . Posted in Attorney Marketing, Business Development, Law Firm Marketing.

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?

Is "Rainmaker" an Outdated Title?

Written by Allan Colman on . Posted in Allan Colman, Attorney Marketing, Business Development, Law Firm Marketing, Marketing for Law Firms.

“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?”

"Enduring Competitive Advantage" – What Does it Take?

Written by Allan Colman on . Posted in Allan Colman, Business Development, Law Firm Leadership, Law Firm Marketing, Managing Partners, Marketing Partners, Practice Group Leaders.

“Enduring Competitive Advantage” – What Does It Take?

What are the criteria you use to build a lasting or “enduring competitive advantage”? How closely do you track competitors and the market place? Do you pre-test strategies?

Strategy requires clarity, focus and execution. Tools to build that enduring competitive advantage can include a strategic plan, follow up system, mastering lead generating, building a business model, etc.

What else does it take?