All too often we find clients marketing to the wrong prospects. This is frequently caused by simply treating all leads alike. Or the internal pressures to generate new business cause a professional to overlook the necessary pre-meeting strategy.
Using the OSOP (One Page Operating Plan), we recommended in our last post, add the following to determine who the correct business development prospects are and then go get them:
Master lead generation
Determine what you do that stands out versus your competition
“Audit” all your meetings and results
Use our 14 deal-making steps
“Creative abandonment” (Drucker) means drop the poor performers
Simplify and use your CRM
And build a customer-satisfaction ladder to refine and grow your new business development.
In our business development advisories and workshops, we provide an alternative to this Russian Proverb, “If you chase 2 rabbits, you will not catch either one.”‘
You must know:
Six critical elements of exceptional leadership;
How to create sustainable revenue growth;
What it takes to build a strategic, competitive advantage;
Define and use your identity capital;
Improve your value and client experience;
Ensure your systems capture leadership’s Growth Objectives.
For a free, 30 minute consultation, contact us below:
More new business development clues from 55Words, “eat lunch with the new kids.” Begin building relationships with the newer members of your firm, making them feel welcome and comfortable asking you for advice.
Other important clues include:
Never eat lunch at your desk, if you can avoid it.
Know at least one good joke.
If you offer to help, don’t quit until the job is done.
And, the best way to get on your feet is to get off your ass!
Use this 3 post series to provide clarity, focus and execution for your new business developers.
Planning for your upcoming partner retreat in the fall is typically now in the “scrambling for speakers” mode. You have been tasked with finding a presentation that is engaging, full of useful ideas, a bit humorous and will contribute to generating new business. That’s where THE NEW COLORS OF LAW FIRM MARKETING will fit in so well.
This world’s first law firm marketing coloring book is focused on helping the firm’s leadership develop the right strategies and cultivate teamwork.
Contact us now for scheduling at www.closersgroup.com/contact/.
Only a few copies of the world’s first law firm marketing coloring book, THE NEW COLORS OF LAW FIRM MARKETING, are left on Amazon. Before we order a second printing, reply through LinkedIn and we’ll send you a complimentary copy — including crayons!
Business Development myth # 2 is that when it comes to 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 professional won’t necessarily work for another. Tailored business development, sales training and closing skills will land the new business. Practice, practice, practice.
The top 5 myths of business development require you to understand what successful business development is not!
Myth #1. BUSINESS DEVELOPMENT AND MARKETING ARE INTERCHANGEABLE TERMs
Marketing is about being found, not chosen. How you get found is through publicity – media outreach, networking, collateral materials, conducting and attending workshops — that targets the eyes, ears and interests of your potential clients.
But first you have to locate the target. That is business development. Even more specific is “business generation,” which requires ( dare I write it ) sales training and closing skills.
Client experience is finally legitimate and being given significantly more attention by marketing professionals, according to the Bloomberg Law and LMA 2017 survey. Entitled “Aligning Marketing Business Development Resources for Law Firm Growth” the results ” , . . .speaks to the need to go deeper in order to understand and serve clients’ unique needs.”
Yet, even though marketing professionals rank CX (Client Experience” as an effective way to differentiate their firms, the survey found that they are not investing in it. So what is an attorney to do when facing a first meeting, rfp pitch, or building a client relationship without having the CX intelligence?
First… What are the buyers’ professional values? What is the perception of you, your firm and your practice group?
What kind of commitments does the buyer/client expect you and your firm to make?
What are the buyer’s expectations in terms of rate structure?
What are the expectations about winning verses settling; completing the deal or letting it go?
What are the buyer’s needs arrayed across a broad spectrum of potential legal services?
Second… How many baskets are your eggs in?
News flash: One size never fits all. Marketing should be tailored according to personality, needs of the client and those skills of your firm. One tactic that works for one professional won’t necessarily work for another. And most importantly, “practiced” business development, sales training and closing skills will land the client.
Third… Why has a competitor bested you?
What do they know about the client or prospect that you don’t? Track the client’s outside hires. Is there a pattern? Simply talk to their in-house lawyers. Take them to lunch, ask why they hired so-and-so and (diplomatically) is it working out so far? Be sure to pick up the tab.
By asking and researching these questions yourself, and having the marketing department provide industry and specific business related information for the prospect, you will be taking advantage of the latest, but way overdue method of growing new business — client experience.
To schedule a free 30 minute advisory consultation, go to the contact us page.
It is no surprise to us that Xerox Corporation found an 87% increase in new business with coaching. They identified that the impact of using a coach as a support activity after formal training produced an incredible 87% increase in the effectiveness of training when compared to training alone.
Closers Group clients’ accomplishments confirm the value of the Xerox analysis. Our six-month business growers groups have averaged a 65% increase in new business. Our twelve-month client groups have averaged over a 200% increase in new business generation.
By combining tactical training with on-going activist coaching and holding people accountable for their marketing commitments, they continue to succeed.
For a 30 minute complimentary consultation contact :
acolman@closersgroup.com or fmims@closersgroup.com.
We are often called law firm marketing mentors and tormentors since we find the most important element of good business development is accountability. Our Lead Tracker system keeps our clients on their marketing trail with suspects, prospects and clients. It is this message that is a critical part of our new, world’s first law firm marketing coloring book, The New Colors of Law Firm Marketing.
It is a new way to educate attorneys on new business development. The book combines quotes we have hear over the years from attorneys and marketing professionals along with cartoons to illustrate the points. We then add tactics to overcome the obstacles and take advantage of opportunities.
