Clients, referrals and prospects are the only sources of new business. And if you are a professional services firm, at least 50% of your NEW business every year should be coming from clients and referrals. And this must be done in person, at least once. Remember our last post, “Emails don’t end in handshakes.”
And according to Jada Pinkett Smith, “Direct communication is the best way to create relationships.”
This ad from British Airways emphasizes that building and sustaining relationships are absolutely critical for ultimately building new business. So:
To grow revenue, there are 12 essential practices to maximize. The Key to transforming sustainable revenue to productive revenue lies within the firm’s leaders who should be addressing these 12 critical impact areas. We use them to guide clients into growing more revenue, more clients and opening more doors.
The first three essential practices are:
BRAND — Does your brand identity equal longevity?
LEADERSHIP — Will your current efforts create sustainable revenue growth?
STRATEGY — Do you have an enduring competitive advantage, focusing on 90-day “critical improvement areas?”
WE ARE BACK! With “SINGLE-TASK MARKETING” and business-development services not typically available to small- and mid-sized firmsEach “single task” includes profitable tactics to close more new business rapidly.
Our team made a conscious decision to back away from new work in order to understand where our clients’ needs are moving. These needs have shifted dramatically, due primarily to budget constraints. Intern, these have limited marketing and business development departments from adding the skills and experience necessary for specialized tasks needed to grow new revenue.
For a 30-minute complimentary phone consultation on which of these “single tasks” might help your firm grow new revenue, contact Allan directly.
The message we all too often give to clients is that “you are not really communicating” with your staff or clients. Most often the messages are heard but not understood. Or, as General Motors CEO Mary Bara states, the challenge is “head nodders.” Those are people who say yes by nodding their heads and then doing just what they were doing before. So how do you really get things done?
By explaining the “Why” in order to get the “What” accomplished. And then following up with holding folks accountable for implementation, not just letting them drift off into their past format.
Becoming an effective presenter and communicator does take practice. You need to show how to solve problems, help your staff and partners achieve their goals, contribute to their well being and sometimes even entertain.
Develop an inventory of communication approaches for various settings and concerns. Consider what follow up is needed, and by whom, to implement the matters under discussion. Use collateral and social media where appropriate, whether for internal communication in the firm or with clients.
Clients – ahh – an entirely different set of communication parameters are needed. More on that next post.
“Chase relationships, not work” is a direct quote from a Lendingham Chalmers LLP. attorney. She recognizes that a large percent of new work comes from clients and referrals, some say as much as 50% per year. So build away!
You may ask what are the basic elements of building and keeping a relationship?
* Understand their business;
* Who are their top competitors?
* What new products or services are in development?
*Are there internal pressures your client must overcome?
*Think business value — their value needed.
So beyond knowing a birthday, their kids sports, their favorite vacation spot, build the business relationship with knowledge of their business – it is key to them. For more, read Own the Zone, available on our website.
Have you read the Millennial Dictionary? Did you even know one existed? In order to help you understand and work with them, here are a few new additions to our vocabulary:
For more on millennials in the workplace, contact us.
http://allancolman.com/is-your-firm-a-brand-or-a-mascot/
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?
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.
Under performing marketing assets, when identified, are a real drag on your firm’s revenues. Out of the 25 questions we use to build a successful business plan for clients, what would your responses be to these 7?
And what do we mean by saying our advice can advance the discussion of under performing marketing assets without losing a dime? Simple- experience shows that by a significant increase in your new revenues, the only cost is our professional fee. And that is typically returned 4 to 5 times within 6 months.
To schedule a free 30 minute consultation go to