The next series of “dos” from the 55 Words for new business development include:
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]How can you increase new business and identify new suspects rapidly?Go where they go; Know who they know; Read what they read!!!
This marketing cliche should be the mantra for every firm leader.
Focus on ensuring marketing and closing skills begin with the first contact and involve following up, building the relationship, understanding the prospect’s business,
brainstorming, and offering ideas before asking for the business.
Make sure your marketing teams practice these skills to close more business by starting to meet more suspects and prospects.
Three tactics to utilize include;
1. Is the firm’s leadership focusing on developing the right strategies and cultivating teamwork to grow new business?
2. What are these strategies and teamwork- building approaches?
3. Who are the companies and agencies you should be targeting now?
At the Closers Group, we help law firms close more new business rapidly using a variety of business development tactics just like these.[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
It Is Not Enough to Win[rs_space height=”16px”]
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]It is not enough to win.In order to get future work it is critical to continue building the relationship. Start by offering to share trial tactics with your client’s in house law department, co-author an article within her industry publications, or invite the teams to a celebratory dinner after the win, settling a strike, or successfully completing the new merger.
Do you get the message here – it is not enough to win.
Look for ways to help your clients. Your clients expect you to be ahead of the curve.
Consider using these 3 approaches:
At the Closers Group, we help law firms close more new business rapidly using a variety of BUSINESS GENERATING TACTICS, just like these.
[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
It Is Not Enough to Win[rs_space height=”16px”]
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]In our recent survey with in-house counsel and law firm attorneys in both the U.S. and Canada, in-House Counsel have terminated 27% of their long term relationships due to poor communication or the absence of communication! This stunning result was actually not a surprise to us.It’s no wonder business executives and legal departments are shaking things up.
If you haven’t already done so, transform your business culture, erase artificial boundaries between sales (yes “sales”) and service. Understand the bottom -line benefit of speaking directly and honestly to client needs. Build internal succession plans for each client. Attend their industry conferences and read their journals.
But most importantly, insure that clients receive top legal skills assistance and then show them where it has helped.
If you are wondering where to start, these 3 questions will help:
At the Closers Group, we help law firms close more new business rapidly using a variety of BUSINESS GENERATING TACTICS, just like these.[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
[rs_space height=”16px”]
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]Did you know that rainmaking does not start outside? It begins under your own roof.Take advantage of your firm’s business development training and other professional development themes, such as client retention and client management.
Join business development groups in the firm that are actively reviewing attorney marketing successes and failures in formal postmortem meetings. Create your own action program, not a “plan” that will sit on a shelf. Evaluate different ways to build client relationships, select one and work on it. Always have questions ready to ask. Determine what tactics legal assistants, librarians and your marketing staff can do to help with your business development efforts.
Start with these 3 important questions:
At the Closers Group, we help law firms close more new business rapidly using a variety of BUSINESS GENERATING TACTICS, just like these.
[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
[rs_space height=”16px”]
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]When it comes to growth in law firms, there are really only 3 sources of new business. They are:A law firm should derive at least 50% of its new business every year coming from clients and referrals. This new business indicates a client’s recognition of high quality work and on-going awareness of relationship building.
It also results in more work from recent and past clients and demonstrates their willingness to refer business and contacts. While many firms focus on generating new clients, we urge our clients to strive for the 50% factor that most tend to overlook: past clients.
If you’re unsure of how to start, consider 3 important questions:
1. Who do I need to reconnect with?
2. How many client retention meetings can I set this month? And with whom?
3. What upcoming events can I attend and invite clients to join?
At the Closers Group, we help law firms close more new business rapidly using a variety of business development tactics just like these.[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
[rs_space height=”16px”]
The Big Bad Wolf has been knocking at law firm doors for several years while lawyers are overlooking the six ways to accelerate new revenue. But let’s remember that Little Red Riding Hood feared the wolf at first. Then she walloped him. Future rainmakers can also kick the wolf of decreasing revenue by following some tried and true strategies.
The complete article appeared in Orange County Lawyer Magazine, July 2017 (Vol. 59 No.7) p.48.
You can download it.
In this ever-changing environment, as more pressure is placed on attorneys at all levels to grow new business, there is a lack of experience in searching for new clients, prospects and suspects. As well, in-house counsel have been forced by their boards and executives to get tougher and more demanding, and rightly so. More than one has stated that law firms have generally assumed that long-term relationships do not require additionally highlighted service levels.
It is here that Little Red Riding Hood can do some serious clawing. New opportunities are being created every day simply because competitors are falling down on the client-retention-job. Now, today, at this very moment are the times to market by overcoming client resistance and offering an innovative carrot or two.[rs_space height=”20px”][rs_buttons btn_icon=”yes” icon=”fa fa-download” btn_size=”btn-medium” btn_link=”url:http%3A%2F%2Fallancolman.com%2Fwp2016%2Fwp-content%2Fuploads%2F2017%2F08%2FOC-Lawyer-July-2017-Little-Red-Riding-Hood-Reprint.pdf|title:Download%20Article|target:%20_blank|” btn_text=”Download Article” border_color=”#dddddd” text_color=”#ffffff” icon_color=”#ffffff” background_color=”#81d742″ border_color_hover=”#81d742″ text_color_hover=”#81d742″ background_color_hover=”#ffffff”][rs_space height=”50px”]
Before going to a pitch meeting have you practiced lunch, a proposal, the questions to ask, anticipated answers and setting the next step? Picture yourself at the table with a prospect that you have targeted in the right industry and the right organization. Your research has given you a clear sense of how this “buyer of services” thinks, what their business is about, what the company or agency wants and needs and what your opportunities are vis-a-vis your competitors.
Do not talk about your firm! Instead, start with a value proposition, “here is what we can do for you, and here’s a general sense of how we’re going to get there. And then get them talking. Put your research to work by practicing the questions you will ask that show you have actively studies their problems, needs and opportunities. Anticipate answers and plan responses. And pay attention to their answers rather than thinking about your next question.
Practice, practice, practice before you start eating the salad.
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!
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.