By: Allan Colman
Marketing The Law Firm (An ALM Publication)
January, 2015
These days, all firms must provide more value-added services. In the short run, the more you know the better chance you have at winning the business. In the long run, close client knowledge and an understanding of the marketplace will augment client retention.
We often ask, “what is their takeaway?” In other words, look beyond Power Point and fancy letterhead. Think creatively and empathetically. Who is the competition? How close on the heels are they in respect to your target?
Identify the one major asset you bring to the table, the one major differentiator between you and your competition, the major problem you can solve for them and make this your “takeaway” message. Repeat it often during the meetings so if they should remember nothing else during their decision making process, they will remember it.
When you market your firm and services, the only thing a perspective client cares about is what you will be able to do for them. Learn as much as you can about your prospects, identify their needs and prepare for your meeting accordingly.
It is essential to practice your presentation or dinner conversation. By taking time you will:
- Be able to anticipate questions;
- Identify and better understand the current and recent patterns of the prospect’s business;
- Have your primary “takeaways” refined;
- Establish what you need to plan ahead for your next contact.
Preparation is essential. It will ready you not only for the sales/pitch meetings, but also for conducting a review and “post-mortem” of the meeting once it is finished. Remember the old joke, “How do you get to Carnegie Hall?” The answer to the question, “How do you achieve success in the closing zone is exactly the same: practice, practice, practice.
Perhaps one of the most unique opportunities to grow future business is rejection! Use it to turn rejection into a future close. What happens when your firm has found a target through business development and marketing tactics, done their due diligence with research to ascertain potential client needs, then finally presents a killer presentation to only be rejected in the end?
Losing never feels good. But don’t count yourself out just yet. Follow this process and you might turn that loss into an engagement … eventually.
Ask what the element was that won it for the competition and what were the strengths and areas of improvement your presentation needed.
Now it’s time to take a tough, retrospective look at the marketing business development strategy and sales/closing techniques used to pitch that piece of business. If you made it to the closing zone then the marketing and business development tactics you used were sufficient to get your firm considered. Where did your closing skills miss the mark? Did the prospect/client feel you had a full understanding of their needs? Conduct a post-mortem from events that occurred at the presentation and then try to pinpoint the areas needing improvement.
Find out which firm won the business, and then find out everything about them From the client’s perspective, what was your firm lacking that they believed the others might deliver? Also remember that if you made it to the finals, they know and appreciate you and have an investment in you and your firm as well.
Stay in touch and you stand an excellent chance of being hired in the future. Maximize this “Hidden Opportunity.”