Top 5 Myths About Business Development

by Valerie Goodman

To really under understand what successful business development is, one must understand what it is not. Here are our top five myths about business development.

Myth #1:
Business Development and Law Firm Marketing are Interchangeable Terms

Law firm marketing is about being found, not chosen. How you get found is through publicity. This includes media outreach, networking, and distribution of collateral materials, conducting and attending workshops. Law firm marketing is the activity that targets the eyes, ears and interests of your potential client.

With ammo in hand, where do you aim? This phase is called “business development”. Perhaps a more appropriate term for business development is “business generation,” which requires (dare I write it) sales training and closing skills. And, exactly what we do here at The Closer’s Group.

Myth #2
Attorneys should step into the business development process only after the marketing department develops a strategy.

Let’s face it; your marketing department isn’t going to magically wave a wand and “poof!” new clients appear in front of you. Ultimately the onus is upon the attorney to bring in (and keep) the business. The role of law firm marketing should support those goals with collaterals media and public relations activities and identifying seminars and workshops that help facilitate network development (Remember “law firm marketing” you just read above…).

Once you have the information and sales training, plan a strategy to pursue the business and hone in on your closing skills.

Myth #3:
When it Comes to Attorney 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 attorney won’t necessarily work for another. One fatal marketing mistake is to use the same tactic over and over without looking closely at each prospect. Tailored business development, sales training and closing skills will land you clients with a much higher closing rate.

Myth #4:
Clients Want Sellers to Do Most of The Talking

Keep your resume to yourself and let the potential client do the talking. Adopt the old IBM 60/40 sales training rule — keep them talking 60% of the time and spend the remaining 40% asking good questions based upon your research. Pay attention to your client’s verbal cues, and refine your pitch accordingly.

Myth #5:
Once You’ve Won The Business, Further Marketing to The Client Isn’t Necessary

A big complaint that I often hear from clients is the lack of communication and the feeling of being “kept out of the loop” in important decisions. Your firm’s client retention depends on identifying their needs regularly.

Client needs are a moving target. The time you spend listening and attending to complaints could be the difference between keeping a client and accelerating new business, to losing them to another, more attentive firm.