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.
Recently, we participated n a brainstorming session with a group of attorneys. The focus was on how to improve selling. Even though they represented different practice areas, they all agreed on which marketing tactics were most effective.. As a business development advisor, I listed closely to their feedback — so much so that we recommend expanding your business development training to include their top rated tactics.
Here are their five top tactics for “engagement”:
* Talk with, not at!
* Test your approaches;
* Leave one primary “takeaway”;
* Do not repeat:
* Utilize “active” listening.
Engaging with prospects, and even suspects, enables you to show your your investment with them and is as crucial as your message when it comes to generating new business. You can learn more about engaging with prospects and increasing sales at http://closersgroup.com/services
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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.
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?
Are you making decisions on under performing activities and investments?
Do you complete success/rejection analyses of pitches and proposals?
How are you maximizing the impact of these pitches and proposals?
What success are you having expanding the number of colleagues actively selling and cross marketing?
Can you use single marketing tools to leverage wider exposure and response generation?
Is there a format for building a long-term pipeline of leads and opportunities?
Who is measuring and reporting results and who pays attention to them?
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.
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 :
Legal Business World’s feature on marketing focused on our new law firm marketing coloring book, The New Colors of Law Firm Marketing. Calling it “Husterical and fun way to teach lawyers business development,” Editor Allard Winterink featured it as the law firm marketing piece of the month.
Topics included:
* Convert your values to their needs;
* Everyone needs to have the same elevator message;
* ABR – Always build relationships;
* Rainmaking need not start outside the firm;
* Value creates a dynamic optimally suited to “Closing”.
And there is even an opportunity to draw your own cartoon based on comments lawyers have made including “I’m afraid of the process”; “I won’t cross sell”; “I’m not compensated” etc. Turn to page 45 http://www.legalbusinessworld.nl
Emails do not end in handshakes is a critical observation lawyers need to heed when on a new business development campaign. My article in the March issue of Marketing the Law Firm is aimed at encouraging business people to head across the pond for a good old-fashioned face-to-face meeting. Their message is spot on for attorneys who rely too often on email exchanges as a prime method of growing new business. For the complete article, http://www.ljnonline.com.
A current movie marketing campaign says “Cookies are for Closers ” but we hasten to add they are not for attorney marketing. Experienced marketers know that closing new business, or asking for the business, is several steps removed from beginning a relationship. And during the courting period convincingly demonstrating the value you and your firm bring to a prospect is critical.
THE VERY EXPECTATION OF VALUE CREATES A DYNAMIC THAT’S OPTIMALLY CONDUCIVE TO CLOSING!
When was the last time you asked your clients for their business? You were certainly not giving them cookies. Consider this, asking for more work on a semi-regular basis is a solid client retention tactic that could lead to bottom line dividends. ASK FOR THE WORK.
Try to avoid what Hollywood calls “typecasting.” Demonstrate that your firm has capabilities beyond the scope of your current assignments, emphasize the value you bring, and then detail how you can help clearly and concisely. Then there will be no need for cookies.