Transcript Strategies for Getting and Keeping Clients

Delaware Valley Law Firm
Marketing Group
Sally Schmidt, Schmidt Marketing,
Inc.
November 28, 2006
Selling vs. Marketing
Identifying targets
Researching targets
Developing the sales strategy
Drafting boilerplate proposals or
pitches
 Drafting customized proposals or
pitches
 Going on business development calls
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Marketing vs. Sales
 Two schools of thought…
Marketing: Strategic Umbrella
Marketing
External Communications
and Relations
Planning and Strategy
Business Development
Research and
Development
Internal Communications
and Relations
Support and
Accountability
Management and
Administration
Marketing and Sales: Separate but
Intertwined Functions
Marketing
Sales
Positioning vs. Business
Development
 Positioning: Making the “short list”
 Business development/Sales:
Relationships
Client Development Process
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Awareness
Perception of Expertise
Relationship
Retention
Expansion
The Disconnect
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Seminar
Newsletter
Client event
Web site
Materials
Public relations
Advertising
Business in the door
The Seminar: Marketing vs. Sales
 Develop concept
 Issue invitations
 Make logistic
arrangements
 Create materials
 Prepare
presentations and
PowerPoint slides
 Prepare evaluation
form
 Determine the
target audience
 Engage them—presurvey
 Engage them at
the meeting
 Survey their
reactions/needs
 Follow up in a
meaningful way
Seminar Follow Up—Business
Development Style
 Passive/ineffective:
 “Thank you for coming” letter
 Active/effective:
 Host follow-up roundtables
 Offer to give an on-site workshop
 Send follow-up information on the
seminar topic
 Send a related form, worksheet or article
Moving from “Mass” to “One-onOne”
Seminar
Roundtable
One-on-one
The Missing Link: Think SMALL
 Seminar
 Newsletter
 Client event
 Web site
 Organizational
membership
 Roundtable
 Targeted advisory
 Client-specific
workshop
 Listserver
 Board or
committee
What Law Firms Are Doing in
Business Development
Staffing
 Directors of Business Development
 Sales personnel
 Business Development Managers—
linked to revenue-producing units
 Sales support functions
BD/Sales Support Functions
 Research and analysis/Competitive
intelligence
 Proposal writing
 Database/CRM
 Pitch assistance
 Coaching
 Training
Improving Lawyers’ Skills
 Coaching: One-on-one coaching
assistance
 Mentors: Partner assignments
 Training:
 Associates
 Partners
 Peer groups
Internal Organization
 Creating teams:
 Client teams
 Target or SWAT teams
 Tweaking the compensation system
 Establishing intranet pages for
business development
Increasing Your Value to the Firm
through Business Development
 In the recent LMA compensation
survey, those who listed “business
development” as their primary
function made, on average, $7,500
more than “generalists”
Assist in Preparing Proposals/
Presentations
 Contact the prospective client
 Conduct research on the organization
 Talk through the strategy or pitch
 Put together drafts, gather up materials or
review written materials (e.g., edit,
reformat)
 Conduct a rehearsal/Videotape
 Follow up with the client
 Debrief the lawyers
Counsel the Professionals
Learn how business is developed for
that practice
Talk through opportunities
Ask good questions
Present ideas or initiatives
Counsel on follow up
Support the Lawyers’ Business
Development Skills
Set up training programs:
 Preparing proposals
 Making presentations or pitches
 Contacts and networking
 Identifying needs/Listening skills
Set up marketing mentor programs
Establish dynamic programs to get
people involved—involve, don’t
educate
Identify and Follow Up with
Prospects
Identify good prospects:
 Clients—for cross selling
 New business opportunities
Establish good follow-up programs:
 Seminar attendees
 Get togethers with referral sources
 Web site inquiries
Sample: Gap Analysis
Corporate
Client A
$570,000
Client B
Litigation
Tax
$860,000
Employment
$60,000
$50,000
Real Estate
$37,000
$1,200,000
Intellectual
Property
$120,000
Estate Plan
$25,000
$50,000
Client C
$170,000
$30,000
$25,000
Client D
$300,000
$100,000
$30,000
$35,000
$18,000
$60,000
$10,000
Contact Clients
Post mortems on projects:
 How did we do?
 What did we learn?
 What else can we do to help?
Client
Focus
Client
Client
surveys
groups
panels
teams
In short…
 More emphasis on:
 Strategy
 Client contact/Business development
 Follow up
 Less emphasis on:
 Tactics
 Communications
 Reacting
Focusing on Business
Development: 15 Ideas
 Make recommendations about who
attends suites, golf outings, etc.
 Request and analyze the list of top
clients each year
 Review new client reports
 Learn your “product”: Attend
practice or industry group meetings,
take your “clients” to lunch
Focusing on Business
Development: 15 Ideas
 Provide intelligence: markets,
clients, opportunities, competitors
(e.g., information feeds)
 Track ROI and business development
contacts and successes (e.g.,
proposals)
 Put people together—be the conduit
 Survey your clients (the lawyers)
Focusing on Business
Development: 15 Ideas
 Customize proposals—no more
boilerplate
 Synthesize information for the
lawyers
 Learn how to make effective
presentations
 Network with marketing directors of
other companies/clients
Focusing on Business
Development: 15 Ideas
 Engage the firm’s targets—surveys,
blogs, offers, listservers, etc.
(Permission Marketing)
 Be active personally (e.g., civic,
professional associations, network)
 Learn the economics of the practice
Conclusion: Tips for Personal
Success
Tips for Personal Success
Help one partner develop one client
Be enthusiastic—it goes a long way
toward success
Be realistic
Start with those who are interested
Start small—one target team
Start with low-hanging fruit
Tips for Personal Success
Be relentless with your follow up:
 Lists of follow-up tasks
 Lists of to do’s
 E-mail reminders
 Running lists of contacts or targets
Questions/Discussion