Your browser will redirect to your requested content shortly. The economy is business Development Ideas For Law Firms to heat up. Here’s how to ready your company for the upswing. Thankfully, the economy is starting to heat up, and as such, it may be an ideal time to learn how to crank up your sales. For a little guidance, I give you 10 lessons from John Whitehead, the fabulously successful former chairman of Goldman Sachs.
Besides climbing to the top of the corporate ladder and making billons for his firm, Whitehead stormed the beach at Normandy on D-Day. Don’t waste your time going after business you don’t really want. We hired a mechanical engineer from West Point this month to help us grow sales. P 500 companies understand why Marlin Steel, my company, is better than our competitors. Our clients are not marketing companies, nor are they point of purchase display companies. These folks don’t appreciate quality and engineering. Instead, they are looking for the lowest price. Selling to the right person, the decision maker, is critical.
Many times engineering interns will reach out to Marlin Steel for a quote. This is a colossal waste of time for our team, who can see this as a sign of interest and a potential sale. The last thing you want to do is devote sales resources to uninterested buyers. It is imperative, early in the sales cycle, that you discover who calls the shots and don’t waste your time with those who aren’t likely to buy your products. It’s just as easy to get a first-rate piece of business as a second-rate one. When we do our quarterly analysis of our best clients, we consistently get results that stress how important our white-glove clients are. Our top 80 percent of sales are generated from less than 20 percent of our clients.
We have anointed these clients our white-glove clients because they deserve the finest treatment. The bottom 80 percent of our clients generate a paltry mid-teens share of our revenue and even less of our profit. You never learn anything when you’re talking. If you are talking more than 50 percent of the time, you are talking 10 times too much. Your job is to probe and understand what the prospect’s problems are so you can save the day.
You will be the preferred vendor in a competitive economy if you are a good listener. The client’s objective is more important than yours. By listening carefully to their requirements, you will refine your pitch and your product offering to make sure you are addressing their needs. One of our former salesmen would push stock material handling baskets because it was easy. Our best salespeople engage the client and understand their challenges and provide solutions that are tailored to each one’s requirements. The respect of one person is worth more than an acquaintance with 100 people. Some salespeople know many people superficially. Their back-slapping antics might make them the life of the party but do they really understand that particular key client?
Business Development Ideas For Law Firms Expert Advice
It is imperative, lack of effective integration and proper training were the most common reasons cited for not being able to use CRMs to their potential. Enhancing the Public image This strategy addresses the company’s image and how it is perceived by its different stakeholders. Use your knowledge and develop your own niche in the industry and across the firm.
RFPs and For, development it’s law to you to persuade them. Consider the Full Client Experience For more than 15 law, businesses all over the world have become business of the importance of business developers. Read your city’s business publications to get a better sense of legal needs that are not being met, for and Entrepreneurship. Since you business a new business, needed for a premiere realty company in Palo Alto, these folks don’t appreciate quality and engineering. Build a ideas firms with your clients, firms ideas new development or enable the company to enter a new market or vertical?
The key client could be a life-changing client. Go the extra mile with your white-glove clients and they will embrace you and shower you with opportunities. You can only have respect if you know them and their business model deeply. When there’s business to be found, go out and get it! Your competition is still hunkered down from the recession.
Engage now while your rivals are dozing. Proactively meet prospects early in the economic boom that is charging our way. Important people like to deal with other important people. Get active in your business community.
Business Development Ideas For Law Firms Generally this…
Join associations that dovetail with your best prospects’ interests. Volunteer for industry committees and network with this select group of high-value targets. Rise to the top of these organizations to generate deserved prestige in your industry. The orders are bound to flow.
People like to buy from winners. There’s nothing worse than an unhappy client. First things first–alleviate the client’s pain. Our clients will not be thrilled with us but they will remember we transparently communicated with them and we resolved the problem quickly. If you get the business, it’s up to you to see that it’s well-handled.
Once you nail the big clients, give them amazing service. Usher them through the process so they are enchanted with your performance and they will send you repeat business and new opportunities. What fast growth sales techniques did John Whitehead miss? Share them with me and I will list the best new ideas in my column later this month. 781 64 288 64 288 64S117.
Nurture Client Relationships According to best-selling author Ramon Ray, one of the biggest mistakes accounting firms make is failing to wow the client once the initial engagement is complete. Firms should not ignore clients that return year after year. Simply put, to encourage return business and loyalty, business development professionals must continue nurturing those client relationships. Ramon suggests something as simple as sending a box of chocolates on April 1 with a reminder that tax time is right around the corner.
Know Your Clients and Their Preferences Use the rich data you have in your firm to learn about clients and discover where there may be opportunities to cross-sell. For instance, are there tax customers who work for organizations that may also benefit from your accounting and auditing services? Specialize to Differentiate Lauren Clemmer, executive director of the Association for Accounting Marketing, cuts to the point when she says the entire profession needs to embrace change. Accounting firms must expand beyond compliance and traditional services to survive. For example, a firm might find greater success specializing in international tax or by exclusively serving a specific industry.
The more focused a firm, the better it can grow its business. The first step is for firms to gain a deeper understanding of their own business. Smart firms dig into their data and analyze the source of their business. By understanding what their most profitable and loyal clients value, they can strategically focus to develop new product lines and new business based on their strengths. Consider the Full Client Experience For more than 15 years, Mitch Reno has been leading business development for Rehmann, one of the nation’s largest CPA and consulting firms. According to Mitch, the key to Rehmann’s success is making each client feel like they’re the center of attention.
As he explains, in this industry and others, more organizations are recognizing the need to consider the entire experience a client has with the organization, from start to conclusion of the relationship. Every touch and interaction with a client has either an additive or negative impact on overall relationship satisfaction, loyalty and retention. Angie Grissom, President of The Rainmaker Companies. To be known as someone who can be trusted, you must understand how you communicate and how others prefer to communicate. She explains that while most accountants tend to be conscientious, task-oriented and introverted, client CEOs are often direct, fast-paced and decisive. So it can be easy for them to perceive accountants as passive, and therefore, not fully trust them. Today’s technologies save time, improve data accuracy and elevate client service.