basics of business development

Basics of

Business Development

Committed to the growth of your law firm

Christina R. Fritsch, JD

ClientsFirst Consulting

CF@ClientsFirstConsulting.com

404-249-9914

© 2008 ClientsFirst Consulting, LLC

Overview

Why Business Development

Business Development Challenges

Common Business Development Mistakes

Business Development Myths vs. Truths

Marketing vs. Business Development

What Not To Do

What To Do: 6 Key Principles Of Business

Development

© 2008 ClientsFirst Consulting, LLC

Research by the BTI Consulting Group asserts

that each hour per week devoted to business

development can yield up to $23,400 in

additional fee revenue per year

The number of business development hours is

one of the key factors in attorney success

More than 80% of attorneys don’t spend

enough time on business development

Spending the time can be a tremendous

competitive advantage

Why Business Development

© 2008 ClientsFirst Consulting, LLC

Business Development Challenges

Lack of time

Lack of focus

Maintaining motivation

Billable hours

Fear of rejection

Inertia / the cost of doing nothing

Competition

The least significant challenge

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Confusing sales with business development

Confusing marketing with business

development

Lack of preparation

Talking instead of listening

Failing to understand the Client’s needs

Not spending enough time with Clients

Common Business Development Mistakes

© 2008 ClientsFirst Consulting, LLC

Marketing - helping to identify, create or

define Client needs which provides essential

support for effective business development

efforts.

Business development - personally

connecting with Clients or prospects in order

to understand their needs and facilitate an

agreement or solution to address those

needs.

Marketing vs. Business Development

© 2008 ClientsFirst Consulting, LLC

Business

Development

Relationship building

Face-to-face meetings

Targeting

Needs analysis

Questioning

Listening

Proposing solutions

Networking

Client service

Opportunity tracking

Marketing vs.

Strategy

Communications

Events

Client surveys

Branding

PR

Advertising

Websites

Articles

Presentations

© 2008 ClientsFirst Consulting, LLC

Business Development Myths

Rainmaking is a divine gift

Client development is an art

Clients hire the smartest lawyers

You have to ‘sell’ to develop business

© 2008 ClientsFirst Consulting, LLC

Rainmaking can be taught

Business development is a learnable,

repeatable technique

Service is a form of sales

Buyers of legal services often can’t differentiate

the skills of two comparable lawyers

People hire lawyers they like, trust and connect

with

It’s all about relationships

Business Development Truths

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Service = sales

A sale is just the pleasant result of

helping your Clients succeed

To succeed at business development,

just be in the Client success business!

The Ultimate

Business Development Truths

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No ‘selling’

No pressure

No ‘closing’

What Not To Do

© 2008 ClientsFirst Consulting, LLC

Prioritization

Planning

Preparation

Providing value

Persistence

Predicting and measuring results

6 P’s of Business Development Success

© 2008 ClientsFirst Consulting, LLC

Prioritization

Make the most of your limited BD time

Look for low-hanging fruit

Leverage relationships first

Current Clients

They often provide up to 80% of your business

It can take 5 to 7 times more time, effort and resources to get work

from new Client

Referral sources

Members of organizations

Then look for opportunities where you can help

With similar issues and / or challenges

In the same or similar industries as current Clients

© 2008 ClientsFirst Consulting, LLC

Planning

Make time to plan

Plan for calls and meetings in advance

Know what you want to accomplish

Lean all you can about Clients and propects

Read what they read

Business and news about the Client’s company

Industry publications

Read how they read

Identify business and legal consequences or challenges

Have a written business development plan

Don’t just write it, execute it

© 2008 ClientsFirst Consulting, LLC

Preparation

Prepare for all meetings and pitches

Questions

Goals

Do your homework and research

Read business and industry news and publications

Set up company and industry alerts

Read what your Clients read

Think like the Client

Consider business and legal consequences

Rehearse for meetings and pitches

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Providing Value

As determined by the Client

In every exchange

Give first, receive second

Find ways to be of assistance

Ask how you can help

Be ‘at your service’

Bring / send relevant information

Save them money

Enhance their bottom line

Introductions, referrals, financing

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Persistence

Hiring doesn’t happen on the first attempt

Or the second

Or third

Only 19% of sales close by the 4th call

On average, it takes 7 contacts to get to a ‘yes’

81% of all sales close after the 4th call

90% of salespeople have given up after the 3rd

Be in the 10%

© 2008 ClientsFirst Consulting, LLC

Predicting and Measuring Results

Set goals

Calendar appointments

Track meetings

Build a pipeline

Rank targets and prospects

Determine potential revenue and likelihood of

success

© 2008 ClientsFirst Consulting, LLC

Best Practices – What To Do Now

Put 3 things into action now

Create a personal business development plan

Commit to spend the necessary time on business

development

Make business development habitual

Learn the Client’s business and industry

Target effectively

Use technology to track and enhance results

Get out from behind that desk and go see the

Clients!

© 2008 ClientsFirst Consulting, LLC

CLIENTSFirst

Contact Information

Christina R. Fritsch, JD

CF@ClientsFirstConsulting.com

404-249-9914

www.ClientsFirstConsulting.com