basics of business development
TRANSCRIPT
Basics of
Business Development
Committed to the growth of your law firm
Christina R. Fritsch, JD
ClientsFirst Consulting
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
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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
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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
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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
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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
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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%
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Predicting and Measuring Results
Set goals
Calendar appointments
Track meetings
Build a pipeline
Rank targets and prospects
Determine potential revenue and likelihood of
success
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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
404-249-9914
www.ClientsFirstConsulting.com