roi: reality or illusion
DESCRIPTION
Demonstrating Return on Investment (ROI) in a law firm is possible. Often it's doing the little things - and the right things - that count.Get ideas of how to utilize data and technology to help make ROI a reality.TRANSCRIPT
Name OfPresentation
ROI: Reality or IllusionA webinar on measuring the Return on Investment in Law Firms
2013
Timothy B. Corcoran,PrincipalCorcoran Consulting Group, LLC
Chris FritschPresidentCLIENTSFirst Consulting, LLC
W E I S E R M A Z A R S L L P
Since 1921, WeiserMazars LLP has provided accounting, tax and advisory services. Defining features of our firm include:
Over 100 partners and more than 700 professionals in six U.S. offices
Named one of the top accounting firms in the country by Accounting Today (March 2012)
An integrated, customized approach – Our full service platform integrates accounting, auditing, tax and advisory services seamlessly to best address the critical issues our clients face
WeiserMazars is an independent U.S. member firm of the Mazars Group, one of the world’s most prominent international accounting, audit, tax and advisory services organizations with:
• Access to over 14,000 professionals in more than 70 countries on six continents• International reach uncommon in firms with such an intense focus on coordinated, client-centric service• Expertise on global issues, cultures and techniques
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Visit us at: www.weisermazars.com
Timothy B. Corcoran
www.integratedmgt.com © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
• Over 20 years of expertise in law firm management, marketing, business development and technology, product management and consultative selling
• Advises law firm leaders in business development, legal project management, process improvement. Also advises legal vendors on product development, market strategy and sales force readiness
• Formerly a senior consultant with Altman Weil; Director of Practice Development for a global law firm; CEO of a NASDAQ-traded legal technology company; and a senior executive with both LexisNexis and Thomson Reuters
PrincipalCorcoran ConsultingGroup, LLC
• President-elect, LMA International Board of Directors• Author of Corcoran’s Business of Law blog• Fellow, College of Law Practice Management and Center for International Legal Studies• Columnist, Marketing the Law Firm, PSMG Magazine (UK), Bloomberg Law, CounselLink
Chris Fritsch
www.integratedmgt.com
• Over 12 years working with law firm Clients to help them achieve their business and technology goals. Her focus is on building relationships, exceeding Clients’ expectations, delivering value and providing superlative service.
• As a Business Development Consultant, Chris has worked together with attorneys and business development and marketing professionals to successfully leverage relationships, increase revenue and grow their law firms.
• As a Business Development Technology and CRM Success Consultant, Chris works together with top law firms to help them select and implement the right technology solutions to support their Business Development efforts and maximize their return on investment
President
• Author of CRMSuccess blog• Chris has a J.D. from Emory University School of Law
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Results Revenue generation Reducing time spent on redundant tasks and
processes Representing new Clients Retention of current Clients and attorneys Reports and analytics to drive business decisions Respect for the marketing department
Putting the ‘R’ in ROI
Don’t try to boil the ocean A couple hours each week on
business development Targeting the right people at
events Improving click rates 1% Tracking business
development touches Personal follow up
The little things count
Pick the low hanging fruit Measure and reward collaboration,
teamwork, client service and satisfaction Conduct Client interviews Focus on top Clients Know which RFPs to spend time on Take younger lawyers on BD calls Focus on expertise / niches
Industries / developments
Do the right things
E-mail and event campaigns Open / Clicks / bounces
Event attendance Business development pipelines RFP responses / successes Marketing expenses
What Gets Measured Gets Done… Better
Who moved my cheese?
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
ROI = return on investment
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
ROI = return on investment
ROI is relative, not absolute
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
ROI by theNumbers…
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Improving efficiencies Outsourcing to reduce costs Technology to automate processes Cross selling to increase revenue from top
Clients Targeting business development opportunities
for better results
Positive Numbers
Negative Numbers
• Opportunity costs– Billable hours wasted– Poor attendance at expensive events – Repetitive and redundant processes– Inability to target and segment and ensure
information gets to the right audiences – Postal mailing costs – Random acts of golf and lunch
• Dollars wasted on non-strategic activities • Sponsorships / Tickets
Targeting
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Getting a Little Betterat E-mail Marketing
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Sep. 15 (5067)
Sep. 16 (4908)
Sep. 18 (8642)
Sep. 19 (8643)
Sep. 21 (8658)
Sep. 22 (8664)
Oct. 6 (9805)
Oct. 7 (7936)
Oct. 16 (8847)
Oct. 22 (8658)
0
500
1000
1500
2000
2500
Alerts
Publication management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Should be grown organically over time Never purchased
Should regularly be vetted Allow them to re-opt in
Bigger isn’t necessarily better Smaller, more targeted lists yield better results If a recipient hasn't opened an email in a year, consider
deleting them A 5% reduction in customer defection can boost profit
by over 25%
Marketing List Management
Clients Prospects Alumni Referral sources Job titles Interests Assets Gender Age
Segment to Improve Engagement
Industries Geographies / locations Company size Revenue Practice areas needs Current services utilized Goals Needs
Alerts Changes
Laws, regulations Compliance
Timely subjects Timely updates Education Information to save time, improve professional
and personal lives
E-mails That Get Read
Time of send can affect opens First thing in the morning generates the highest opens Tue, Wed and Thu are the best launch days
If messages are regularly scheduled, Clients begin to expect them and get in the habit of reading them Communications sent out daily (+27.8%, +100.3%) Communications sent out weekly (+27.1%, +50.6%)
Messages shouldn't be scheduled too infrequently Communications sent out “Monthly” (-26.6%, -37.0%)
Sending Schedules
Avoid list fatigue The more often you send, the lower your key metrics will be But infrequent messaging can also affect your key metrics
Test campaigns regularly Validate list recipients Improve subject lines Improve content relevance Use landing pages to give unsubscribe options Consider calling people who unsubscribe
Tips for Improving Return on Campaigns
Some words work better for opens or clicks“Newsletter” has a slight positive effect on opens,
(+0.7%) But a strong negative effect on click rates (-18.7%.)
“Alert,” (+38.1% opens) (+61.8% clicks)“Bulletin” - (+15.8%, +12.7%). “Report” (-23.7%, -54.8%,) “Learn” (-35.5%, -60.8%,) “New” (+17.2%, +38.2%)
Subject Line Analytics
Use about 10% of your list to get good data Test e-mail deliverability and recipient preferences
Subject lines Time of the day or week Which segments respond Content Text vs. graphics Layout of information Unsubscribe wording Surveys
How and What to Test
Open rates can be deceiving due to the way they are tracked Up to 50% of emails are delivered to subscribers unable to
register opens But they can still be valuable benchmarks Open rates of 25%+ are considered good
Highest open rates come from clients and former clients Prospects are the lowest
Click thrus are good metrics of campaign success Demonstrate engagement Are in decline
E-mail Analytics
Stage 1 Stage 2 Stage 3 Stage 4 Stage 5Initial Contact Fact Gathering Needs Analysis Proposal Close
Bay Bank, Joe Reed; Lazlo Mendel et al, BioVate Labs Banco de Espana Tolliver IndustriesCatch up lunch Tony Monte, ptnr Antitrust defense Airport development Patent litigation
Lit co-counsel oppty Ron Keltner - NYC Kent Linert - NYC Steve Testke - ChiMitre Inc, Sue Glade; next mtg 7/23/09Met at ABA CLE Brighton Bank Ltd $725,000 / Aug 09 $110,000 / Jul 09
Stuart Grady - London S'western PowerNoCal Power, Jeff debt restructuring Water filtration plant Ritter CorpLisso; Ref by ASD&R Brent Day - Houston Whistleblower def.
Sun Apparel proposal due 7/20/09 Aimee Mann - AtlantaConvo Destin, Gene Chas. Marin - AtlantaInello; New GC mtg RIF Major Ventures, LLP $275,000 / Jul 09
xchange delistingCity Construction, Ed Quantralis Torango, Silber - NYCFlister; RFP rec'd Silber - NYC meet CFO 7/7/09
option backdatingRaytheon, Lucy Arroz;Webinar attendee AirPeru
Jose Denon - AtlantaClifton Pubs; Neil class action defenseNolan; inbound call
GE Aircraft; Bo Little;Network referral
80% probability of closing within 3 weeks, leading to $100k billables in Q1, $150k in Q2, $50k in Q3
Opportunity management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Resource allocation
Repetitive
Important
Strategic
Repetitive
Repetitive
Supply Rates
There is an inevitable and inexorable migration of products and services from leading edge to common place, whether the provider likes it or not
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Submit Articles
Speak at Conferences
Networking & Education
Demonstrating Expertise
Leading ExpertBoard
Committees
Attend Meetings, Educational sessions
Visibility & Credibility
Committees and conferences
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Event management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Event management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Event management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Share of voice
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
The usual process• Always in a rush• 95% about us• Deal lists, representative matters, bios• Never call to clarify• Last second drop-in of mystical pricing
The usual result• Who cares? We pitch what the partners tell us to pitch!
RFP management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Winning Characteristics• Early• Client prep call/test close• 95% about the client• Clear problem statement
• Potential alternative solutions
• Proposed project plan • Proposed budget
RFP management
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Improving Efficiency
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www.integratedmgt.com
AFA profitability
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Consider Outsourcing ROI
• Can things be mandated?– If not, can they be automated?
• Integration with other systems • Automated data feeds • SIC or NAICS codes
– Or outsourced• Outsourced data quality
– Enhancing information with company or industry information
– Adding existing CI data to records
Repetitive Repetitive
Client satisfaction
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Final Success Tips
• Be patient• Don’t try to do everything• Small wins, communicate successes, repeat • Focus on best practices • Don’t reinvent the wheel • Don’t do it alone - reach out for help
W E I S E R M A Z A R S S E R V I C E S
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Audit & Accounting
• Audits• Reviews• Compilations• Reporting on
Controls of Service Organizations
• Reconciliation Projects
• SEC Filings• International Needs
(inbound, outbound and IFRS)
• Special Purpose Reports
Tax
• Compliance• Consulting• Tax Reporting &
Withholding• FATCA• SALT• GAAP/IFRS
Disclosures • Cost Segregation• Trust and Estate
Planning• High Net Worth
Services• Corporate Structure• International Tax• FBAR Reporting• Pension, Benefits and
Compensation• Personal Financial
Planning
Governance, Risk &
Compliance
• Internal Audit Co-Sourcing and Out-Sourcing
• Risk Management Consulting
• Fraud Assessment Services
• Information Technology Security, Strategy and Solution Selection
• Other Services (SOD analysis, PCI assessment)
• Disaster Recovery/Business Continuity Services
Financial Advisory Services
• Due Diligence• Valuations• Litigation Support• Bankruptcy• Turnarounds• Investor and Lender
Services• Fraud Investigations• Business Advisory and
Recovery• Project Finance and
Financial Modeling Services
Consulting
• Sourcing• Strategy• Finance Process and
Systems• Operations Process
and Systems• Information
Technology• Tax Sensitive Design
Visit us at: www.weisermazars.com
Timothy B. CorcoranPrincipal
Corcoran Consulting Group, LLC
CorcoranLawBizblog.com
Twitter: @tcorcoran
© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
Chris FritschPresident
CLIENTSFirst Consulting, LLC
404.249.9914
ClientsFirstConsulting.com
Twitter: @CRMSuccess