six steps to increase results 2/21/07. biggest differences lawyers vs. other professions –time ...

SIX STEPS TO INCREASE RESULTS

2/21/07

BIGGEST DIFFERENCES

Lawyers vs. other professions Lawyers vs. other professions – TimeTime

Legal marketers vs. other Legal marketers vs. other professionsprofessions– Time Time – For some, too many bosses For some, too many bosses

IMPLICATION

We all know how to increase new We all know how to increase new businessbusiness

The hard part: Given limited timeThe hard part: Given limited time

Lawyers and marketersLawyers and marketers

must prioritize relentlesslymust prioritize relentlessly

YOU MUST FOCUS LIMITED TIME

What should I do todayWhat should I do today

to increase new business?to increase new business?

SIX STEPS TO HELP PRIORITIZE

1.1. Prove value of current clients. Prove value of current clients.

2.2. Explain power of active listening. Explain power of active listening.

3.3. Define advances.Define advances.

4.4. Help apply personal strengths.Help apply personal strengths.

5.5. Form a biz dev group.Form a biz dev group.

6.6. Build the right relationships.Build the right relationships.

1. CURRENT CLIENTS

1. Prove value of current clients.

QUESTION

Do you handle 100% of Do you handle 100% of your clients’ legal work?your clients’ legal work?

DO YOU HANDLE 100%?

If YES: Strengthen relationships If YES: Strengthen relationships to protect your revenue.to protect your revenue.

If NO: Strengthen relationships If NO: Strengthen relationships to increase wallet share.to increase wallet share.

1. CURRENT CLIENTS

2/3 of revenue increases come from current clients*2/3 of revenue increases come from current clients*

Your chances of new business areYour chances of new business are

– 1 in 2 with existing clients1 in 2 with existing clients– 1 in 3 with past clients1 in 3 with past clients– 1 in 8 with new prospects**1 in 8 with new prospects**

**Source: ALM Research 6/06Source: ALM Research 6/06

**Source: Rainmaker’s Toolkit**Source: Rainmaker’s Toolkit

THE QUESTION

Rate satisfaction of your Rate satisfaction of your top clients (1-10)? top clients (1-10)?

YOUR RATING

If 8 or lower: If 8 or lower: DANGERDANGER– 60% to 80% of clients who leave say they were 60% to 80% of clients who leave say they were

satisfiedsatisfied

If 9 or 10: Are you sure?If 9 or 10: Are you sure?– Many over-estimate client satisfactionMany over-estimate client satisfaction– ““Customers find it difficult to respond negatively”Customers find it difficult to respond negatively”

Source: Harvard Business Review, 11/95Source: Harvard Business Review, 11/95

2006 INSIDE COUNSEL SURVEY

0%

10%

20%

30%

40%

50%

60%

Lawyers Clients

Client relationship rated A

2006 INSIDE COUNSEL SURVEY

0%

10%

20%

30%

40%

50%

Lawyers Clients

"Most law firms pad their bills"

1. CURRENT CLIENTS, cont

Bulletproofing crown jewel clientsBulletproofing crown jewel clients

ListeningListening

Understanding and meeting needsUnderstanding and meeting needs

Caring, and showing you careCaring, and showing you care

Being responsive and handling problemsBeing responsive and handling problems

Cool offering (sexy)Cool offering (sexy)

Source: Gerry Riskin, 1/06Source: Gerry Riskin, 1/06

CLIENT TEAMS

Client teams must coordinate Client teams must coordinate communicationcommunication

But not too muchBut not too much

Client satisfaction reduced byClient satisfaction reduced by

– Limited lines of communicationLimited lines of communication– Constraints and protocolsConstraints and protocols

1. CURRENT CLIENTS

Selling to current clients is easySelling to current clients is easy

Critical in the short termCritical in the short term

Based on exceptional service Based on exceptional service

Selling to new clients is the hardest work you can do in Selling to new clients is the hardest work you can do in a suita suit

25% or more of sales pros fail25% or more of sales pros fail

Top performers often sell 10x as much as average Top performers often sell 10x as much as average performersperformers

90 SECOND EXERCISE



1. Prove the value of 1. Prove the value of

focusing first on current clientsfocusing first on current clients

HANDOUT

www.legalbizdev.com/www.legalbizdev.com/webinarwebinar

2. LISTEN

2. Explain power of active listening.

QUESTION

Do you listen at least 50% Do you listen at least 50% of every sales meeting?of every sales meeting?

2. LISTEN

In selling, experts say you should In selling, experts say you should listen 50% to 80% of the timelisten 50% to 80% of the time

Listening is “the single most Listening is “the single most important principle in interpersonal important principle in interpersonal relations”relations”

You must master the art of the “easily You must master the art of the “easily answered question”answered question”

IMPROVE LISTENING - BASIC

Improve listening with “easily answered questions”Improve listening with “easily answered questions”

Tell me more…Tell me more…

Give me an example…Give me an example…

What bothers you most…What bothers you most…

How does this affect you…How does this affect you…

How do you handle…How do you handle…

Do I have it right…Do I have it right…

IMPROVE LISTENING - ADVANCED

12 year study of 35,000 sales calls12 year study of 35,000 sales calls

Used by majority of Fortune 500Used by majority of Fortune 500

Techniques to ask questionsTechniques to ask questions

SSituationituation

PProblemroblem

IImplicationmplication

NNeed Payoffeed Payoff

90 SECOND EXERCISE



2. Explain the power 2. Explain the power

of active listeningof active listening

HANDOUT


3. ADVANCES

3. Define advances.

3. ADVANCES

An advance is an action that moves the An advance is an action that moves the sale forward.sale forward.

– Example: Agree to meet with Example: Agree to meet with another partner next Mondayanother partner next Monday

– Not an example: “Let’s meet again Not an example: “Let’s meet again soon”soon”

Always ask: What’s our next step?Always ask: What’s our next step?

90 SECOND EXERCISE



3. Define advances3. Define advances

HANDOUT


4. PERSONAL STRENGTHS

4. Help apply personal strengths


For 40 years, Gallup studied For 40 years, Gallup studied

25,000 sales managers25,000 sales managers

250,000 sales people250,000 sales people

1,000,000 customers1,000,000 customers

Conclusion: The best sales peopleConclusion: The best sales people

Understand their strengthsUnderstand their strengths

Find the right fitFind the right fit


Sales managers spendSales managers spend

Too much time with low performers Too much time with low performers

– bring in little new businessbring in little new business Too little time with high performers Too little time with high performers

– small change can bring in small change can bring in substantial businesssubstantial business

90 SECOND EXERCISE



4. Help each lawyer 4. Help each lawyer

to apply personal strengthsto apply personal strengths

HANDOUT


5. FORM A GROUP

5. Form a biz dev group.

5. FORM A GROUP

Form a BizDev groupForm a BizDev group

– Provide social supportProvide social support– Build accountabilityBuild accountability– Create a friendly competitionCreate a friendly competition

Find a coachFind a coach

– Professional advice maximizes impactProfessional advice maximizes impact– Assures BizDev will be a priorityAssures BizDev will be a priority

90 SECOND EXERCISE



5. Form a business development 5. Form a business development

support groupsupport group

HANDOUT


6. RELATIONSHIPS

6. Build the right relationship

FOCUS ON THE RIGHT PEOPLE

Sales people Sales people QUALIFYQUALIFY prospects prospects

Will they buy?Will they buy?

Will they buy now?Will they buy now?

Will they buy from me?Will they buy from me?

Spending time with the wrong people is Spending time with the wrong people is worse than spending no time at all.worse than spending no time at all.

BUDGET TIME

0%

20%

40%

60%

80%

100%

1 2 3 4 5 ormore

Number of meetings to close a sale

New relationships take time New relationships take time

HOW TO BUILD RELATIONSHIPS

Agree.Agree.

Don't criticize or complain. Don't criticize or complain.

Give sincere appreciation. Give sincere appreciation.

Become genuinely interested. Become genuinely interested.

Smile. Smile.

Be a good listener. Be a good listener.

Talk about the other person's interests. Talk about the other person's interests.

90 SECOND EXERCISE



6. Focus lawyers on building 6. Focus lawyers on building

the right relationshipsthe right relationships

HANDOUT


THE PAST: LEGAL MARKETING

1980s1980s NOWNOWRainmakers aloneRainmakers alone

Budgets .5%Budgets .5%

Few CMOsFew CMOs

Everyone Everyone involvedinvolved

Budgets 1% - 4%Budgets 1% - 4%

Many CMOsMany CMOs

Client service Client service teamsteams

Sales trainingSales training

Source: Paul Clifford, LMA NESource: Paul Clifford, LMA NE

FUTURE: MORE FOCUS ON SALES

MARKETING MARKETING

Creates demandCreates demand

0.6% revenue0.6% revenue

SALESSALES

Meets demandMeets demand

0.5% revenue0.5% revenue

BrochuresBrochures

NewslettersNewsletters

Web pageWeb page

More meetingsMore meetings

Better follow-upBetter follow-up

Get advancesGet advances

Source: Law Firm Inc, June 2005Source: Law Firm Inc, June 2005

MARKETING VS. SALES

““Ending the war between sales and marketing” Ending the war between sales and marketing” – July – July 20062006

Cultural differencesCultural differences

Economic interestsEconomic interests

To prevent that war from breaking out in law firms, we To prevent that war from breaking out in law firms, we need:need:

Common goalsCommon goals

Common metricsCommon metrics

IT ALL COMES BACK TO

What should What should WEWE do today do today


FOR MORE INFORMATION

www.legalbizdev.com

Email: [email protected]

six steps to increase results 2/21/07. biggest differences lawyers vs. other professions –time ...

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