cross selling - leadership for lawyers
TRANSCRIPT
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CROSS SELLINGLeveraging existing relationships into new opportunities
Mark Beese
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Mark Beese
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Agenda• What clients think of cross-selling• Overcoming obstacles to cross-selling• Strengthening your internal network• Understanding client’s legal needs and buying behavior• Blue ocean opportunities• Introducing colleagues to clients• Action plan
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What do clients think of cross-selling?
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Why is cross-selling so difficult?
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Table Discussion• What are the obstacles to cross selling?
• What can be done to overcome these obstacles?
• 5 minutes• Report back to group
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Building An Effective Internal Network
You
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Internal Networking• Know your target market• Do your research• Who in the firm does work for this industry and client?• Get out and connect• Offer something of value to the client.
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Internal Networking - Example• Example: Data Security – Data Breech Planning• Know your target market (Large Retail/Consumer Biz)• Do your research (Retail Industry Leaders Association)• Who in the firm does work for this industry and client?
• Keith Chrestionson - Retail• David F. Faustman - Retail• Carolyn D. Richmond - Hospitality
• Get out and connect• Offer: Webinar on data breech planning w/checklist
• What are your ideas to network internally?
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Tip #1: Intelligence• Know your client’s business and industry• Anticipate their needs• Offer them help
How?• Business and industry intelligence• Understand their legal spend (and how it is changing)• Dig deep into industry issues• Leverage your network• Talk to clients and industry experts “off the clock” • Consider automation and AI
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Tip #2 SWOT Analysis
Strengths Weaknesses
Opportunities Threats
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Tip #3 Client Financial Analysis
2550
2600
2650
2700
2750
2800
2010 2011 2012 2013
Total Revenue – Client XYZ
Total
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Tip #3 Client Financial Analysis
300250
200150
15 25 450
200250
350
600
100 10075
00
100
200
300
400
500
600
700
2010 2011 2012 2013
Revenue by Practice Area - Client XYZ
Litigation L&E IP Corporate
Intellectual Property
Litigation
Labor EmploymentCorporate
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Tip #4: White Space Analysis (3 year)PHL NYC CHI DEN SFO LAX
Litigation 300K 500KIP LitigationIP Prosecution
L&E 150K 200KCorporate 250KData Security
15K
FinanceTaxSecuritiesWealth MgmtReal Estate 125K 200K 120K
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Tip #5: Client Interviews
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Tip # 6: Network MappingAmy
BrockGeneral Counsel
Wayne Davidson
AGC, L&E
Peter Parker
AGC, IP
Mary TysonAGC, Acquisitions
Emily Ramos
Financial Regulatory
Juan Suarez
Energy Regulatory
Samantha Pierce
Chief Legal Operations
Larissa Myers
Legal Procurement & Measurement
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Tip # 6: Network MappingAmy
BrockGeneral Counsel
Wayne Davidson
AGC, L&E
Peter Parker
AGC, IP
Mary TysonAGC, Corporate
Emily Ramos
Financial Regulatory
Juan Suarez
Energy Regulatory
Samantha Pierce
Chief Legal Operations
Larissa Myers
Legal Procurement & Measurement
Sam -CHI
David-NYC
Larry-DEN
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Tip #7: Trendspotting with Clients• Seeing around corners• Strategy Meetings/Retreats• Offering Pro-Active Advice• Seek ways to collaborate with clients
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• Create uncontested market space• Make the competition irrelevant• Create and capture new demand
• Compete in existing market space• Beat the competition• Exploit existing demand
Blue Ocean Strategy Red Ocean Strategy
Blue Ocean Strategy
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Collaboration Ideas - Brainstorm• Three ideas on how you can collaborate with other
attorneys in the firm to improve client service • Three ideas on how you can collaborate with other
attorneys in the firm to increase revenue• Pick one best idea.
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How to introduce someone to a client• How not to introduce a colleague to a client
Instead,
• Consider a “give to get”• Offer substance: CLE, Webinar• Pass along white paper, video, blog post• Invite them to an event – and intentionally introduce
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What’s Next ….• Commit to strengthening your internal network• Focus on identifying opportunities for introduction by client
and industry segment• Develop “thought leadership” content to share with clients
to smooth introduction• Attend/present at different practice group/industry group
meeting• Do you homework and visit attorneys in other offices,
either in person or via skype. • Do something!
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MarkBeeseLeadershipforLawyerswww.leadershipforlawyers.com