six steps to increase results 2/21/07. biggest differences lawyers vs. other professions –time ...
TRANSCRIPT
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SIX STEPS TO INCREASE RESULTS
2/21/07
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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
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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
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YOU MUST FOCUS LIMITED TIME
What should I do todayWhat should I do today
to increase new business?to increase new business?
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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.
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1. CURRENT CLIENTS
1. Prove value of current clients.
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QUESTION
Do you handle 100% of Do you handle 100% of your clients’ legal work?your clients’ legal work?
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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.
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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
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THE QUESTION
Rate satisfaction of your Rate satisfaction of your top clients (1-10)? top clients (1-10)?
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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
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2006 INSIDE COUNSEL SURVEY
0%
10%
20%
30%
40%
50%
60%
Lawyers Clients
Client relationship rated A
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2006 INSIDE COUNSEL SURVEY
0%
10%
20%
30%
40%
50%
Lawyers Clients
"Most law firms pad their bills"
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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
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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
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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
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90 SECOND EXERCISE
What should I do todayWhat should I do today
to increase new business?to increase new business?
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
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2. LISTEN
2. Explain power of active listening.
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QUESTION
Do you listen at least 50% Do you listen at least 50% of every sales meeting?of every sales meeting?
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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”
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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…
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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
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90 SECOND EXERCISE
What should I do todayWhat should I do today
to increase new business?to increase new business?
2. Explain the power 2. Explain the power
of active listeningof active listening
HANDOUT
www.legalbizdev.com/www.legalbizdev.com/webinarwebinar
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3. ADVANCES
3. Define advances.
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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?
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90 SECOND EXERCISE
What should I do todayWhat should I do today
to increase new business?to increase new business?
3. Define advances3. Define advances
HANDOUT
www.legalbizdev.com/www.legalbizdev.com/webinarwebinar
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4. PERSONAL STRENGTHS
4. Help apply personal strengths
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4. 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
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4. PERSONAL STRENGTHS
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
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90 SECOND EXERCISE
What should I do todayWhat should I do today
to increase new business?to increase new business?
4. Help each lawyer 4. Help each lawyer
to apply personal strengthsto apply personal strengths
HANDOUT
www.legalbizdev.com/www.legalbizdev.com/webinarwebinar
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5. FORM A GROUP
5. Form a biz dev group.
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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
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90 SECOND EXERCISE
What should I do todayWhat should I do today
to increase new business?to increase new business?
5. Form a business development 5. Form a business development
support groupsupport group
HANDOUT
www.legalbizdev.com/www.legalbizdev.com/webinarwebinar
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6. RELATIONSHIPS
6. Build the right relationship
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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.
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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
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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.
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90 SECOND EXERCISE
What should I do todayWhat should I do today
to increase new business?to increase new business?
6. Focus lawyers on building 6. Focus lawyers on building
the right relationshipsthe right relationships
HANDOUT
www.legalbizdev.com/www.legalbizdev.com/webinarwebinar
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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
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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
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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
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IT ALL COMES BACK TO
What should What should WEWE do today do today
to increase new business?to increase new business?