Working smarter, not harder for interlex on linked in
Working Smarter, Not HarderWorking Smarter Not HarderBusiness Development and Client Retention Tips for InterlexMembers Presented by: JoAnne Wakeford, Director of International Business DevelopmentFMC LawFMC LawNovember 9th, 2012 1
Be Smart About Your Business• Stop wasting your money Stop wasting your money • Don’t leave anything on the table• Sales is not a dirty word Sales is not a dirty word• Just say no, thanks• Checking in with your clients 2
Stop Wasting Your Money• The shotgun approach for marketing no longer works The shotgun approach for marketing no longer works – You must consider your audience and tailor your tactic to the needs of the individual, rather than casting a wide net for the sake of efficiencies – This is true especially in the case of newsletters and invitations to social events. Don’t make assumptions, particularly with social gatherings. Many women love golf!! Lots of men enjoy the spa!! – C id i l Consider implementing a sponsorships policy. Does the opportunity i hi li D h i focus on your target market? Are there limited competitors? Is there a speaking opportunity? What kind of profile will you receive? •Y You can’t be everything to everyone ’t b thi t – Decide what you’re really good at as a firm and focus your resources on those core strengths. Pushing your resources through those core areas will help you to focus on cross‐selling opportunities areas will help you to focus on cross selling opportunities 3
Stop Wasting Your Money• Go where your competitors are not ‐ If 6 law firms are already sponsoring a gala event, how do you intend to differentiate yourselves by piling on ‐ If every law firm has set up a presence in London or New York – it will be very difficult to differentiate yourself in that saturated market. Look at smaller, regional markets with fewer competitors but big opportunities•R f Referral business is based on favors lb i i b d f – Tracking referrals is critical to understanding the value of those referral relationships – U i Use internal systems such as your contact management or financial l h fi i l reporting systems to record and report – Dedicate someone within your marketing group, or an assistant to stay on top and track inbound/outbound referrals on top and track inbound/outbound referrals – DON’T FORGET TO REPORT INTERLEX REFERRALS TO JUDI!! 4
Don’t Leave Anything on the TableD ’t L A thi th T bl• Follow‐up is where 90% of your effort should be focused – Your return will be equal to effort invested – Identifying your targets prior to a conference and following up afterwards should be your focus – Stand out in a sea of lawyers by personalizing your follow‐up note. Perhaps something interesting you discussed (travel, food) or maybe relevant and recent case law. Do NOT send a blanket follow‐up note to everyone• The world is getting more “social” – Social media is the ultimate networking tool. If you use LinkedIn, consider having your assistant help with follow‐up and make those consider having your assistant help with follow up and make those connections if you’re time is limited – Consider connecting through LinkedIn before sending a follow‐up email. It s easier to put a face to a name once they ve seen your email. It’s easier to put a face to a name once they’ve seen your LinkedIn profile. Make sure you put a photo on your profile!! 5
Sales is not a dirty word• Fostering a sales culture – Consider providing business cards for everyone within your organization• Start with your young lawyers/associates – Law school doesn’t teach you how to talk to a client or ask for the Law school doesn t teach you how to talk to a client or ask for the business. Business development “bootcamps” can provide young lawyers with the necessary tools and confidence to network with clients – Intergenerational transfer of knowledge and relationships is critical to the future of your firm. Consider bringing a young lawyer with you on all f f f d b l h ll business development initiatives – They should play to their strengths, and network where and how they feel comfortable (that is most likely with their peers). Many legal associations comfortable (that is most likely with their peers). Many legal associations offer forums for young lawyers (ABA, IBA, AIJA) – They should develop a brief 30 second explanation of what they do within the firm, known as the “elevator pitch” 6
Sales is not a dirty word• Develop a professional sales team within your organization Develop a professional sales team within your organization – Counsel, retired partners, or paraprofessionals such as business development, marketing or knowledge management – Check your jurisdiction! This isn’t permitted everywhere Check your jurisdiction! This isn t permitted everywhere • Sales people are there to facilitate the process and to help lawyers develop leads – Facilitate introductions, identify opportunities and close the sale – Should be out of the office, attending conferences, events and client meetings. Networking on your behalf – Helpful unbiased third‐party to assist in awkward client service situations or perform client feedback interviews • But unless your culture is prepared for this, it will not work y p p 7
Just Say “No, thanks”• Implement a policy that sets out if and how you will respond to Implement a policy that sets out if and how you will respond to a request for proposal – The mandate and client fits your focus and will not impede your ability to expand your client base in a directly related area in the future to expand your client base in a directly related area in the future – The mandate or client does not present a business or legal conflict – The work will be profitable, or there is a reason to take the work at a loss – You have a good chance of success based on existing relationships, expertise, you are the incumbent, or you know that the client is not happy with the incumbent – You can easily demonstrate a competitive advantage – Once you agree to proceed, define the process for responding and identify those accountable. Track your pitches and proposals in your contact management system t t t t 8
Checking in with your Clients• Client satisfaction and feedback interviews don’t assume your Client satisfaction and feedback interviews – don t assume your clients are happy with your service• Consider using a paraprofessional (e.g. business development) or retired partner – someone who knows your business but is not directly tied to the client or the work being done• Interviews can take place in person or on the phone, but the p p p interviewer should be well‐prepared in advance. Know the client, their business and the potential areas of concern• Unless you act to fix the areas of concerns or issues discussed you Unless you act to fix the areas of concerns or issues discussed, you have done more damage than not asking at all• Make sure all new lawyers to the firm know and understand your client preferences li t f 9
Questions?Enter Last Slid Title Here JoAnne Wakeford email@example.com joanne wakeford@fmc-law com 10
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