Avvo Webinar: Lead Conversion Strategies with Stephen Fairley


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Avvo Webinar: Lead Conversion Strategies with Stephen Fairley

  1. 1. By Stephen Fairley The Rainmaker Institute®
  2. 2.  CEO of The Rainmaker Institute—the nation’s largest law firm marketing company that specializes in helping small to mid-sized law firms improve their intake and double their lead conversion  Developed the first automated lead conversion follow-up system for attorneys  Coached, trained and spoken to more than 10,000 attorneys  Nationally recognized expert on internet marketing, blogging, and social media for attorneys  Academically trained as a Clinical Psychologist  International best-selling author of 12 books and 10 audio learning programs  World traveler: Visited over 35 countries and taken 15 cruises www.TheRainmakerInstitute.com
  3. 3. Lead Conversion  Convert more prospects into paying clients  Browsers into buyers!  Rapidly increase revenues! Lead Generation  Very expensive  Never ending process  Costs more every year Client Retention  Clients for Life!  Repeat business  Repeat referrals Lead Generation Client Retention Lead Conversion
  4. 4. Lead Generation Client Retention Lead Conversion
  5. 5.  Goes way beyond using tracking phone numbers!  Starts with the initial contact with your law firm  Moves through identifiable stages  Continues on until they sign up as a client  Is significantly influenced by your behavior!
  6. 6. Define what a “LEAD” is  What is and is not counted as a “Lead”  Who counts the “Leads”  Avoid arguing about what a “qualified” lead is... Here’s how we (TRI) define a “Lead”:  Someone who has never done business with you before (vs a repeat client)  Someone who expresses an interest in your services  Everyone who contacts the firm via email, live chat, phone, social media, personal referral, internet, networking event, seminar, etc
  7. 7. 1. Number of Leads into the top of the funnel 2. Number of Leads Who turn into Appointments 3. Number of Appointments Who Show Up 4. Number of Appointments Who Sign Up at the IC 5. Number of Appointments Who Sign Up Later
  8. 8.  These are before and after results from an actual law firm!  Based in Florida with 7 attorneys and 17 staff  Practice areas: PI, Med Mal, Criminal, Family, Bankruptcy, and some Mass Tort  Marketing: multiple websites, TV & radio ads, blogging, buying leads, bus ads and seminars  Doing over $5M in annual revenues  When asked about lead conversion, the Owner commented they were doing “Excellent and didn’t need any help.”
  9. 9. What kind of conversion problems do they have? Conversion Problems: 1. Major problem with “No Shows” (29%) 2. Poor Conversion at the IC (32%) 3. No Follow Up after IC 4. No one converts 96% of Leads into Appts! 11% Overall Conversion!
  10. 10. Up From 7%! Up From 29%! 32% Overall Conversion! Rainmaker Lead Conversion System Results Up From 17 Total Number of New Clients: 77!
  11. 11. Currently, here is what your follow up looks like…
  12. 12. 10 Ways to Turn Leads Into More Appointments Stage 1  Stage 2 1. Institute the “5 Min Follow Up Rule!”  Research based on 3.5 Million leads from over 400 companies (by Velocify.com)  Another study found internet leads convert 22X higher when followed up with in 5 mins!
  13. 13. 10 Ways to Turn Leads Into More Appointments Stage 1  Stage 2 2. Never make an Attorney responsible for follow up! 3. Train a staff person to follow up at first. When you get over 50 leads per month, hire a dedicated Client Intake Specialist! 4. Give that staff person a performance bonus to set appointments who show up.
  14. 14. 5. Call every lead a minimum of 6-8 times before giving up!
  15. 15. 6. Call 3 times the first day to increase conversions
  16. 16. 7. Script every voicemail, test results and verify calls are being made.  Test your voicemails matters to improve results  Is there a word or phrase you could change to dramatically increase your call back rate?
  17. 17. 8. Send 5 educational emails via autoresponder, in addition to the calls.  Leads who receive emails have a 16% higher chance of being contacted by phone!  The 1st email should go out ASAP to increase conversions!
  18. 18. A recent Velocify.com study found: You can convert up to of your leads with consistent, long-term email follow up! 40% More
  19. 19. 9. Don’t quote prices over the phone!  It only encourages price shopping  It doesn’t allow you to BUILD VALUE 1ST  It reinforces how you are the SAME as everyone else
  20. 20. 10.Don’t try to close over the phone! 3 Goals for every call:  Assess the Quality of the Lead vs DNQ  Show Empathy and Build Rapport  Set the appointment!! Bonus: Call back hang ups! (convert up to 3% more)
  21. 21. The Ultimate Contact Strategy Our recommendations may change based on: your practice area and how quickly your average client makes a buying decision! By Velocify.com
  22. 22.  The average gain in conversion by attempting the calls at the recommended times is 49%!  When combined with the average gain that can be expected by also sending targeted emails at the recommended times, this strategy can result in a Net Conversion Improvement of 128%! These findings are based on research from Velocify.com and studying 3.5 Million calls from over 400 companies. Results will vary significantly and are not a guarantee of results.
  23. 23. That means that you could More Than Double Your Revenues by keeping everything the same and simply implementing this response strategy! These findings are based on research from Velocify.com and studying 3.5 Million calls from over 400 companies. Results will vary significantly and are not a guarantee of results.
  24. 24. 10 Ways to Improve “Show Ups” Stage 2  Stage 3 1. Send an immediate email confirmation with the details. 2. Include a map, driving directions & photo of building in your email. 3. Send a “shock and awe package” in the mail. 4. Have a staff person call them the day before and the day of. 5. Call them 10 mins after they don’t show up to reschedule.
  25. 25. 10 Ways to Improve “Show Ups” Stage 2  Stage 3 6. Never be rude or mean if they don’t show! Assume something happened in their life that prevented them from coming. 7. Call a minimum of 5-7 times after missed appointment before giving up. 8. Script every voicemail and test results. 9. Track to verify calls are made. 10.Send 4-6 Autoresponder emails in addition to calls.
  26. 26. 7 Ways to Sign Up More People at the Initial Consult Stage 3  Stage 4 1. Role play with everyone who does consults & train them how to overcome common objections. 2. Track your results by attorney. If you have multiple people doing consults track their results individually! Managing Partner 45% Associate 1 48% Associate 2 & 3 7% Average DNQ (Does Not Qualify) = 35% Intake Person 1 DNQ = 85% ~220 ICs ~30 ICs ~120 ICS EACH!
  27. 27. 7 Ways to Sign Up More People at the Initial Consult 3. Proactively answer the question, “Why Hire Us?” 4. Empathize over their situation! Pay attention to their emotions! 5. Tell them why they cannot handle it by themselves. 6. Use case studies & testimonials they can relate to. 7. Directly ask for the business. Make it clear you want their business.
  28. 28. How much $$$ are you losing right now because you don’t have a Lead Conversion System?  Do you want to double your revenues this year?  Lead Generation is the Most Expensive way to double your revenues!  Lead Conversion is the Most Efficient way to double your revenues!  You can double your Lead Conversion rates in a matter of months!  Stop throwing your money away on more leads!!
  29. 29. How good is your intake? - We will secret shop your law firm and give you a report card - Based on 5 major areas - Discuss the results with you and give you specific ways to improve - Plus FREE DVD on “Top 10 Strategies to Triple Your Conversion Rate!” http://bit.ly/shopmyintake
  30. 30. Thank You! Stephen Fairley The Rainmaker Institute® 888-588-5891 Stephen@TheRainmakerInstitute.com http://bit.ly/shopmyintake