Next in our series on setting a 90-day business development growth plan for Q-1 includes the following gut check question:
Who in your firm is keeping current with the speed of market changes and technology?
Continuing with this series of “Gut Check” questions you should be asking about your firm’s business development opportunities and challenges, todays is:
What under-valued relationships exist, such as a strong referral base?
From Allan Colman, Business Development Accelerator, Speaker and Author – Clients average a 60% increase in new business in 6 months.
Continuing with the series begun last week, these questions are meant to “provoke” business development leaders and professionals to ask and answer these questions. You will find your true business development successes — or improvements needed!
More provoking questions to come. What can you add to this growing list? I will include them in the upcoming series.
There are too many articles being written about metrics for marketing and business development efforts without focusing on answers staring you in the face. This series will identify numerous questions to ask and answer and find your true business development successes — or improvement needs — in provoking business development.
What questions do you want to add? I will include them in the upcoming series.
Are Your Firm’s “Incentives” Lighting A Fire For New Business Development ?
We often hear the following reasons from attorneys who do not want to market:
* It’s unprofessional;
* I fear the process;
* I failed once; why try again?
* I won’t cross-sell;
* We have no business development training program;
* I’m not compensated.
The easiest complaint to overcome is offering a performance plan which includes incentives for attorney marketing and business development actions. Excuse my cynicism but cash incentives often overcome inhibitors to performance. And if properly communicated during semi-annual performance evaluations, and supported by training and marketing staff, perhaps 10% of your professionals will get it and get moving.
“With all of the changes professionals face working to generate new business, from both clients, prospects and suspects, shouldn’t they now be called
DEALMAKERS? With clients reducing the number of “go-to” firms, tougher fee negotiations, firm budget demands, and the requirements for more communication, aren’t “deals” being made, not “rain?”
Does Your Firm Have an “Enduring Competitive Advantage”?
This often overlooked strategy needs to be recognized by all professionals. It requires energy, resources and time. But it is the key to long term, productive revenue development.
* Whenever and wherever you are with a client or customer, the brand discussion must be the same.
* Does your group assess client satisfaction on a regular basis?
* Are your professionals being trained to utilize a common approach to the core of your services and the differentiation with competitors?
* Do you require a simple strategic plan for each approach?
* Is there a review of the stage of growth with each relationship?
The answers to these and related questions will make a major contribution to your long term revenue growth.
Is Your Team Treating All Leads Alike?
Simple question — are they marketing to the wrong prospects without discriminating between types and potentials of leads?
What Do Firm Leaders Need to Build Sustainable Revenue Growth?
Add to the list:
1. Learn what triggered clients cancelling relationships.
2. Are they pushing internal marketing?
3. Track what competitors are doing to win new business.
Add your thoughts —
When determining whether or not your brand has lasting power, “longevity”:
1. Do you look at the percentage of repeat and referred clients?
2. Does your firm’s culture match what clients might say about the value you bring to the table?
What other questions need evaluation when looking to the future?