Measuring Your Marketing ROI: Part II
By Terrie S. Wheeler, MBC
www.MarketYourLawPractice.com
TWheeler@marketyourlawpractice.com
Our last blog post focused on ways to measure marketing return on investment under the first pillar of marketing—Retaining and Growing Relationships With Existing Clients. This week’s blog focuses on measuring marketing ROI under the second pillar of marketing, Attracting New Clients and Developing New Business. Below are listed Pillar II marketing strategies and their corresponding ROI measurement techniques.
Networking
While it would be nice if all of your networking efforts resulted in a new client, networking doesn’t always work that way. However, if you are networking successfully, you should begin to notice other benefits, including having a loyal base of friends and contacts who will always return your calls and who begin sending you more referrals for A-level clients.
Successful networking means that you have two to three networking meetings each week, you always make time to meet with someone who was referred to you, and you look for ways to open doors for others on a regular basis. As you increase your networking activities, you will notice that you actually start to enjoy staying connected to great people. Remember, effective networking is more about looking for ways to help others (versus what’s in it for you)!
To learn more about successful networking, see my blog post on Effective Networking Strategies for Solo Practitioners Part I and Part II.
Targeted Business Development
How can you tell if your time spent on targeted business development has been successful? First, do you have a written list of your top ten prospective clients, with a plan for each prospective client on what your next steps are to land their business? A written plan is an important investment in your marketing success that will
lead to results as you put your plan in place.
Look at the number of proposals you have submitted to A-level clients each year, as well as the number of new clients you actually attract to help you determine if your targeted business development efforts have been successful. You can also measure your success by looking at the amount of revenue generated by the new clients you have attracted. Make sure you remain focused on business development by developing a strong sales pipeline with dates, action items, and next steps.
Proposal Development
Proposal development is an important place to spend some time focusing your marketing efforts because of the direct correlation it has with securing new clients. One way to measure your ROI is to look at the number of proposals you submit to A-level clients each year. Strong proposals that lead to a client selecting you and your firm over the competition during a competitive bidding/RFP process are a great way to measure your marketing ROI.
Another important measure of your ROI is the existence of a proposal archive at your firm, so you don’t have to reinvent the wheel each time. A strong proposal will contain current examples of representative experience for everyone in the firm and should begin with a summary of the client’s situation and your approach to meeting the client’s needs (not with firm history and bios).
Market Research
Market research is an important tool that lawyers can use to understand more about their clients and prospects. Time spent conducting market research prior to meeting with a contact can lead to increased business, a new client, or a new referral source. Your contacts will be impressed by the time and effort you take in understanding their company or industry.
To ensure your market research yields positive results, make a point of taking the time to research a new client or prospect before your first meeting. Keep an electronic file or “dossier” on your top prospective clients and review and update the files periodically. Track the activities of key clients or prospective clients using Google Alerts or other web-based research tools.
Trade and Professional Association Involvement
Involvement in trade and professional associations is a great way to network, build name recognition, and generate new clients. The most important way to ensure a strong ROI in is to measure your actual involvement with the association. Look at the number of years you or your firm has been involved with the association. Trade association involvement requires a long-term investment to the association and its members. Make sure you regularly attend meetings—belonging to the association without participating will not build trust with other members.
You can also measure your ROI by looking at the strength of your network of contacts within the industry. Does a member of your firm serve in a high profile position within the organization? Do you or your firm have regular speaking engagements for the group or regularly contribute articles to the association’s publication? Do you have clients who have who hired the firm because of its perceived industry expertise?
While attending association events, speaking to association members, and writing for association publications can be time consuming, measuring your ROI can make you feel more secure in knowing that your time is well spent.
Learn more about maximizing trade association involvement by reading my blog post, Be Where your Clients Are: Tips for Maximizing Trade Association Involvement.
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Measuring Your Marketing ROI: Part I
Lawyers are results-oriented and often have questions about how to quantitatively measure marketing success. Determining return on investment of marketing initiatives can be challenging because not every marketing initiative will directly result in a new client. However, in addition to attracting new clients, marketing success can be measured in a number of ways. This blog post will address ways in which to measure marketing ROI under the first pillar of marketing—Retaining and Growing Relationships With Existing Clients. Below are listed a number of Pillar I marketing strategies and some corresponding ROI measurement techniques.
Client Satisfaction and Retention
How can you tell if your clients are truly satisfied, and how can you tell if your marketing related efforts to increase client satisfaction are working? One key measure of marketing success is to look at the duration of your client relationships. Long-term relationships with clients are a strong indication of client satisfaction.
In addition, clients who have increased the amount of work with your firm, either through working with other practice groups or increased workflow specific to you, are expressing their satisfaction with your client service. Clients also show that they enjoy working with you by referring you and your firm to others. Maintaining strong relationships with clients is the best return on investment you can get for your marketing efforts!
See my blog post on Low Cost, High Impact Strategies to Market Your Law Practice: Part II to learn more about keeping your clients satisfied.
Client Service
Measuring your return on investment in your client service efforts can be tricky because most clients only let you know if something is wrong—not if you’re doing everything right. Because
of this, one easy way to measure your client service is to measure the number of client complaints you receive. Very few client complaints likely means clients are satisfied with your service.
Clients also demonstrate their satisfaction with your services by paying their bills on time and by referring you to others. You can also gauge how well you are serving clients by honestly evaluating your responsiveness to client phone calls and emails. A great way to increase and ensure client satisfaction is to develop client service guidelines that are followed by everyone in your firm.
Read my post on Client Service Reminders: What Lawyers Can Learn from Toyota.
Cross Marketing
The best way to measure your ROI on your cross-marketing efforts is to track how many of your clients utilize more than one service of your firm. Clients who are satisfied with your work and are aware of you and/or your firm’s depth and breadth of expertise are likely to increase their work with your firm.
To ensure that you have a strong ROI on cross-marketing efforts, create a firm culture that supports cross-marketing. Consider implementing a compensation system that rewards growing existing relationships. Host firm events where clients can meet other attorneys at your firm, and work to actively introduce your clients to others at the firm.
Referral Source Development
Finally, it is important to measure your ROI on your referral source development efforts. Taking time to build relationships with referral sources can seem like a frustrating waste of time when you consider that your time could be spent developing new clients. However, developing your referral sources pays off and it’s important to remember that by tracking your marketing success in this area.
To measure your ROI, keep track of how your new clients found you. A strong base of people who regularly refer business to you is a great ROI for your efforts. Look at who your best referral sources are and determine what they have in common—are they from a particular industry or profession, do they have common personality traits? Knowing who your best referral sources are makes it easier to spot and develop relationships with other potential referral sources. Make it easy for your referral sources to refer business to you by providing them with concise marketing materials and messages that they can pass along to their contacts. Maintain strong relationships with your referral sources by scheduling coffees or lunches with them to stay in touch and by providing them with referrals where appropriate.
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Gender and Business Development: 6 Predictors of High Originations for Women Lawyers – Part II
By
Terrie S. Wheeler, MBC, Founder
Vanessa K. Townsend, Esq.
Part I of this post covered predictors including years of legal experience as well as time spent actually pursuing business development activities. This post picks up where the previous post left off, covering the four final predictors for high originations for women lawyers.
3) Using a targeted approach to business development
Women who have a business development plan in place and follow it are more likely to have high originations. The busier you are as an attorney, the more important it is to take time to create a marketing plan. By focusing your energy on activities proven to generate origination dollars, you can make the most of your limited time.
Create a detailed business development plan for 2010 in as little as 10 minutes per day: http://esqcoach.com/2009/11/29/create-your-2010-marketing-plan-in-one-month-ten-minutes-per-day
4) Participation in pitch groups
While participation in pitch groups was a predictor of high origination, many women in the study reported that opportunities to participate in pitch groups were not as available to them as to their male counterparts. Participation in pitch groups is especially important because it is a great learning environment, where senior partners can mentor younger partners and associates and demonstrate marketing and selling skills. Moreover, pitch groups often provide an opportunity to meet lawyers from other practice groups and can foster cross-department relationships and cross-selling opportunities.
To become involved in your firm’s pitch groups, ask! Discuss your desire to learn more about business development with the partners you work with and with your firm’s marketing professional. Offer to do background research on the potential client’s industry or the pricing of competitor’s services.
5) Cross-selling other firm services
Another predictor of high-origination for women lawyers is an ability to cross-sell other firm services. It is likely that 80% of your firm’s revenue this year will come from existing clients. Don’t overlook current firm clients– it is far more efficient to deliver more services to current clients than it is to go out into the marketplace to attract new clients with whom you have not yet worked.
Cross-selling is a process that not only seeks to attract new business from existing clients but also to provide referrals of current clients to others in your firm that may deliver complementary services. Many times clients will work with other lawyers or law firms in areas you or your firm have expertise in, simply because they did not realize you offered the service.
Here are some ideas on how to cross-sell your legal services:
- Identify and communicate your services. A simple mailing or email newsletter listing the services you and your firm provide can help educate clients as to the breadth of your services.
- Meet with Colleagues. Sit down with your colleagues and brainstorm lists of clients that could be better and more fully served by the firm. Learn more about their practice and tell them about your practice and your ideal clients.
- Identify colleagues’ clients. Identify those clients where you could add value with legal knowledge – - and approach your colleague asking for an introduction to the client.
6) Asking clients for introductions to others who may need legal services
The study also found that women lawyers with high originations know how to ask for referrals. Learn to tap into the willingness of your clients to refer you to others to ensure you maximize your income and earning potential.
Many professionals do not actively ask their clients and contacts to refer them to others. They “assume” everyone knows they are looking for more business – which is just not the case. Learning to ask for referrals will allow you to tap into more work from people who already know you, like you, trust you, and respect you – a logical place to focus a large percentage of your marketing efforts.
Calling all Lawyers!
Participate in Dr. Keshet’s current research study on how attorney specialty and diversity effects business generation. The measures of diversity include gender, race, ethnicity (Asian American, Hispanic American and others) and sexual orientation.
We are seeking your assistance in informing attorneys at your firm. Our online questionnaire takes less than 15 minutes to complete. You and the participants from your firm will receive an executive summary of the study results. The study is completely confidential. To take our questionnaire click here: http://www.zoomerang.com/Survey/WEB22AEMFKQWU5
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Client Service Reminders: What Lawyers Can Learn From Toyota
By ESQCoach, Terrie S. Wheeler
Web: www.MarketYourLawPractice.com
Email: Twheeler@MarketYourLawPractice.com
Toyota was the most admired car manufacturing company in the world. However, the recent recalls, manufacturing defects, and Congressional hearings have undeniably tarnished its reputation, cost it valuable customers, and reduced its market share. While Toyota is a manufacturing company, there are valuable lessons lawyers can learn about managing client expectations, communicating with clients (good news and bad), and providing the highest possible level of client service.
Accept Responsibility
Toyota’s Approach – Toyota first blamed the brake problem on floor mats that jammed the accelerator and issued only two small recalls in 2005 and 2007. They simply refused to believe that there was a mechanical error. By the time they finally issued a major recall of 2.3 million cars in late January 2010, their reputation was suffering and the government became involved. Worse, Toyota’s President remained silent for days after news of the recall broke.
Lessons for Lawyers – It is important to own up to mistakes quickly and to remedy the situation as soon as possible. As a lawyer, if you notice there have been billing errors or a mistake made in litigation, or a deadline missed, it is critical to address the issue head on with the client. Accept responsibility. Discuss what went wrong, how you will remedy the situation, and how you will prevent future errors. Proactively addressing problems with your clients builds trust and can help you preserve a client relationship that may otherwise have been lost.
Focus on the Client
Toyota’s Approach – Experts say that one of Toyota’s problems was corporate arrogance. They had become so accustomed to success that they were unable to adequately address problems and had lost their focus on their customers. They have been accused of “resting on their laurels” and failing to keep pace with customer expectations.
Lessons for Lawyers – For lawyers and law firms, this can be a serious problem. Experienced lawyers and successful f
irms often take their clients for granted and can become out of touch with client concerns. Toyota was so successful for so many years because it did not just meet customer expectations—it exceeded them. To exceed client expectations as a lawyer, you must focus on what clients want consistently over time.
Develop a superior knowledge base in an area of law, be solutions oriented, follow-through on commitments, manage client expectations, and be proactive in anticipating and meeting client needs.
A client-focused law firm relies on the opinions and impressions of its clients to deliver service and drive future business decisions. Consider developing and conducting annual client surveys, focus groups, or interviews to stay focused on your clients and their needs. Soliciting client feedback will allow you to:
- Expand and Strengthen Client Relationships – Asking for feedback and suggestions lets your clients know you care about what they want and are committed to making changes in order to retain their business
- Identify Service Offering Gaps – Ensure you are delivering all of the services your firm is capable of delivering and that you choose to selectively expand to deliver more services your clients need
- Cross Market your Services – Understand client awareness of the services you offer and reveal cross-marketing opportunities
- Uncover Client Needs – that might now be delivered by your competitors
- Grade your Marketing Efforts – by identifying what marketing efforts resonate and have a positive impact on your clients’ and those that don’t
- Determine How Often and on what Topics your Clients are Interested In – Discover the most effective and appreciated forms of communication with your clients as well as the topics of greatest interest to them.
Manage your Growth
Toyota’s Approach – Toyota developed its reputation for quality due, in large part, to its widely admired Toyota Production System—a manufacturing system that focused on continuous improvement, shared learning across plants, and employee empowerment. Experts blame the recalls on Toyota’s rapid growth over the past 10 years, from 58 production facilities in 2000 to 75 in 2009. This rapid expansion meant that Toyota was not able to effectively share corporate culture, technology, and know-how between all of its plants.
Lessons for Lawyers – While growth in a law firm is generally not rapid or widespread, law firms opening new offices, expanding practice areas, or adding new associates can learn a lesson from Toyota. Don’t sacrifice client service or your firm’s reputation simply to expand your market share. It is important to ensure that the level of growth is matched by a commitment to quality service. New lawyers and lateral hires need mentoring both to learn substantive law and also to learn the firm culture and understand client needs. New offices should be opened only where and when they can be used most efficiently and effectively to serve client needs.
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If you wait until you have Time to Market, It’s too late: Networking tips to nurture and grow relationships
By ESQCoach, Terrie S. Wheeler
Email: Twheeler@MarketYourLawPractice.com
For over 20 years, I have helped lawyers market their law practices. Through the years, I have heard an ongoing stream of reasons—no—call them what they are—excuses—on why they cannot “do marketing” right now. Do not get me wrong. I know you are busy and that you went to law school to practice law, not to be a sales person. However, I also know that building a sustainable base of clients and referral sources takes time. If a lawyer does not work diligently to build these relationships, he or she will awaken one day to realize they have very few clients and a lot of time on their hands. They have let their relationships go. Why did this happen? Many times, it is because they have been too busy practicing law— and not focusing on new business development.
Relationships take time to nurture and grow. Consequently, relationships require constant attention (yes, a bit like a rare plant you have to water to prevent it from drying up and dying). So as you move into 2010 with hope and high expectations for your practice, consider the following tips to ensure you continue to focus on serving your clients, but also on making sure you will always have clients to serve!
Identify Your Top Contacts – Focus your marketing efforts by focusing on your contacts. Identify your top current clients, your top prospective clients, and your top referral sources. While you are at it, identify those in your network you respect greatly for their business acumen and identify your top business advisors as well. This list of 20 or 30 people will become your focus. Keep this list on the top of your desk therefore top of mind.
Set an Agenda (Mentally, that is) – You are not going to distribute an agenda on the glossy bar top, or on the table of your local coffee shop. Rather, before you meet with your contact, think about the following and mentally prepare for the meeting. The focus of your preparation might surprise you (no it is not about developing your key “hire me” messages):
• How can I help this person in their life and business?
• Whom do I know in my network I can introduce to this person?
• On what boards and in what community work is this person involved?
• How can I personally support their volunteer activities?
• What do I remember from my last “social” meeting with this person – - an upcoming vacation, interesting hobby, children’s activities, spouse’s accomplishments, colleges attended by kids
• Is there anything I can do to help this person achieve a goal they have—personally or professionally?
Meet with your Top Contacts – Set a goal of scheduling at least one meeting each week with a top contact. Meet for coffee before work or for a beer at happy hour. Schedule the meeting just to see how they are doing—make it crystal clear you are not billing them for the time (if it is a current client). Let your contact know you simply have been thinking about them and want to catch up.
Do what you Promise – That evening or the next day, record the highlights from your meeting into the notes section of the person’s Outlook contact page. Then, do what you promised to do. Make the introduction; send the email; buy tickets to the show their daughter is starring in; introduce them to another one of your contacts. Proactively make good on each activity you committed to doing for them. This is where well-intentioned professionals fall down on the job. We all know how frustrating it is when someone offers to do something nice for you, and not follow through. Do not be that person.
Schedule another Meeting – Even if the action item is”let’s do this again in the fall,” put a note on your calendar for early September to contact the person you just met with. Staying in touch with people in your network is not just a good thing to do, it is critical for you to nurture and grow your relationship with that person.
Reengage in at least one Association – One of the first cuts in the “I’m too busy to market” saga is usually a trade association in which you are a member. I am not talking about your local or state bar. Continue attending bar association programs for your CLE credits and for your professional development as a lawyer. I am talking about the trade or industry association, which attracts your current or prospective clients. There is no better way to build genuine relationships than to participate actively in the associations attracting your ideal client types. So pick one in which to reengage. Then do the following:
• Calendar each monthly meeting and commit to attend
• Arrive early to each event and introduce yourself to the association’s executive director and other association staff
• Scan the registration table for nametags of contacts you may already know
• Introduce yourself to new contacts and focus on finding out more about them – - not on telling them all about you
• Follow up with the executive director and offer to contribute an article of interest to members for their publication, or to speak on a substantive topic of interest at an upcoming monthly meeting
• Follow up with the best contacts you make and add them to your contact list above; schedule a time to meet with them informally (coffee, beer, etc.) “to learn more about them and their business” and follow the steps above during your meeting
Remember if you tell yourself, “I don’t have time to market,” at some point you will realize you have more time than you had ever imagined to market because you will have no clients. I know this seems harsh, trite, or even like a scare tactic. Nevertheless, it is true. The best time for you to market IS when you are busy practicing law. Remember to identify your very best contacts, reflect on how you can help them, meet with them personally, do what you promise, schedule another meeting in a few months, and reengage in at least one trade association you have let go dormant. Nurture and grow your relationships, as you would grow a delicate orchid. You will continue to build genuine relationships with people you like, trust and respect, and because your focus has been on helping them, they will feel the same way about you.
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Blogging 101: What Lawyers Need to Know
By Terrie S. Wheeler
Twheeler@MarketYourLawPractice.com
Blogging 101: What Lawyers Need to Know
A blog is a website, maintained by a person with substantive knowledge willing to share their viewpoints, opinions, and ideas with the world. It’s easy to establish a free account with www.Wordpress.com, or www.Typepad.com . You can search all blogs by topic (and subscribe to those you are interested in) at www.technorati.com. One of the best ways to “get into” blogging is to find blogs in areas you have expertise, and provide substantive comments on select posts. Here are links to a few blogs serving legal and financial professionals:
- Blog for Small Law Firms and Solo Practitioners: www.ESQCoach.wordpress.com
- Financial Advisor Blog: http://segal.advisorblogcentral.com
- An Inside Take from the Outside (written by a lawyer in the UK): http://geotrupes.blogspot.com
Blogging is a very powerful tool for professionals with refined knowledge, who are willing to share substance, who are good writers, and who will make the commitment to keep adding posts to keep the blog current.
Another great way to find blogs of interest to you is through Google Reader, a service which searches blogs and RSS (Really Simple Syndication) feeds to deliver desktop access to the content you are interested in (including links to blogs).
So if you have significant expertise, are willing to share the substance of your knowledge, are a good write, and will keep your blog current (at least one entry per week), here are some tips for you to consider:
Blogger’s Block: Don’t Over-Think your Blog Post – It’s easy to fall into the trap of believing each and every blog post must be an amazing work of art – - a literary treasure that will rock the world of its readers. It’s easy to fall into the trap of painstakingly over-analyzing the content of your next post. In other words, learn to overcome any perfectionist tendencies you might have, and simply trust your intuition on what readers would be interested in – - and DO IT.
Don’t Take your Role as a Blogger Too Seriously – - but Seriously Enough – There are millions of blogs out there in the blogosphere. Is anyone really keeping track of yours? Actually, they are! A well written blog must not only convey substance, it must convey the personality of its writer. Don’t let your quest for brilliant, thought-provoking content prevent you from sharing your thoughts right now – today – in the format that flows when you meld fingers with keyboard.
Promote your Blog – Join an affinity group on a social networking site like LinkedIn or Facebook. Start a discussion “thread” and ask for comments on your blog. You’ll be amazed at the responses you receive by reaching out to other bloggers and readers of blogs. There is also a very cost-effective service called PRWeb where for a reasonable amount of money, you can send targeted news releases about YOUR blog to web-based news outlets and search engines to drive visitors to your blog.
Cross-Market Your Blog– Drive traffic to your blog by doing any (or all) of the following:
Signature Block – Include a link to your blog in your Outlook signature block
Add an RSS feed to your blog on your Facebook and LinkedIn profiles – These links show you how to establish RSS feeds on both sites. In doing so, each time you post to your blog, the posting automatically appears on both of your profiles.
Make sure your website home page provides an easy-to-find link to your blog – Consider adding a “What’s New” section to your homepage which is automatically updated using an RSS feed. Here is one example on the Professional Services Marketing website. Adding an RSS feed to your homepage has the dual benefit of driving traffic to your blog – - but also of ensuring the content on your homepage is fresh, which ultimately increases your search engine rankings
Promote your Blog on other Sites – Promote your newest blog posts on Twitter. Learn more about how to use ONLY 140 characters by shortening long web addresses using Tiny URL.
On every blog post, reference your other social networking activities.
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A Lawyer’s Guide to Social Networking
By Terrie S. Wheeler
Twheeler@MarketYourLawPractice.com
With all of the new social networking sites popping up, sites like MySpace, LinkedIn and Facebook have been joined by hundreds of others. If you print this link you will have over ten pages of social networking sites listed on Wikipedia.org alone including the name, description, number of users, registration requirements, and global ranking. Wikipedia defines Social Networking as:
A social network service focuses on building online communities of people who share interests and/or activities, or who are interested in exploring the interests and activities of others. Most social network services are web based and provide a variety of ways for users to interact, such as e-mail and instant messaging services. Social networking has encouraged new ways to communicate and share information. Social networking websites are being used regularly by millions of people.
Social networking has changed the way we build relationships by opening a previously one-on-one interpersonal process – - into the electronic world of global cyberspace. Professionals are jumping onto the bandwagon too, and because of this, we would like to provide a few practical tips on your journey to not just understanding, but utilizing and benefiting from this amazing – - and free – - technology.
A Few To-Do’s as You Get Started
Build a Solid Profile – each site allows users to build a personal profile. Spend time ensuring your profile accurately represents who you are as a professional, includes your photo, and is well written and free of typographical errors.
Invite your Contacts to Join You – extend invitations to your best contacts asking them to join you. Your social networking efforts should be built around your current business relationships
Update your Status Daily – Most social networking sites ask questions like “What are you working on?” or “What are you thinking?” Make sure you focus on your professional reputation when you update these little snippets.
Stick to Business – If you join a personal site like FaceBook or MySpace, make sure you keep your updates focused on the activities you are pursuing as a professional, not on what you drank and with whom last Saturday night
Manage your Privacy Settings – every social networking site allows you complete access over who can see your profile. You can even control what parts of your profile certain people can see.
Choose your Friends Wisely – Social networking sites all have a process where you invite someone to connect with you online. Then, the recipient of the request needs to affirmatively acknowledge their desire to add you (or vice versa) to their contacts. Don’t randomly connect with people, be strategic and only connect with those you know or met professionally.
Look into Aggregator Services – there are web-based services like www.delicious.com that will take your status updates and automatically disseminate your update to all sites you are a member of. Make your social networking time as efficient as possible!
Join a Group and Interact – sites like LinkedIn allow you to join affinity groups. Research groups that attract others like you including, Legal Marketing (5,000 members), Legal Blogging, (2,700 members).
Add an RSS Feed of your Blog to your Social Networking Page – if you also decide to join the “blogosphere,” make sure you add a Really Simple Syndication (RSS) feed to your blog on your Facebook or LinkedIn profiles.
Additional Resources on Social Networking:
Link: Social Networking Sites on Wikipedia
Book: The New Rules of Marketing and PR, November 2008, David Meerman Scott
Book: World Wide Rave, March 2009, David Meerman Scott
Book: Social Media Marketing: An Hour a Day, October 2008, Dave Evans and Susan Bratton
10 Ways to Use LinkedIn, Guy Kawasaki
www.Delicious.com – Social bookmarking site
www.Digg.com – Social bookmarking site
www.Ping.fm.com – Social media communicator to multiple sites
www.Wordpress.com – blog spot
www.Typepad.com – blog spot
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Effective Networking Strategies for Solo Practitioners – Part II
By Terrie S. Wheeler
This post continues identifying more of the traits and characteristics demonstrated by lawyers who are exceptional at networking:
Create your A-Level contact list – Think of those you know and trust and whose opinions you value: role models, mentors, those who comprise your support system, and those with whom you share common interests. Consider current and former clients, referral sources, acquaintances from your place of worship, neighbors, former co-workers, college and high school classmates, and service providers with whom you have a long-term relationship (doctors, dentists, accountants, insurance agents, stylists, or service/repair people). Cultivate, nurture and manage your relationships. Stay in touch. Be sure your contacts know the basics of your “Elevator Speech”
Always make time to meet with a prospective referral source – Good referrals come from solid relationships. Relationships start with meetings. It’s likely that well over 90% of your future business will come from referrals. Do your very best to find time to meet with quality people.
Follow up and follow through – Maintain contact with those you meet and keep contacts apprised of your actions on their behalf. Do what you promise – always. When a contact has referred you, let them know how things have progressed. When you meet someone at an event and offer to send them…or put them in touch with… Do it! Exceed their expectations of the relationship from the start.
Make it easy for your contacts to refer you – Create a summary of your specific areas of expertise and a brief biography. Include examples of your representative experience. Email this to your referral sources as a PDF document so they can easily forward it to prospective clients.
Focus on quality, not quantity – When evaluating a possible referral source; ask yourself, “Would I refer this person to one of my clients?” If not, find someone else with whom to build a relationship.
Show them you’re thinking of them – Send copies of articles you think would be of interest to your referral sources – as well as keeping an eye out for their firm in the news – and acknowledging coverage.
Track your success – Keep track of those to whom you send referrals as well as those who send prospective clients to you.
Say “Thank You” – Thank those who refer business to you – a personal hand-written note is most effective; a personal telephone call next best; then an email if it’s that or nothing. A “form” letter is the least favorable.
Support one another – Form a small group within your firm or business community to meet, compare notes on networking activities, brainstorm new ideas and most importantly – to hold one another accountable to meeting one’s relationship building goals.
Effective networking skills will enable you to build, nurture and grow relationships with your contacts and clients. Networking is truly at the core of every lawyer’s success in marketing. Go back and revisit the suggestions from Part I of this series and select a few areas in which you can improve, so that at your next event, you too will be a stellar networker!
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Lost Clients – Reduced Legal Budgets – - Don’t Panic – Talk to your Clients!
By Terrie Wheeler
twheeler@MarketYourLawPractice.com
Over the past couple of weeks some of my coaching clients have expressed a sense of borderline panic due to their clients’ reduced legal budgets and, sadly, a few going out of business; particularly lawyers serving clients in industries that have been hardest hit by the economic downturn – - clients in real estate, land development, contracting, engineering, manufacturing, and others. How can a hard working, smart lawyer like you develop new business in this market?
The fist and most important step on this path is to talk to your clients. Following are some practical tips you can implement NOW to reposition your service offerings based not upon what you have to “sell,” but on the legal services your clients are buying right now. Here are some practical steps you can take. Price tag: $Your time.00
Choose Your Clients – Review your client list from the past two to three years. Select 10 – 12 whose work with you has tapered off. Schedule appointments with each letting them know you would like to better understand how the economy is affecting them, and that you would like to meet with them for an hour, and provide a written follow up with ideas you have – - all at NO COST to them.
Develop Your Questions – Create a list of questions designed to help you understand the pain your clients could be experiencing in this economy. Take copious notes during the meeting. Ask each client the same questions so you can summarize responses across the board. Remember one of THE most powerful marketing strategies is to ask good questions, and listen. Ask more questions, then listen more… Put your consultant’s hat on and consider the following. Add questions based on the specific knowledge you have of your clients, their industry, and your expertise:
· How is the economy affecting your industry?
· In what ways has the economy negatively (or positively) impacted your business?
· What are you hearing from your customers, suppliers, vendors, referral sources, employees?
· What are the biggest business concerns you have for 2009?
· Are there any legal issues you are concerned about right now (foreclosure, being sued, liens, judgments, banking relationship)?
· What are your staffing plans for 2009? Any plans to reduce or add staff?
· What are your accounts receivable balances and have they increased; are your customers paying you in a timely fashion?
· Have declining property values impacted your business? If so, how?
· Do you have the desire to expand parts of your business, but can’t secure financing?
· Where do you see your business in five years?
· …..Add others to augment the questions above as you put your client-focused hat on and think more about issues they may be facing
Garner Your (referral source) Forces – As a solo practitioner, you likely work with and refer business to many other professionals. Make a list and reconnect with those who have referred business to you in the past (and those you refer to) including bankers, accountants, consultants, brokers, realtors, appraisers, engineers, financial advisors, etc. Let them know of your plans to interview your clients, a process that will likely result in you uncovering needs that require their areas of expertise. You might want to consider offering to interview a select list of their clients.
Schedule Your Interviews – There is no better marketing than having face time with clients and contacts. Your clients will be amazed and thankful for your magnanimous gesture to meet, provide your recommendations, and introduce them to others who can help them – - all without billing them. Remember the interview is not an opportunity to turn the meeting in to a sales pitch for you or your firm (I know this disappoints you….) Rather, it is focused exclusively on the client you are meeting with. Your mission is to uncover creative ways in which you and your colleagues can help the client through this challenging economy.
What’s in it for You? The benefits to you will be profound. Consider the following:
· Face time with a select list of your best clients (THE best marketing strategy regardless..)
· Good will with your clients for your willingness to help them – - really help them – -without billing them
· Stronger relationships with the referral sources in your network and a subtle reminder of your client-focused approach to developing new business in this economy
· Thankful referral sources who will appreciate you including them in your proposed solutions for the client
· The objective ability for you to reposition your legal services to actually fill a need clients have right now for your services (see post on making your services “Must Have” with clients)
· Ability to summarize your findings into an article for a local business or industry-specific publication (your data will be timely and relevant which means it is newsworthy)
· Ability to jointly offer (with a bank, accounting firm or consulting firm) a seminar for businesses wrestling with the same issues
· Billable work. I am convinced that if you implement this idea, you WILL generate paying work both from your clients, and from your referral sources.
Visit www.MarketYourLawPractice.com
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Low Cost, High Impact Strategies to Market Your Law Practice…. Part III
By Terrie Wheeler
Part III in a series on marketing your law practice even if you only have a few minutes to spare!
Pillar #3: Increasing Name Recognition and Awareness
- Identify a substantive area of law in which you have a high level of expertise. Develop an outline for a presentation you could give on the topic; identify the ideal target audience for your presentation and contact the appropriate organization with your idea.
- Create an outline for an article you would like to have published and identify where you would like to see the article in print.
- Review industry trends for your biggest clients. Develop a story pitch for the media, and contact a few local business, legal or community editors to persuade them your story idea has merit. They will either ask you to write a bylined article, or may even assign a reporter to “cover” the story.
- Revisit and reflect upon where (and how) you are spending your time in the community and seek to involve yourself in organizations you are committed to and passionate about.
- Consider serving on a non-profit board of directors; identify which organizations mesh with your interests and begin investigating the process of becoming a board member.
Pillar #4: Utilizing Targeted and Effective Communications
- Review and update your biography – enlist your assistant to automatically add speaking engagements, published articles, new professional affiliations, etc.
- Develop as many substantive examples of representative experience as you can and add them to your biography – for use on your website, in proposals, or to give to prospective clients and referral sources. Include:
- The Client’s Industry
- The Client’s Situation (the problem)
- Your Approach (the solution)
- The Result Achieved
- Send a quick email to a few of your clients letting them know of changes in their industry that may impact them.
- Review your firm’s website and make a suggestion on enhancing the site.
- Review your contact list from the database and scan it for accuracy; make corrections and additions and have your assistant enter them for you.
- Look at what you’re working on. If an associate or paralegal can do the drafting or research for you, delegate, delegate, delegate!
Building strong and enduring relationships with clients and contacts takes time and needs to be implemented consistently over time. Make sure you have a system in place to track your marketing efforts and to keep yourself accountable to generating results. Marketing is something you must weave into the fabric of your practice. Commit to doing something proactive to market your law practice each day. Remember, if you wait until you “have time” to market, it will likely be too late! If you do something small each day, you will reap the rewards of having loyal clients who will go out of their way to refer others to you.
For more information:
Visit www.MarketYourLawPractice.com
Visit www.PSM-Marketing.com
Visit my LinkedIn Profile
Visit my Facebook Profile
Low Cost, High Impact Strategies to Market Your Law Practice…..Part II
By Terrie Wheeler
TWheeler@MarketYourLawPractice.com
Continued from Part I….. Keep these tips on top of your desk – -and top of mind!
Pillar #1: Retaining and Growing Relationships with Existing Clients
- Pick up the phone and call a client or referral source you have not talked to recently. Touch base and check in to simply see how the person is doing; consider inviting them to have coffee with you.
- Call a client for whom you have recently completed a transaction or case just to see how well their expectations were met.
- Schedule a meeting with a client to review how the relationship is going and address any concerns your client may have (…..and don’t bill them for the time!).
- Contact a client who recently ended their relationship with the firm and determine what happened; communicate to those on your team to prevent future client defections.
- Conduct a mini-audit of your billing practices to ensure the invoices your clients receive clearly communicate the value you bring to the client (not just ‘Fee for Services Rendered’). Remember, clients generally appreciate more detail rather than less.
- Proactively provide a status update to one of your current clients of your work on their behalf.
- Watch for your clients in the news. If you see them referenced in an article, featured on television or interviewed on the radio, send them a personal note of congratulations.
- Tell your assistant how much you appreciate his or her role in helping you serve clients.
- Take an associate or a partner to lunch and find out more about the work (s)he is doing with a goal of introducing them to other clients you have.
- Contact two clients whose businesses or interests may complement one another and introduce them.
- Identify five clients of yours who you would like to introduce to one of your colleagues with a goal of expanding the firm’s overall business with each.
- Create a grid with your top clients listed down the left side, and the services you/your firm offer across the top. Look for gaps where the client needs services the firm offers and take action to introduce the client to additional services the firm can provide.
Pillar #2: Attracting New Clients and Developing New Business
- Take a moment to note what your best clients have in common (traits, characteristics, type of individual or company, from whom they were referred). Focus on attracting the highest caliber clients with legal work that utilizes your best and highest levels of expertise.
- Create a Top Ten list of prospective clients you know would be a great fit with your expertise, your firm, and its services; Call someone on your Top Ten list to meet for lunch.
- Make a list of your top referral sources; call one of these people and schedule coffee or lunch just to reconnect.
- Spend time assessing your networking and relationship building practices and develop a plan to become more involved in events attracting your clients, prospective clients, and referral sources.
- When you are reading the daily paper or an industry journal, select an article that would be of interest to someone you know and send it with a personal note.
- Identify a trade or professional association that attracts your ideal clients or referral sources and become a high profile member of that organization (offer to write articles or speak to members).
- Reflect upon what has led to your success to date. If you found yourself with no clients tomorrow, what would you do first? Revisit the marketing behaviors that have led to your success.
- Keep your sales pipeline up to date. Who are you working on right now to attract as a client?
For More Information:
Visit www.MarketYourLawPractice.com
Visit www.PSM-Marketing.com
Visit my LinkedIn Profile Visit my Facebook Profile
Low Cost, High Impact Strategies to Market Your Law Practice – Even If You Only Have Five Minutes! Part I
By Terrie Wheeler
TWheeler@MarketYourLawPractice.com
Part I
Business doesn’t always fall directly into your lap. To ensure consistent revenue, develop and follow a balanced marketing strategy. Start by following these Four Pillars of Marketing and making a check list to do something proactive to market your law practice each day.
Having worked with lawyers for over twenty years I know that while busy attorneys do their best to get out and develop new relationships, in reality, they oftentimes wish clients would simply hear of their expertise and call – and that their telephone and inbox would provide a steady stream of legal work from clients who pay on time, refer them to others and on and on the cycle would continue. But for those attorneys who aren’t exactly sure what to do when someone says, “you need to get out there and do more marketing,” this article is for you!
There are really just two areas you need to focus on as you market your law practice – having a well balanced marketing plan built around marketing best practices for lawyers, and making the personal commitment to actively implement your plan. Simply stated, if you do these two things consistently over time, you will be successful.
So let’s talk about the need for a balanced marketing strategy. Make sure your marketing activities are equally spread under each of The Four Pillars of Marketing sm:
Retaining and Growing Relationships with Existing Clients – At least 70% of next year’s revenue will come from your base of existing clients and contacts. Don’t overlook them!
Attracting New Clients and Developing New Business – Know the criteria of your best clients and referral sources (A-level people). What traits and characteristics do they have in common? Then, proactively seek to develop new relationships and business opportunities with these individuals and companies.
Increasing Name Recognition and Awareness – In order to hire or refer you, people must know who you are. Focus on increasing your personal name recognition in the marketplace through public relations, community and association involvement.
Utilizing Targeted and Effective Communications – Know what makes you unique as a lawyer, then capitalize on your skills and communicate timely, relevant information to your contacts and clients.
Keep a copy of marketing best practices on top of your desk (and top of mind). Commit to implementing just one tactic each day. Use the check list between phone calls, while on hold or even while waiting for a long document to print! Watch for specific ideas in Part II of this series.
For more information:
Visit www.MarketYourLawPractice.com
Visit www.PSM-Marketing.com
Visit my LinkedIn Profile Visit my Facebook Profile
Marketing Your Law Practice in a Tight Economy – - Part IV
By Terrie S. Wheeler
TWheeler@MarketYourLawPractice.com
Pillar IV – Communicate in a Targeted Fashion
Tip #12 – Continue Communicating with Your Clients
Look at the target audiences you have identified above and again consult your Top Ten lists. Identify information that is timely and relevant to each group, and create audience-specific communications. Don’t succumb to the “firm newsletter” approach. Make sure your communications with clients, contacts and referral sources are targeted to their unique needs, and are personalized to each individual. This is one of the only ways to rise above being perceived as junk mail (email or US mail!). Communicate regularly with fewer groups, but make your communications extremely relevant to each.
Tip #13 – Use Your Invoices as a Marketing Tool
Each month you have the opportunity to communicate the value you deliver to clients through the invoices you send. Take the extra time to provide a detailed summary of time spent on your client’s behalf. Make sure the process and outcome justify the fees. Prepare your invoices from a client’s perspective. If you received an invoice “for services rendered” or for “meeting with Joe,” would you feel good about paying the bill? Probably not. Show your clients through your detailed time reporting that everything you do is well thought out, and part of the broader whole – - to help them achieve the results they hired you for.
Tip #14 – Don’t Just Tell Them, Show Them!
How convincing are your marketing materials? Do you simply convey a long list of legal services you offer? Would you hire a doctor based on his or her list of services? It’s unlikely you would. Clients are no different. They want to see you have done what they need. Focus on providing representative examples of your expertise. Don’t just create a list of services, show prospective clients and referral sources that you have the breadth and depth of experience required to work with them based largely on your past successes. Create representative experience that summarizes the client’s situation, your approach to the problem, and the solution. Results sell!
Tip #15 – How Is Your Website?
One of the most cost-effective communication tools you have is your website. Through your website you provide clients and referral sources access to information they need to know about you and your practice. You can also tie your website into the other targeted communications you have with your clients by posting relevant legal updates on your website, then sending an email to select clients and contacts with a link to that information on your site. No need to budget for glitzy glossy brochures – - put your time and energy into building a website that showcases your expertise.
Which communication strategies have worked for you?
For more information:
Visit www.MarketYourLawPractice.com
Visit www.PSM-Marketing.com
Visit me on Twitter
Visit my LinkedIn Profile
Visit my Facebook Profile
Marketing Your Law Practice in a Tight Economy – Part III
By Terrie S. Wheeler
twheeler@MarketYourLawPractice.com
Pillar III – Increase your Name Recognition
Tip #9 – Stay Involved in Your Community
If you’re not already involved in your local community, consider becoming active in the Chamber of Commerce or the Rotary. Also remember that nonprofit organizations—especially during tough times—want and need dedicated volunteers. What organization in your community interests you? Is it a local food shelf, your place or worship, or an arts organization? Ask colleagues and clients about volunteer and nonprofit board opportunities they might suggest. You will be happily surprised at the number of other professionals who also take an interest in their community. Being an exceptional volunteer translates in the eyes of your fellow board members as, “Joe/Janice must also be an excellent lawyer!”
Tip #10 – Focus on the Media, Not on Advertising
Have you asked your clients how they originally found you? More than likely it will not be because of an ad you placed in the local paper. When the economy is tight, a much more credible and cost-effective way to increase your name recognition is through public relations. Pay attention to the news media and reporters covering the industries you represent. Four concepts to keep in mind:
1. Keep members of the media current on happenings at your firm (through regular news releases)
2. Talk to editors and reporters about being a knowledgeable source they can consult when covering stories involving your highest-level expertise
3. Develop a timely and relevant story angle and “pitch” editors and reporters to interview you
4. Identify specific ideas for articles you believe their readers, viewers or listeners need to know, contact the editors, and tell them why you are the best attorney to write an article or to be interviewed on the given topic.
Tip #11 – Join a Trade Association and Be Active
Based on your Top Ten lists, ask your clients, contacts and referral sources what trade and/or professional associations they belong to. Join one and make a point of attending the events and meeting other members. Offer to write for their publication, and speak at their events. Become THE legal resource for their members. Perception is reality and if members of an industry group perceive you have more knowledge of their business because of your involvement in their industry group, they will hire you over other lawyers they do not perceive know their industry.
What has worked for you to increase your name recognition?
For more information:
Visit MarketYourLawPractice.com
Visit Professional Services Marketing, Inc.
Visit me on Twitter View my LinkedIn Profile
Marketing Your Law Practice in a Tight Economy – Part II
By Terrie S. Wheeler
Twheeler@MarketYourLawPractice.com
Pillar II – Develop New Business
Tip #6 – Know the Criteria for Your “Ideal” Client
When building a law practice, it is important to attract the right kind of clients—not just clients who can pay your fees. Think for a moment about your very best clients. Now think of clients you wish you weren’t working with. Create a list of attributes of your best clients. What characteristics do they have in common? How were they attracted to you? Why do you like working with them over other clients? Make it a goal to grow your practice by selectively adding clients you know are a good fit – - those who meet the criteria you have established for your “A-level clients”.
Tip # 7 – Target Your Audience and Your Message
Based on the results of your A-level client criteria, identify types of clients who utilize the best and highest use of your knowledge and experience when you work with them. What characteristics do they have in common (age, geographic location, company type, industry affiliation, who referred them to you, results you generated for them)? For each audience group, develop messages that answer the question, “Why should I hire YOU?” Focus your key “hire me” messages around the value you bring to your clients, the proven experience you have developed in certain areas, your client’s satisfaction with your work, the results you generate, and other specific proof supporting why you are the best choice for this type of client to hire.
Tip #8 – Focus on your Top Ten Lists
Track the logical flow of developing new business by making the process manageable. First, identify the top ten prospective clients you would like to attract. Next, identify your top ten current clients. Finally, identify your top ten referral sources. You now have 30 individuals and/or companies to focus on in 2009. Spend a few minutes putting a plan in place to connect with each person over the next 12 months. Think of those you know in your network who might introduce you to a key prospective client. Plan to attend an industry event with a client or with one of your best referral sources. Spend time with these people and focus on asking great questions, and listening to their responses. You have to listen for opportunities in order to turn those opportunities into new business.
Have you identified the criteria for your A-level clients?
For more information:
Visit MarketYourLawPractice.com
Visit Professional Services Marketing, Inc.
Visit me on Twitter
View my LinkedIn Profile
About MYLP
Unique Web-Based Tool to Help Lawyers Develop New Business
ESQCoach, Terrie Wheeler has been helping lawyers attract new clients for more than 24 years. In 1996, she founded Professional Services Marketing, Inc. (PSM), helping professionals develop Targeted Strategies for Business Growth. In January 2011 Terrie merged PSM with Ingenuity Marketing Group in Saint Paul, MN.
Launched in 2007, www.MarketYourLawPractice.com (MYLP), is an innovative web-based marketing coaching tool for lawyers which replicates ESQCoach Terrie Wheeler’s individual marketing coaching process. Today, MYLP is helping lawyers across the US and in the UK develop new business, retain and grow current client relationships, increase their name recognition and more effectively communicate with clients.
Numerous bar associations across the country, including New York, California, New Jersey, Ohio, Vermont, Massachusetts, Wisconsin, and others, have recognized MYLP as a cost-effective marketing coaching and training tool for lawyers and have partnered with MYLP to offer the tool as a valuable member benefit.
MYLP was recently launched internationally in England, Wales, Scotland, and Ireland. Visit www.MarketYourLawPractice.co.uk, developed with our UK business partner, James Dunning of Geotrupes Consulting.
Join our Linkedin Group: The Legal Network - created just for lawyers and in-house marketing professionals to compare best marketing practices.
We have also launched a sister product for financial advisors, www.MarketYourFinancialPractice.com, and are marketing the site nationally to financial advisory firms.
For more information, contact Terrie: ESQCoach@MarketYourLawPractice.com
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