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THE WJF INSTITUTE© All rights reserved Ways to Improve Business Development William J. Flannery, J.D. The WJF Institute
THE WJF INSTITUTE© All rights reserved Segment your market into four sectors: a.Key clients b.All the rest of the clients c.New clients d.Others 11 Ways To Improve Business Development
THE WJF INSTITUTE© All rights reserved 2013 Where To Get The Highest ROI For Your Firms Marketing and Business Development Efforts % of Firms RevenueActions Key Clients (Top 150)80% - 90%Client Teams, Client Team Leaders Technology ROI Analysis Client Opinion Surveys Training, CSIP Industry Conferences Clients Other Than The Top 150 Geographic Teams Practice Groups Individual Efforts 5% - 10%Some Of The Above, Plus Association Memberships Speeches, Articles Small Group Seminars Community Involvement Public Relations New Clients?? %Referrals Reverse Cold Calls, Cold Calls Advertising, Identity Campaigns Industry Groups
THE WJF INSTITUTE© All rights reserved Key clients of the firm need to have client- focused teams that have standard metrics for performance. 11 Ways To Improve Business Development
THE WJF INSTITUTE© All rights reserved 2013 Client Relationship Manager Team Status Report Brief Description of the Goals of The Plan - Original Goals - Updated Goals Revenue For The Team - Past - Projected - Current Revenue Rate (YTD) - Realization Practice Group Utilization - Original Usage - Current Expansion - Projected
THE WJF INSTITUTE© All rights reserved 2013 Client Relationship Manager Team Status Report - Contd. Clients Level of Satisfaction With The Firm - Past - Current - Continuous Improvement Plan Competitive Activity Resources Needed Team Status Next Milestone / Meeting
THE WJF INSTITUTE© All rights reserved The client-focused team members need to have effective business development skills, especially face-to-face business development skills. 11 Ways To Improve Business Development
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 4.The firm needs to have a firm-wide business development process in place to grow market share within key clients.
THE WJF INSTITUTE© All rights reserved 2013 Your Firms Client and Business Development Process Plan, Organize in Teams, Research, Goals, CSIP Styles, Pace Priorities Process Information Perceptions Client Focused Service Improvement Plans Communicate Solutions And Benefits In Presentations, Proposals and Meetings Rapport and Trust Building Build Relationships Transfer Trust Plan Interview Design Solutions Decision Retain Client New Business New Client Process Questions Rule:The Successful Firms Will Need To Adopt and Adapt A Firm-Wide Client Development and Relationship Management Process.
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 5.Marketing and business development needs to be fully integrated.
THE WJF INSTITUTE© All rights reserved 2013 How Buyers Buy Law Firms Actions Awareness Interest Desire Hire Marketing Business Development Rule:Your Mission In Marketing and Business Development Is To Change The Buyers Behavior.
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 6.Each client-focused team will need to have a firm-wide standardized planning process for driving to greater and more profitable market share.
THE WJF INSTITUTE© All rights reserved Increase client satisfaction and loyalty 2. Increase revenue and profit 3. Protect or expand relationship 4. Increase market share StrengthsWeaknesses Client Perceptions OpportunitiesProblems Enhance or Inhibit Objectives (Created from SWOP) Priority Action Plans WhoWhen H=30 days M=90 days L=120 days NTD Goals
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 7.The client-focused team members will need to have a high level of inter-partner trust and collaborative team skills.
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 8. The firm will need clear data on opportunity by client, current market share by client, practice area, and geography, etc…
THE WJF INSTITUTE© All rights reserved 2013 FLANNERY & FLANNERY, L.L.P. Annual Revenue History in $000 Client Real Estate Corp. Securities Employ. Law EnvironmentalLitigation T&E Planning TaxTOTALOpportunity $$ Market Share Logic Solutions, Inc ABC Manufacturing Strategic Systems ZEO Computers Law Games, Inc.100 First United Bank22 Total ,368
THE WJF INSTITUTE© All rights reserved 2013 Client 2011 Revenue2012 Revenue 2013 Proj. Rev. Clients Legal Budget Our Piece of Their Budget Logic Solutions, Inc , ABC Manufacturing , Strategic Systems , ZEO Computers , Lawn Games, Inc , First United Bank 2221, Totals 9121, , Flannery LLP Key Client Revenue Analysis $000
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 9.There will need to be a long term formal change process in place to become more client-focused using client-focused teams. Bust silos and change the culture.
THE WJF INSTITUTE© All rights reserved 2013 Where To Focus Firm Efforts Steps To Success Building strong relationships face-to-face Discovering and developing client needs Enhancing business and financial skills__________________ Using The WJF Institute CD&RM process Firm-wide business development approach Client Contact Should Do Client Needs__________________ Assessment Interviews with 3 current clients of the firm Trained client-focused teams Technology support for teams Accountability and measurement systems__________________ Client interviewing and team management Leading and selecting client teams Increasing profitable market share Specific plans for each opportunity Client, industry and geographic focus__________________ Driving client loyalty Increasing the use of more practice areas Client team status reporting systems Evaluate team performance and leadership Evaluate client profitability__________________ Evaluate recognition and compensation Financial plans and controls CD&RM Workshop Team Skills Leading Client Teams Day Review Three Client Visits Client-Focused Plan Development CSIP Day Law Firm Management Overview Team Status Report Date of Action Individual Skills CD&RM Workshop
THE WJF INSTITUTE© All rights reserved Ways To Improve Business Development 10.The marketing/business development professionals will need a new set of skills to get lawyers to do business development. 11.The firms leadership needs to have a formal inspection process and metrics for business development to compare performance.
THE WJF INSTITUTE© All rights reserved 2013 Please send us your comments: William J. Flannery, J.D. The WJF Institute Research Boulevard Building C, Suite 110 Austin, TX Fax Thank You!
THE WJF INSTITUTE© All rights reserved Ways to Improve Business Development William J. Flannery, J.D. The WJF Institute.
Copyright ©, , The WJF Institute. Sales Lessons Law Firms Can Learn from the Corporate World: Bringing in More Business Using Key Client Teams.
10 Ways To Improve Business Development William J. Flannery, J.D. The WJF Institute THE WJF INSTITUTE© All rights reserved 2010.
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