Presentation on theme: "11 Ways to Improve Business Development"— Presentation transcript:
1 11 Ways to Improve Business Development William J. Flannery, J.D.The WJF Institute
2 11 Ways To Improve Business Development Segment your market into four sectors:Key clientsAll the rest of the clientsNew clientsOthers
3 Where To Get The Highest ROI For Your Firm’s Marketing and Business Development Efforts % of Firm’s RevenueActionsKey Clients (Top 150)80% - 90%Client Teams, Client Team LeadersTechnologyROI AnalysisClient Opinion SurveysTraining, CSIPIndustry ConferencesClients Other Than The Top 150Geographic TeamsPractice GroupsIndividual Efforts5% - 10%Some Of The Above, PlusAssociation MembershipsSpeeches, ArticlesSmall Group SeminarsCommunity InvolvementPublic RelationsNew Clients?? %ReferralsReverse Cold Calls, Cold CallsAdvertising, Identity CampaignsIndustry Groups
4 11 Ways To Improve Business Development Key clients of the firm need to have client- focused teams that have standard metrics for performance.
5 Client Relationship Manager Team Status Report Brief Description of the Goals of The Plan- Original Goals- Updated GoalsRevenue For The Team- Past- Projected- Current Revenue Rate (YTD)- RealizationPractice Group Utilization- Original Usage- Current Expansion
6 Client Relationship Manager Team Status Report - Contd. Client’s Level of Satisfaction With The Firm- Past- Current- Continuous Improvement PlanCompetitive ActivityResources NeededTeam StatusNext Milestone / Meeting
7 11 Ways To Improve Business Development The client-focused team members need to have effective business development skills, especially face-to-face business development skills.
8 11 Ways To Improve Business Development The firm needs to have a firm-wide business development process in place to grow market share within key clients.
9 Your Firm’s Client and Business Development Process Plan, Organize in Teams,Research, Goals, CSIPStyles, PacePrioritiesProcess InformationPerceptionsClient Focused Service Improvement PlansCommunicate SolutionsAnd Benefits In Presentations,Proposals and MeetingsRapport and Trust BuildingBuild RelationshipsTransfer TrustPlanInterviewDesignSolutionsProcess QuestionsDecisionRetain Client New Business New ClientRule: The Successful Firms Will Need To Adopt and Adapt A Firm-Wide Client Development andRelationship Management Process.
10 11 Ways To Improve Business Development Marketing and business development needs to be fully integrated.
11 Business Development How Buyers Buy Law Firm’s Actions Marketing AwarenessInterestDesireHireRule: Your Mission In Marketing and Business Development Is To Change The Buyer’s Behavior.
12 11 Ways To Improve Business Development Each client-focused team will need to have a firm-wide standardized planning process for driving to greater and more profitable market share.
13 Goals Client Perceptions Enhance or Inhibit Increase client satisfaction and loyaltyIncrease revenue and profitProtect or expand relationshipIncrease market shareGoalsStrengthsWeaknessesClient PerceptionsOpportunitiesProblemsEnhance or InhibitObjectives (Created from SWOP)PriorityAction PlansWhoWhenH=30 daysM=90 daysL=120 daysNTD
14 11 Ways To Improve Business Development The client-focused team members will need to have a high level of inter-partner trust and collaborative team skills.
15 11 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…
16 FLANNERY & FLANNERY, L.L.P. Annual Revenue History in $000 ClientRealEstateCorp. SecuritiesEmploy. LawEnvironmentalLitigationT&E PlanningTaxTOTALOpportunity $$Market ShareLogic Solutions, Inc.41818021015427ABC Manufacturing751735228799335Strategic Systems946929291ZEO Computers1013444566213Law Games, Inc.100First United Bank2Total1881422524662091,368
17 Flannery LLP Key Client Revenue Analysis $000 2013 Proj. Rev.Client’s Legal BudgetOur Piece of Their BudgetLogic Solutions, Inc.40046330020,000.023ABC Manufacturing33520010,000.020Strategic Systems1002918,000.000ZEO Computers2137,000Lawn Games, Inc.10203,000.006First United Bank21,000.002Totals9121,36852249,000.001
18 11 Ways To Improve Business Development 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.
19 Review Three Client Visits Leading Client Teams Day Where To Focus Firm Efforts Steps To SuccessDate of ActionBuilding strong relationships face-to-faceDiscovering and developing client needsEnhancing business and financial skills __________________Using The WJF Institute CD&RM processFirm-wide business development approachClient Contact Should Do Client Needs __________________Assessment Interviews with 3 currentclients of the firmTrained client-focused teamsTechnology support for teamsAccountability and measurement systems __________________Client interviewing and team managementLeading and selecting client teamsIncreasing profitable market shareSpecific plans for each opportunityClient, industry and geographic focus __________________Driving client loyaltyIncreasing the use of more practice areasClient team status reporting systemsEvaluate team performance and leadershipEvaluate client profitability __________________Evaluate recognition and compensationFinancial plans and controlsIndividual SkillsCD&RM WorkshopReview Three Client VisitsCD&RM WorkshopTeam SkillsLeading Client Teams DayClient-Focused PlanDevelopmentCSIP DayLaw FirmManagement OverviewTeam Status Report
20 11 Ways To Improve Business Development The marketing/business development professionals will need a new set of skills to get lawyers to do business development.The firm’s leadership needs to have a formal inspection process and metrics for business development to compare performance.
21 Thank You!Please send us your comments: William J. Flannery, J.D. The WJF Institute Research Boulevard Building C, Suite 110 Austin, TXFax