Presentation on theme: "2012 Redwood Analytics® User Conference Analysis. Insight. Action. I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success."— Presentation transcript:
2012 Redwood Analytics® User Conference Analysis. Insight. Action. I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success James Paterson Sr. Director, Product Line Management
2012 Redwood Analytics® User Conference Analysis. Insight. Action. We will cover… Why is Rainmaking more important than ever? Who are Rainmakers and what do they do? How does my firm start making more Rain? How does Social CRM fit into all of this?
2 Difficult Signs of the Times Peer Monitor Index - Q1 2012 EXECUTIVE REPORT - ISSUED 04.27.12 https://peermonitor.thomsonreuters.com/ThomsonPeer/docs/PMI_Q1_2012_v1.pdf
3 0 10 20 30 40 123456 Areas of Law Attrition Rate (%) 0 20 40 60 80 12345678910 Decile 0 10 20 30 40 50 01234567891020->20 Client Age Attrition Rate (%) 0 10 20 30 40 50 60 012345+ # of Partners Involved Some Clients Are At Risk Source: LexisNexis Redwood Analytics research on Client Analysis
4 Yet Lower Profit Per Partner is Temporary? Source: Altman-Weil Flash Survey
5 Growing Firm Revenue is the #1 Priority 1. Which of the following are the top three (3) priorities for your firm, according to firm leaders? Source: ALM / LexisNexis c
6 Major Focus on Business Development? 6. How aggressively is your firm planning on pursuing these options? Source: ALM / LexisNexis
7 The Business Development Forecast Really, really bright … with a high chance of rain. Get ready.
8 Who is Responsible for Rainmaking?
9 Rainmaking Doesnt Need to be Like This! http://www.youtube.com/watch?v=Lteq60AVH0M
10 Everyone has an important Rainmaker role
11 The New Rainmaker? Economic conditions + technology capabilities combine to create a powerful new role for Business Development Potential Rainmaker position from identifying New business opportunities with existing clients Strengths to leverage in addressing new clients The real profitability metrics behind current business (do more of this, and less of that) rainmaker: n. informal One who is known for achieving excellent results in a profession or field. A company employee who creates a large amount of unexpected business
12 A Business Development Continuum Given the diversity of legal practices and firms, plus a good dose of business and economic reality, BD efforts will fall on a continuum of capabilities Not everyone is ready to make a lot of rain … today Ad hoc marketing tactics No dedicated staff Limited technology / applications Modest budgets Rainmaker Forecast: light, spotty mist BD plan and strategy Dedicated / focused personnel Leading edge technology / applications Funding commitment to deliver results Rainmaker Forecast: deluge
13 Some Firms Are Already Proficient Source: International Business Development, September 8 th, 2012
14 Firm Strategic Priorities Business Development Plan Tactics and Technology Rainmaking is a Strategy
15 Five Steps to Develop Your Rainmakers
16 Becoming a Business Development Rainmaker Leadership Mandate & Backing The Charter and a Real Job Description Resources Access to key players and information Important Without Step 1, accomplishing Steps 2, 3, 4 … is difficult, but not impossible
17 Becoming a Business Development Rainmaker Tools of the Trade CRM solution – at the heart of BD: Core capability doesnt need to be high end; it does start your technology deployments Business Intelligence: Broadens perspective to industry, competitors, trends … a real value add for clients Analytics: Enables detailed planning, what if scenarios, and stress tests current value calculations for the firm In an Ideal World: Fully-integrated systems and data Step 2 is also a continuum Deploy whatever you can, as soon as you can, to empower the BD function and the firm
18 Rollout / Reinforce / Repeat Remember the Human Element in the mix BD is responsible for combining the people, technology, processes and systems Getting buy in is critical, as is detailed training Everyone needs to understand the why as well as the how of any new steps Reinforce the value and end game … constantly. Leverage every early success to encourage good behavior See, it works!!! Lets keep it up Becoming a Business Development Rainmaker
19 Share Information Liberally … as much as your internal continuum will allow Practical considerations govern the degree of information transparency Management access versus general access Details for my clients versus the firms clients Share what you can Knowledge truly is power; more really is better; and success does breed success Becoming a Business Development Rainmaker
20 Set your KPIs (Key Performance Indicators) Deciding what to measure is really important: - Broad business objectives for the firm - Granular details tied to individual initiatives Baselines are needed to determine change Measuring and quantifying are necessary evils for making improvements and determining what happens next What you measure gets done Becoming a Business Development Rainmaker
21 Make It Personal! …dont let anybody kid you. Its all personal, every bit of business – Mario Puzo, The Godfather Becoming a Business Development Rainmaker
22 Legal Has Always Been a Personable Business
23 Social CRM – Building Profitable Relationships Its About Being Personal, In The Social Media Age, and its More Important Than Ever!
24 Who Is This?
25 Of Course, its Dooce, aka Heather Armstrong! http://www.forbes.com/2009/09/02/twitter-dooce-maytag-markets-equities-whirlpool.html
26 Social CRM Defined Social CRM (Customer Relationship Management) is use of social media services, techniques and technology to enable organisations to engage with their customers ---http://en.wikipedia.org/wiki/Social_CRM
27 Social CRM Defined … from Lithium … from Laurence Buchanan … from Brent Leary
28 Media Social CRM
29 Social Media Marketplace
30 Global Phenomenon
31 Source: ALM Legal Intelligence: Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012 With Healthy Interest Among Law Firms
32 Source: 2012 American Bar Association Technology Survey Report Individual Rainmakers Are Taking The Lead
33 Some Preferred Platforms Are Emerging Source: ALM Legal Intelligence: Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012
34 Social CRM Lessons
35 Contact Management Systems Sales Force Automation CRM Industry- specific CRM Social CRM A Tipping Point for CRM Evolution?
36 Contact Management Marketing Automation Business Development Strategic Analysis Link Tactics to Strategy to Accelerate Along the CRM Experience Curve Set specific BD goals
37 Goals Ownership Measurement Staffing Communications Relevance Contact Management Data Quality Marketing Business Development Integration Reporting Support External Knowledge CRM – Key Success Indicator Audit Measure 14 Areas to Gauge Success Segment firms based on impact Who Makes More Rain?
38 KSI Audit Results vs. Benchmark
39 Firm Strategic Priorities Business Development Plan Tactics and Technology CRM is a Strategy
40 How Can We Take Advantage of this to Make More Rain?
41 We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger numbers of people. -Pierre Omidyar, eBay Founder
44 Developing Thought Leadership
45 Choose Wisely to Support Your Business Strategy Resource Commitment Client Interest Measuring Hard and Soft ROI