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THE WJF INSTITUTE© All rights reserved 2013 11 Ways to Improve Business Development William J. Flannery, J.D. The WJF Institute
THE WJF INSTITUTE© All rights reserved 2013 Business Development Comparison Current Business Development Model Solution Selling WJF Institute Business Development Responds to RFP or client’s current problem Competes for vendor preference within an existing budget Compels project investment outside an existing budget Discusses scope of current matter(s) Aligns with the prevailing point of view Challenges the prevailing point of view Narrow view of client’s problemsAddresses acknowledged pain pointsAddresses unacknowledged angst Practice group business developmentTargets tactical problemsTargets strategic problems Submits practice group descriptions and bios Begins with technical proof and then builds a business case Begins with the business case and then provides technical proof Discusses current individual matterStarts as a business dialogueStarts as an executive-level dialogue Talks about lawyer experience and expertise Asks questions to identify needs Uses an insightful hypothesis to provoke a response Responds to client questions about experience and expertise Responds to issues described by the client Is proactive and leading, forcing issues out Part of this comparison chart is a combination of an Harvard Business Review March 1, 2009 titled, ”In a Downturn, Provoke Your Customers”, and my experience visiting 140 law firms over the last 24 months.
THE WJF INSTITUTE© All rights reserved 2013 1.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 Firm’s Marketing and Business Development Efforts % of Firm’s 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 2013 2.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 Team Status Report Metrics 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 Team Status Report Metrics – Cont’d. Client’s 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 2013 3.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 2013 11 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 and other opportunities.
THE WJF INSTITUTE© All rights reserved 2013 Your Firm’s 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 2013 11 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 Firm’s Actions Awareness Interest Desire Hire Marketing Business Development Rule:Your Mission In Marketing and Business Development Is To Change The Buyer’s Behavior.
THE WJF INSTITUTE© All rights reserved 2013 11 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 2013 1. 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 2013 11 Ways To Improve Business Development 7.The client-focused team members will need to have a high level of inter-partner trust, collaborative team skills, and clear customized service standards for each client.
THE WJF INSTITUTE© All rights reserved 2013 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…
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.41818021015427 ABC Manufacturing751735228799335 Strategic Systems99946929291 ZEO Computers101335444566213 Law Games, Inc.100 First United Bank22 Total18814225266466452091,368
THE WJF INSTITUTE© All rights reserved 2013 Client 2011 Revenue2012 Revenue 2013 Proj. Rev. Client’s Legal Budget Our Piece of Their Budget Logic Solutions, Inc. 40046330020,000.023 ABC Manufacturing 30033520010,000.020 Strategic Systems 10029108,000.000 ZEO Computers 10021307,000.000 Lawn Games, Inc. 10100203,000.006 First United Bank 2221,000.002 Totals 9121,36852249,000.001 Flannery LLP Key Client Revenue Analysis $000
THE WJF INSTITUTE© All rights reserved 2013 11 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 and other opportunities.
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 2013 11 Ways To Improve Business Development 10.The marketing/business development professionals will need a new set of tools and metrics to get lawyers to do business development. 11.The firm’s leadership needs to have a formal inspection process and metrics for business development.
THE WJF INSTITUTE© All rights reserved 2013 23 Business Development Questions 1. What are the business development skill levels of the lawyers in the firm? 2. What is the reward and recognitions system for business development team work? 3. What is the number of active and high functioning client teams? 4. What is the business development process that each lawyer uses to increase client market share? 5. What are the metrics that the firm uses to determine % of market share, increase use of other firm lawyers and client loyalty?
THE WJF INSTITUTE© All rights reserved 2013 23 Business Development Questions 6. What are the competitive analysis tools including who you see most often as competitors, both large firms and niche players? 7. What is the leadership’s role in driving profits using business development? 8. What is your past experience with consultants? 9. What is your key client account planning process? 10. What has failed in business development and what has worked?
THE WJF INSTITUTE© All rights reserved 2013 23 Business Development Questions 11. What is your partner’s per profit targets for 2013 and 2014? 12. What is the level of energy and willingness to do something that will yield results? 13. What is your firm’s IT support for business development? 14. How will you change the process and maps for the future in business development? 15. What is your firm’s level of team skills in a non-billable environment?
THE WJF INSTITUTE© All rights reserved 2013 23 Business Development Questions 16. What are the firm’s current marketing and business development support staff headcount and responsibilities? 17. What is the projected combined marketing/business development budget for 2014 as a percentage of revenue? 18. What are the RFP and beauty contest win/lose rates and why? 19. What is the number of invitations to submit bids per month?
THE WJF INSTITUTE© All rights reserved 2013 23 Business Development Questions 20. What are the active efforts to get on the bidders list and ghost write the RFPs? 21. What are the current and projected headcount for partners, associates, of counsel, contract lawyers and other professionals? 22. What are the number of committees involved in business development and roles of these groups? 23. What is the average number of hours spent in marketing/business development per partner annually?
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11 Ways to Improve Business Development
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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