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Delaware Valley Law Firm Marketing Group

Delaware Valley Law Firm Marketing Group. Sally Schmidt, Schmidt Marketing, Inc. November 28, 2006. Selling vs. Marketing. Identifying targets Researching targets Developing the sales strategy Drafting boilerplate proposals or pitches Drafting customized proposals or pitches

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Delaware Valley Law Firm Marketing Group

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  1. Delaware Valley Law Firm Marketing Group Sally Schmidt, Schmidt Marketing, Inc. November 28, 2006

  2. Selling vs. Marketing • Identifying targets • Researching targets • Developing the sales strategy • Drafting boilerplate proposals or pitches • Drafting customized proposals or pitches • Going on business development calls

  3. Marketing vs. Sales • Two schools of thought…

  4. Marketing: Strategic Umbrella

  5. Marketing and Sales: Separate but Intertwined Functions

  6. Positioning vs. Business Development • Positioning: Making the “short list” • Business development/Sales: Relationships

  7. Client Development Process • Awareness • Perception of Expertise • Relationship • Retention • Expansion

  8. Seminar Newsletter Client event Web site Materials Public relations Advertising Business in the door The Disconnect

  9. Develop concept Issue invitations Make logistic arrangements Create materials Prepare presentations and PowerPoint slides Prepare evaluation form Determine the target audience Engage them—pre-survey Engage them at the meeting Survey their reactions/needs Follow up in a meaningful way The Seminar: Marketing vs. Sales

  10. Seminar Follow Up—Business Development Style • Passive/ineffective: • “Thank you for coming” letter • Active/effective: • Host follow-up roundtables • Offer to give an on-site workshop • Send follow-up information on the seminar topic • Send a related form, worksheet or article

  11. Moving from “Mass” to “One-on-One” Seminar Roundtable One-on-one

  12. Seminar Newsletter Client event Web site Organizational membership Roundtable Targeted advisory Client-specific workshop Listserver Board or committee The Missing Link: Think SMALL

  13. What Law Firms Are Doing in Business Development

  14. Staffing • Directors of Business Development • Sales personnel • Business Development Managers—linked to revenue-producing units • Sales support functions

  15. BD/Sales Support Functions • Research and analysis/Competitive intelligence • Proposal writing • Database/CRM • Pitch assistance • Coaching • Training

  16. Improving Lawyers’ Skills • Coaching: One-on-one coaching assistance • Mentors: Partner assignments • Training: • Associates • Partners • Peer groups

  17. Internal Organization • Creating teams: • Client teams • Target or SWAT teams • Tweaking the compensation system • Establishing intranet pages for business development

  18. Increasing Your Value to the Firm through Business Development • In the recent LMA compensation survey, those who listed “business development” as their primary function made, on average, $7,500 more than “generalists”

  19. Assist in Preparing Proposals/ Presentations • Contact the prospective client • Conduct research on the organization • Talk through the strategy or pitch • Put together drafts, gather up materials or review written materials (e.g., edit, reformat) • Conduct a rehearsal/Videotape • Follow up with the client • Debrief the lawyers

  20. Counsel the Professionals • Learn how business is developed for that practice • Talk through opportunities • Ask good questions • Present ideas or initiatives • Counsel on follow up

  21. Support the Lawyers’ Business Development Skills • Set up training programs: • Preparing proposals • Making presentations or pitches • Contacts and networking • Identifying needs/Listening skills • Set up marketing mentor programs • Establish dynamic programs to get people involved—involve, don’t educate

  22. Identify and Follow Up with Prospects • Identify good prospects: • Clients—for cross selling • New business opportunities • Establish good follow-up programs: • Seminar attendees • Get togethers with referral sources • Web site inquiries

  23. Sample: Gap Analysis

  24. Contact Clients • Post mortems on projects: • How did we do? • What did we learn? • What else can we do to help? • Client surveys • Focus groups • Client panels • Client teams

  25. In short… • More emphasis on: • Strategy • Client contact/Business development • Follow up • Less emphasis on: • Tactics • Communications • Reacting

  26. Focusing on Business Development: 15 Ideas • Make recommendations about who attends suites, golf outings, etc. • Request and analyze the list of top clients each year • Review new client reports • Learn your “product”: Attend practice or industry group meetings, take your “clients” to lunch

  27. Focusing on Business Development: 15 Ideas • Provide intelligence: markets, clients, opportunities, competitors (e.g., information feeds) • Track ROI and business development contacts and successes (e.g., proposals) • Put people together—be the conduit • Survey your clients (the lawyers)

  28. Focusing on Business Development: 15 Ideas • Customize proposals—no more boilerplate • Synthesize information for the lawyers • Learn how to make effective presentations • Network with marketing directors of other companies/clients

  29. Focusing on Business Development: 15 Ideas • Engage the firm’s targets—surveys, blogs, offers, listservers, etc. (Permission Marketing) • Be active personally (e.g., civic, professional associations, network) • Learn the economics of the practice

  30. Conclusion: Tips for Personal Success

  31. Tips for Personal Success • Help one partner develop one client • Be enthusiastic—it goes a long way toward success • Be realistic • Start with those who are interested • Start small—one target team • Start with low-hanging fruit

  32. Tips for Personal Success • Be relentless with your follow up: • Lists of follow-up tasks • Lists of to do’s • E-mail reminders • Running lists of contacts or targets

  33. Questions/Discussion

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