Delaware Valley Law Firm Marketing Group Sally Schmidt

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

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

Marketing vs. Sales o Two schools of thought…

Marketing: Strategic Umbrella

Marketing and Sales: Separate but Intertwined Functions Marketing Sales

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

Client Development Process o o o Awareness Perception of Expertise Relationship Retention Expansion

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

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

Seminar Follow Up—Business Development Style o Passive/ineffective: n o “Thank you for coming” letter Active/effective: n n 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

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

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

What Law Firms Are Doing in Business Development

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

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

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

Internal Organization o Creating teams: n n o o Client teams Target or SWAT teams Tweaking the compensation system Establishing intranet pages for business development

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

Assist in Preparing Proposals/ Presentations o o o o 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

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

Support the Lawyers’ Business Development Skills o Set up training programs: n n o o 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

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

Sample: Gap Analysis Corporate Client A $570, 000 Client B Litigation Tax $860, 000 Employment $60, 000 $50, 000 Real Estate $37, 000 $1, 200, 000 Intellectual Property $120, 000 Estate Plan $25, 000 $50, 000 Client C $170, 000 $30, 000 $25, 000 Client D $300, 000 $100, 000 $35, 000 $18, 000 $60, 000 $10, 000

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

In short… o More emphasis on: n n n o Strategy Client contact/Business development Follow up Less emphasis on: n n n Tactics Communications Reacting

Focusing on Business Development: 15 Ideas o o 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

Focusing on Business Development: 15 Ideas o o 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)

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

Focusing on Business Development: 15 Ideas o o o 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

Conclusion: Tips for Personal Success

Tips for Personal Success o o o 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

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

Questions/Discussion