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 Going on business development calls

Marketing vs. Sales

Two schools of thought…

Marketing: Strategic Umbrella

E x tern al C o m m u n icatio n san d R elatio n s

B u sin ess D evelo p m en t

In tern al C o m m u n icatio n san d R elatio n s

P lan n in g an d S trategy

R esearch an dD evelo p m en t

S u p p o rt an dA cco u n tab ility

M an agem en t an dA d m in is tra tio n

M ark etin g

Marketing and Sales: Separate but Intertwined Functions

SalesMarketing

Positioning vs. Business Development

Positioning: Making the “short list”

Business development/Sales: Relationships

Client Development Process

Awareness Perception of Expertise Relationship Retention Expansion

The Disconnect Seminar Newsletter Client event Web site Materials Public relations Advertising

Business in the door

The Seminar: Marketing vs. Sales 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

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

Moving from “Mass” to “One-on-One”

Seminar

Roundtable

One-on-one

The Missing Link: Think SMALL Seminar Newsletter Client event

Web site Organizational

membership

Roundtable Targeted advisory Client-specific

workshop Listserver Board or

committee

What Law Firms Are Doing in Business Development

Staffing

Directors of Business Development Sales personnel Business Development Managers—

linked to revenue-producing units Sales support functions

BD/Sales Support Functions

Research and analysis/Competitive intelligence

Proposal writing Database/CRM Pitch assistance Coaching Training

Improving Lawyers’ Skills

Coaching: One-on-one coaching assistance

Mentors: Partner assignments Training:

Associates Partners

Peer groups

Internal Organization

Creating teams: 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

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

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

Learn how business is developed for

that practice

Talk through opportunities

Ask good questions

Present ideas or initiatives

Counsel on follow up

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

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

Sample: Gap AnalysisCorporate Litigation Tax Employment Real Estate Intellectual

PropertyEstate Plan

Client A $570,000 $860,000 $60,000 $50,000 $37,000 $120,000 $25,000

Client B $1,200,000 $50,000

Client C $170,000 $30,000 $25,000 $35,000

Client D $300,000 $100,000 $30,000 $18,000 $60,000 $10,000

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

In short…

More emphasis on: Strategy Client contact/Business development Follow up

Less emphasis on: Tactics Communications Reacting

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

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)

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

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

Conclusion: 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

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

Tips for Personal Success

Questions/Discussion