There are three main places to direct your law firm’s business development and marketing efforts: your existing clients, your referral sources and prospects. While narrowing your focus is an important part of business development, the truth is that not everyone deserves the same amount of attention. With limited time, it’s important to recognize and measure your efforts by identifying who helps build your practice… and who doesn’t. Here are my top tips for putting your time and money in the right place.
Look at your referral sources.
All attorneys believe they know their best referral sources. Take another look. A lawyer I trained recently came to me with a list of 50+ referral sources, but when we actually sat down and counted the amount of work they’ve been sending in lately, the number shrank to 16. Take the time to look back and see who’s sending you’re working right now and focus on it. Don’t ignore others, but focus on those who are making a difference today.
Focus on the industry.
Look at your customer list. The people who give you the most business are most likely in the same industry. By focusing on understanding the nuances of the industry, you put yourself in a position to not only see where more work can come from within your existing clients’ businesses, but also to gain the ability to position yourself as an “expert” in the industry. This focus will help you improve your relationships with existing clients, and will provide a fertile ground for exploration and growth,
Rethink your obligations to organizations.
keyword here? to share. Take a look at the long list of memberships on your resume. Now cross out those in which you are not actively involved. If you are not a subscriber, this is not business development. Being a member in name only does not bring you business connections and effort is beneficial. So either share or remove it from your business development list.
Look at where you spend your time communicating.
Events are a great resource for networking when it comes to business development, but they have to be the occasion. Look around at the next event you attend. How many potential customers are in the room? See where your customers spend their time and money and follow them. They will lead you to more clients.
Evaluate your return on investment.
Are you getting a good ROI when it comes to your customers? Take a closer look at where and how you spend your time and you might be surprised. Who brings you business on a consistent basis and who doesn’t? Who do others refer to you? All clients deserve great service, but cultivating relationships with those who don’t bring in business can be a waste of business development efforts. Reevaluate where you place your focus and direct your efforts toward clients who help grow your practice.
Note: While it is important to focus on the strategies and clients that bring in business, timing is just as important. Don’t judge too fast. All initiatives must be given at least one year in advance of their evaluation.