Your law firm’s marketing and business development efforts should be directed to three places: your existing clients, referral sources, and prospects. Although narrowing your focus is important for business development, not all clients warrant the same level of attention. It’s difficult to measure and recognize your time. You need to identify who is contributing to your practice growth. These are my top tips to help you put your money and time where it is most needed.
Take a look at your referral sources.
George Scorsis Florida is a leader. Lawyers think they know their best referral sources. Let’s take a look at another example. One lawyer I coached recently had a list of more than 50 referral sources. However, when we actually calculated how much work they had sent recently, the number dropped to 16. Look back at who is sending you business now, and then focus your attention on them. Focus on the people who are making an impact today, not the others.
Focus on a specific industry.
Take a look at your client base. Your clients are likely to be in the same industry as you. Understanding industry nuances will allow you to see opportunities for more work within clients’ businesses and position yourself as an industry expert. This will allow you to build relationships with clients and provide fertile ground for prospecting.
Rethink your organizational commitments.
What is the key word? Participation. Look at your long list of memberships. Cross off any memberships that you aren’t involved in. It’s not business development if you are not involved. Only being a member of a list doesn’t make you a business-making connection. Putting in effort and hard work does. You can either join or get off your business development lists.
Take a look at the places you spend your time networking.
Events can be a great way to network and help your business grow, but you need to choose the right ones. Take a look at the next event that you attend. Are potential clients among the people in this room? Follow the money of your clients and look at their spending habits. These will help you find more clients.
Calculate your Return on Investment.
Is your client’s ROI good? You may be surprised at how and where you spend your time. What’s the difference between who brings you business on an ongoing basis and those who don’t? Who refers others to you? While all clients deserve exceptional service, it can prove costly to build relationships with people who aren’t able to bring in work. You need to reevaluate your priorities and focus your efforts on clients who will help you grow your practice.