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11 Ways To Improve Business Development

Legal Marketing Association Midwest Chapter Annual Conference Chicago, IL September 9, 2011. 11 Ways To Improve Business Development. William J. Flannery, J.D. The WJF Institute. 11 Ways To Improve Business Development. Segment your market into four sectors: Key clients

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11 Ways To Improve Business Development

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  1. Legal Marketing Association Midwest Chapter Annual Conference Chicago, IL September 9, 2011 11 Ways To ImproveBusiness Development William J. Flannery, J.D. The WJF Institute

  2. 11 Ways To Improve Business Development • Segment your market into four sectors: • Key clients • All the rest of the clients • New clients • Others

  3. Where To Get The Highest ROI For Your Firm’s Marketing and Business Development Efforts

  4. 11 Ways To Improve Business Development • Key clients of the firm need to have client-focused teams that have standard metrics for performance.

  5. Client Relationship Manager Team Status Report Brief Description of the Goals of The Plan - Original Goals - Updated Goals Revenue For The Team - Past - Projected - Current Revenue Rate (YTD) - Realization Practice Group Utilization - Original Usage - Current Expansion - Projected

  6. Client Relationship Manager Team Status Report - Contd. Client’s Level of Satisfaction With The Firm - Past - Current - Continuous Improvement Plan Competitive Activity Resources Needed Team Status Next Milestone / Meeting

  7. 11 Ways To Improve Business Development • The client-focused team members need to have effective business development skills, especially face-to-face business development skills.

  8. 11 Ways To Improve Business Development • The firm needs to have a firm-wide business development process in place to grow market share within key clients.

  9. Your Firm’s Client and Business Development Process Plan Plan, Organize in Teams, Research, Goals, CSIP Styles, Pace Priorities Process Information Perceptions Client Focused Service Improvement Plans Communicate Solutions And Benefits In Presentations, Proposals and Meetings Rapport and Trust Building Build Relationships Transfer Trust Interview Design Solutions Process Questions Decision Retain Client New Business New Client Rule: The Successful Firms Will Need To Adopt and Adapt A Firm-Wide Client Development and Relationship Management Process.

  10. 11 Ways To Improve Business Development • Marketing and business development needs to be fully integrated.

  11. How Buyers Buy Law Firm’s Actions • Marketing • Business Development Awareness Interest Desire Hire Rule: Your Mission In Marketing and Business Development Is To Change The Buyer’s Behavior.

  12. 11 Ways To Improve Business Development • Each client-focused team will need to have a firm-wide standardized planning process for driving to greater and more profitable market share.

  13. Increase client satisfaction and loyalty • Increase revenue and profit • Protect or expand relationship • Increase market share Goals

  14. 11 Ways To Improve Business Development • The client-focused team members will need to have a high level of inter-partner trust and collaborative team skills.

  15. 11 Ways To Improve Business Development 8. The firm will need clear data on opportunity by client, current market share by client, practice area, and geography, etc…

  16. FLANNERY & FLANNERY, L.L.P.Annual Revenue History in $000

  17. Flannery LLPKey Client Revenue Analysis$000

  18. 11 Ways To Improve Business Development • There will need to be a long term formal change process in place to become more client-focused using client-focused teams. Bust silos and change the culture.

  19. Where To Focus Firm EffortsSteps To Success • Building strong relationships, face-to-face • Discovering and developing client needs • Enhancing business and financial skills • Using the WJF Institute CD&RM Process • Firm-wide business development approach • Trained client-focused teams • Technology support for teams • Accountability and measurement systems • Client interviewing and team management • Leading and selecting client teams • Increasing profitable market share • Specific plans for each opportunity • Client, industry and geographic focus • Driving client loyalty • Increasing the use of more practice areas • Client team status reporting systems • Evaluate team performance and leadership • Evaluate client profitability • Change recognition and compensation • Financial plans and controls Individual Skills CD&RM Workshop Team Skills Lead & Manage Business Dev. Using Key Client Teams Client-Focused Plan Development CSIP Day Law Firm Management Overview Team Status Report

  20. 11 Ways To Improve Business Development • The marketing/business development professionals will need a new set of skills to get lawyers to do business development. • The firm’s leadership needs to have a formal inspection process and metrics for business development to compare performance.

  21. Thank You! Please send us your comments:William J. Flannery, J.D.The WJF Institute11044 Research BoulevardBuilding A, Suite 110Austin, TX 78759 512-338-1758Fax 512-219-1200flannery@wjfinstitute.comwww.wjfinstitute.com

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