New Business is at your Fingertips
Your greatest opportunity for new business is hidden in your existing accounts. New business obtained from current or past clients tends to be more profitable, due to a lower cost of acquisition and a higher likelihood of successful completion.
It is actually fairly simple to generate new revenue from current clients by following these five business development steps:
1. Take a client to lunch (off the clock). Invite a high-potential client to join you for a meal at a nice local restaurant. Demonstrate your interest in their business or personal challenges, competitive environment and upcoming business plans. Listen carefully to determine how your specialized expert knowledge can help the client better achieve their goals.
2. Up-sell and cross-sell more services. Many clients may not understand the full range of legal or litigation support services your firm offers.
3. Identify and protect “at risk” accounts. In any book of business, some accounts are in danger of leaving. You can identify these accounts by a decrease in billing patterns or less frequent communication. Take action to prevent these clients from leaving and you will improve your profitability and retention rate.
4. Re-establish inactive accounts. It’s natural that over time some clients drift away. Identify these accounts and contact them to see what happened. Invite former clients to start using your firm again, or at least to refer others who might use your litigation support or legal services.
5. Conduct a client satisfaction survey. Ask your clients what you do well and where you need improvement. While this sounds scary, your clients will appreciate your interest and provide some constructive suggestions for your consideration.
Here’s another secret to successful marketing: not every client is a good client. Create an “ideal client profile” and do not accept cases that you know from experience are not right for your firm.
By Legal Expert Connections, Inc.
Legal Marketing, Expert Marketing, Attorney Marketing, Lawyer Marketing
ABOUT THE AUTHOR: Margaret GrisdelaLegal Marketing, Expert Marketing, Attorney Marketing, Lawyer Marketing
Margaret Grisdela is the author of "Courting Your Clients: The Essential Guide to Legal Marketing," and President of the marketing agency Legal Expert Connections, Inc. The firm concentrates exclusively on marketing and business development in the legal and litigation support markets. Ms. Grisdela is the 2008 Co-Chair of the Legal Marketing Association South Florida City Group, and served as 2005 President of the Florida Direct Marketing Association.
Copyright Legal Expert Connections, Inc.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.For specific technical or legal advice on the information provided and related topics, please contact the author.
