September 5th, 2018 @ 10 am BST
Depending on which study you believe, acquiring a new client is anywhere from 5 to 25 x more expensive than retaining an existing one. And increasing client retention rates by just 5% can increase profits by 25% to 95%. The probability of selling more to an existing client is 60 – 70% vs to a new prospect of just 5-20%. And existing clients are 50% more likely to use you for multiple services and spend 31% more on average. In addition, if you treat your existing clients right, they will refer you new clients.
So why do most lawyers spend their limited and valuable time chasing new clients, when the truth about growing revenue is that the right clients are often the ones you already have?
During this webinar, we will discuss the practical and cultural barriers to client development initiatives. In addition, we will outline a client development strategy, share the key steps to take, and give practical tips which you can use straight away. Finally, we will explain how Introhive can help you measure and manage your client relationship capital.
About the Presenters:
Alan has spent 10 years involved in marketing and business development for law firms. Having been on the clients’ side of the table, Alan understands the range of practical and cultural challenges firms face around BD, client development, winning new work, CRM and change management. Alan now works with Introhive’s legal sector clients to understand their needs and devise solutions to meet objectives.
Kevin has been advising law firms on all aspects of marketing and business development for nearly twenty-five years. Before setting up Wheeler Associates in 1997, Kevin had been Marketing Director with Nabarro Nathanson, as well as Cinven, the private equity house. He has also held various senior strategy and marketing positions with Coopers & Lybrand, now PricewaterhouseCoopers. As a consultant and qualified business coach, Kevin helps firms, individual lawyers and client teams to be more effective at developing relationships with existing clients as well as winning new ones. Kevin believes that effective client development practices and systems, including client listening, should be at the core of all law firm BD.