The Four Elements of Business Development: Get Them All
Is your legal firm struggling to grow? As I talked about in my last post, in the face of flat-lining legal services demand, a strong business development strategy is more important than ever if you want to expand.
In that post, we ran through the four revenue-generating elements of business development: customer retention, cross-selling, upselling and prospecting. And I shared how enterprise relationship management platforms, like Introhive, makes it easier for firms (like Fenwick & West LLP) to include all four in their daily processes.
Now, let’s see if you know the steps to make sure your team has all four elements of successful business development down pat.
Step 1: Thoroughly train your team
Training is a big investment, but an absolute must. You might be tempted to rely on your firm’s top performers to do all the heavy lifting, but experts like Edge International Founder, Gerry Riskin, warn against that strategy.
“Rainmakers only account for about 10 percent of the population in most firms,” Gerry said. “Everyone in the firm should be trained in client relations to ensure the highest success rates and client satisfaction levels.”
Instead, get the firm up to speed on the four elemental strategies via one-on-one working sessions, educational webinars, etc. And while you’re at it, encourage your rainmakers to share the secrets of their success. Have them mentor other members of the team and see if you can’t inflate that 10 percent figure a bit.
Step 2: Invest in streamlined processes
Your team wants to win. A set of defined expectations is the playbook they to make it happen.
For example, more than 40 percent of the time, clients wait about three days to receive email replies from their lawyers. A process solution for this could be to communicate to your firm an expected 24-hour email reply policy.
But how to make it stick? A reporting model that measures the frequency of engagement with customers and a plan to recognize those who meet the benchmark. Create a leaderboard in your CRM that shows the top-10 fastest repliers and then publicly reward that behavior.
You should also have clear processes and expectations for satisfaction surveys. Regular surveys not only show you where your firm excels and where it can improve, but they also communicate to your clients that you’re invested in their experience.
Step 3: Cash in on automated relationship intelligence
Even at the best of times, it can be difficult to spot opportunities for cross-client collaboration for upselling and cross-selling. And the bigger your firm gets, the more unlikely it is that everyone on the team knows the ins and outs of every client relationship. That’s where relationship mapping, supported by enterprise relationship management (ERM) strategies and technology, comes into play.
Automated relationship assessments
Relationship intelligence automation software like Introhive automatically collects, analyzes, scores and maps all of your firm’s relationships to arm you with easy-to-decipher relationship assessments across all of your attorneys, partners, clients, and potential new business prospects.
Discovering “who knows who” and “who knows who best” in your firm through relationship mapping and scoring leads to stronger relationships—and that leads to more business.
Customize and expand service offerings
With ERM, your firm can tailor its solution to segment customers by service. This surfaces low-hanging revenue potential with active clients as your business development team is able to see which services they need to sell more and to which clients.
See the Results for Yourself
Check out Introhive’s customer stories to see how other law firms have built winning business development strategies using these steps as a foundation solid customer retention, cross-selling, upselling and prospecting.
And for more tips and best practices on creating a successful business development strategy, download our legal marketing and business development playbook.