11 ways To Improve business Development Template

11 Ways To Improve Business Development Legal Marketing Association Midwest Chapter Annual Conference Chicago, IL September 9, 2011 William J Flannery, J.D The WJF Institute 11 Ways To Improve Business Development Segment your market into four sectors: a Key clients b All the rest of the clients c New clients d Others THE WJF INSTITUTEâ ã All rights reserved 2011 Where To Get The Highest ROI For Your Firm’s Marketing and Business Development Efforts Key Clients (Top 150) % of Firm’s Revenue Actions 80% - 90% Client Teams, Client Team Leaders Technology ROI Analysis Client Opinion Surveys Training, CSIP Industry Conferences Clients Other Than The Top 150 5% - 10% Some Of The Above, Plus Geographic Teams Association Memberships Practice Groups Speeches, Articles Individual Efforts Small Group Seminars Community Involvement Public Relations New Clients ?? % Referrals Reverse Cold Calls, Cold Calls Advertising, Identity Campaigns Industry Groups THE WJF INSTITUTEâ ã All rights reserved 2011 11 Ways To Improve Business Development Key clients of the firm need to have clientfocused teams that have standard metrics for performance THE WJF INSTITUTEâ ã All rights reserved 2011 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 THE WJF INSTITUTEâ ã All rights reserved 2011 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 THE WJF INSTITUTEâ ã All rights reserved 2011 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 THE WJF INSTITUTEâ ã All rights reserved 2011 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 THE WJF INSTITUTEâ ã All rights reserved 2011 Your Firms Client and Business Development Process Plan Interv iew Design Solutions 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 Process Questions Decision Rapport and Trust Building Build Relationships Transfer Trust 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 THE WJF INSTITUTEâ ã All rights reserved 2011 11 Ways To Improve Business Development Marketing and business development needs to be fully integrated THE WJF INSTITUTEâ ã All rights reserved 2011 How Buyers Buy Awareness Law Firm’s Actions Marketing Interest Desire Business Development Hire Rule: Your Mission In Marketing and Business Development Is To Change The Buyer’s Behavior THE WJF INSTITUTEâ ã All rights reserved 2011 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 THE WJF INSTITUTEâ ã All rights reserved 2011 Strength s Weakness es Client Perceptions Goal s Increase client satisfaction and loyalty Increase revenue and profit Priority Protect or expand relationship Increase market share H=30 days M=90 days L=120 days NTD THE WJF INSTITUTEâ ã All rights reserved 2011 (Created from SWOP) Action Plans Problems Enhance or Inhibit Objectives Opportuniti es Who When 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 THE WJF INSTITUTEâ ã All rights reserved 2011 11 Ways To Improve Business Development The firm will need clear data on opportunity by client, current market share by client, practice area, and geography, etc THE WJF INSTITUTEâ ã All rights reserved 2011 FLANNERY & FLANNERY, L.L.P Annual Revenue History in $000 Real Estat e Corp Securitie s 18 180 ABC Manufacturing 75 17 35 Strategic Systems 99 94 ZEO Computers 10 13 Client Logic Solutions, Inc Employ Law 35 Environment al 22 T&E Plannin g Tax TOTAL 210 15 427 87 99 335 69 29 291 66 213 44 Law Games, Inc 45 100 First United Bank Total Litigatio n 100 188 142 252 THE WJF INSTITUTEâ ã All rights reserved 2011 66 466 45 209 1,368 Opportunity $ $ Market Share Flannery LLP Key Client Revenue Analysis $000 Client 2010 Revenue 2011 Revenue Client’s Legal Budget 2012 Proj Rev Our Piece of Their Budget Logic Solutions, Inc 400 463 300 20,000 ABC Manufacturing 300 335 200 10,000 Strategic Systems 100 291 8,000 000 ZEO Computers 100 213 7,000 000 10 100 20 3,000 006 2 1,000 002 912 1,368 522 49,000 001 Lawn Games, Inc First United Bank Totals THE WJF INSTITUTEâ ã All rights reserved 2011 023 020 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 THE WJF INSTITUTE© • All rights reserved 2011 Where To Focus Firm Efforts Steps To Success 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 THE WJF INSTITUTEâ ã All rights reserved 2011 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 11 Ways To Improve Business Development 10.The marketing/business development professionals will need a new set of skills to get lawyers to business development 11.The firm’s leadership needs to have a formal inspection process and metrics for business development to compare performance THE WJF INSTITUTEâ ã All rights reserved 2011 Thank You! Please send us your comments: William J Flannery, J.D The WJF Institute 11044 Research Boulevard Building A, Suite 110 Austin, TX 78759 512-338-1758 Fax 512-219-1200 flannery@wjfinstitute.com www.wjfinstitute.com THE WJF INSTITUTE© • All rights reserved 2011 ... especially face -to- face business development skills THE WJF INSTITUTEâ ã All rights reserved 2 011 11 Ways To Improve Business Development The firm needs to have a firm-wide business development process... plans and controls 11 Ways To Improve Business Development 10.The marketing /business development professionals will need a new set of skills to get lawyers to business development 11. The firm’s leadership... Business Development Hire Rule: Your Mission In Marketing and Business Development Is To Change The Buyers Behavior THE WJF INSTITUTEâ ã All rights reserved 2 011 11 Ways To Improve Business Development