Know When to Hold ‘em: A Client Retention Reminder
The economy has thinned business all around. Often, the first reaction is to go into the marketplace full speed ahead, beef up the firm’s legal sales team and claw for new business. But while you’re expanding you business development activities, be sure never to neglect what opportunities lay right at your feet–existing clients. Survey after attorney marketing survey reveals that most business comes from existing sources, and recommendations from those sources. It’s like the old song says about new friends and old friends. The same goes for taking on new clients and retaining those already existing: one is silver and the other is gold.
In the pursuit of more business development, neglecting to give stellar service to long-standing clients (and constantly reminding said client of such attention) is to your peril. Never take for granted the reliable client who remains steady, but may not necessarily be an immediate source for additional revenue generation. Remember the power of a good recommendation! Lead generating opportunities may arise from the client’s other colleagues and non-competitive associations to be on the receiving end of some old fashioned, grass roots word-of-mouth endorsements, which is always good for you and your firm. But neglect the client, and that opportunity might just pass you by.
