New Business Development in the Red Zone – Go, Read, Know
“Law firms and their lawyers are in the throes of choosing whether to adjust to, resist, or embrace the fallout from the economic calamities.” — Aric Press, Editor in Chief, The American Lawyer, November, 2009.
In the same column, “In-House at The American Lawyer,” Press goes on to talk about the importance of attorneys going out to the market in order to focus on business development, attorney marketing, and sales, and focuses on the opportunity that exists for those brave enough to enter the public space.
I call that public space the Red Zone because just like the last yards before the goal line, the Red Zone is where law selling needs to take place – where attorneys are face to face with their clients, their referrals, their prospects and their opportunities. As a business development consultant, however, I’ve found that it’s also an area from which attorneys are often notably absent.
Success in the Red Zone happens when you have a solid strategy in mind. Often, creating a business development strategy can be simple – especially when you focus on this three-part marketing motto:
- Go where your prospects go.
- Read what they read.
- Know what they know.
Your current clients will often be the best source for future business, but don’t rest on your laurels and rely solely on attracting new business simply because you provide high quality work. Go to the conferences your clients attend. Ask them to be on panels with you and invite them to attend seminars with you. Learn more about the charitable organizations that your clients are active in. All of these also contribute to client retention.
Similarly, because a significant portion of legal sales come from client referrals, be sure to get to know your clients and their colleagues. Know their in-house colleagues and learn more about their collaborators at other companies and agencies by hosting a lunch. Ask your clients to keep you and your firm in mind for referrals as well, but be sure to show your commitment to earning the business.
Read your clients’ industry publications and features. Offering to co-author an article in their publications allows you to contribute to their business and provides you with a collateral piece to use for handouts at other presentations and on your firm’s website.
Of course, you’ll want to apply the “Go-Read-Know” approach to your referrals and prospects and not just your current clients. Even as you focus on understanding the lead and their issues, have begun offering possible strategies and discussing the next steps, take the time to create a relationship. Even if your prospect doesn’t become a client immediately, you will have set the stage for meeting them at their industry conferences and events.
By attending meetings and conferences and reading various publications, you’ll remain up-to-date on the latest business trends and court decisions and you’ll make new contacts. By continuing to use the “Go-Read-Know” process, your efforts will generate new prospects, and your law firm marketing efforts will continue to keep you focused and successful in the Red Zone.
