In our previous entry, we touched on the first stage leading up to the Red Zone: the importance of getting to know your clients and prospects. Today, let’s explore the remaining stages, which builds on the concept of “Go. Know. Read.”
Meet ‘em and Get ‘em: Meeting Your Best Prospects and Winning New Business
On one hand, “meet ‘em” refers to the importance of sitting down with your clients and prospects to increase business – getting to the Red Zone. On the other, it means getting out there and making connections once you’ve identified your best prospects. Go to their industry conferences where you will be more likely to encounter and meet in-house counsel, business executives, and human resources administrators who have significant problems that need to be solved.
Meeting new prospects doesn’t end when you seal one contract. In order to continue to “get ‘em,” you need to continue meeting new prospects. Know who your clients know and you will create multiple new prospects. Perform your best work, and be sure to ask your clients to introduce you to their colleagues, business unit executives, and even peers at non-competing organizations. Arrange lunch meetings with several clients and prospects to brainstorm about the future of business, creating success in a tough economy, and related topics to foster relationships, get a fresh prospective, and – ultimately – show your commitment to helping them solve problems. Further cultivate future clients by inviting them to attend conferences or panel discussions that would interest or help them.
Keep ‘em: Client Retention as Business Development
In addition to knowing your clients and providing ongoing benefits to them, client retention relies on your ability to know and understand the ongoing challenges they face. Read their industry journals in addition to legal journals to make sure that you understand what they are facing. Look for opportunities for co-marketing such as asking your client to co-author an article for publication or to conduct joint presentations – either at their in-house meetings or at conferences. These opportunities and others like them demonstrate your commitment to your clients, encourage repeat business, and increase the likelihood of receiving referrals.
The list of tactics that lawyers and firms can draw on is practically endless – but the basics that drive all of those tactics are simple and direct.