Picking up the W: The Four-Phase Prospective Client Plan
The ‘game’ you play with a prospective client isn’t much different from a sports game. Closing the deal – securing the win – is all about successfully executing a foolproof plan-of-action. Just because you might be the best for the job doesn’t mean you’ll win the business. Preparedness matters and planning ahead is vital to the success of presenting yourself and your firm to a prospective client.
How can you prepare? How can you know that you’ll be able to answer each and every question that may be asked? Start by trying to find any law- or business-related literature about the prospect that you can get your hands on and determine how your firm stacks up to their needs.
To make sure your firm’s representatives are ready to meet with a client, you’ll want to implement the following four-phase preparedness plan:
Phase 1: Do Your Homework
- Define your current relationship with the company.
- Review the company’s recent legal history, legal policies, business ventures, products and services, and any possible openings within the company for legal work.
- Find out which law firms the company does currently business with and how you measure up against them.
- Learn who makes the big decisions in the company: the direct customer, the financial officer, an executive, or someone else.
Phase 2: Make a Connection
- Make sure there are clear lines of communication between the firm and the client. Assign internal contacts to appropriate people within the company.
- Communicate with management to learn about additional opportunities.
- If you already have a relationship with the company, reinforce it in a positive manner with regular, open communication.
Phase 3: Show ‘Em You Mean Business—Your Presentation
- Be ready to answer any and all questions.
- Be transparent, direct, and confident.
- Support your presentation with take-aways, visuals and detailed success stories from previous and current clients.
- Stress your firm’s interest, qualifications and commitment to the client.
Phase 4: Perform Diligent Follow-up
- Maintain communication with the prospective client to show you’re keen to win the business and to prove you are eager to begin the project.
- Thank the client for the opportunity to present your firm and possibly work with them.
- Gauge the success of the presentation by the win or loss of the business, or the company’s reaction—and don’t forget that future business still counts as a success.
- Alter your strategic plan as necessary to improve for the next presentation.
Meeting with your prospects takes you a step closer to the heart of the Red Zone, so ensure you and your fellow lawyers are prepared. The more that you know about your prospects, clients and what to expect, the better your chances are of locking up another win by securing new business.
