Closing Skills in a Down Economy
by Allan Colman
Yoda, that great guru from Star Wars, had the perfect message for lawyers looking to land new engagements in a tough economy:
“Do it. Don’t Do It. Don’t Try.”
And if you have not been “doing” active business generating activities long before this economic slump began, start doing them now in time for the next economic bump in about 7 or 8 years. Closing skills aren’t brought to the table overnight. Unless you are one of those lucky few who inherit a book of business, or win a big case with lots of accompanying publicity, or complete a merger in record time, potential clients are not out looking for you.
Clients frequently ask me what are the most important sales closing techniques to master? And my answer is always the same - build relationships with:
- - A Future Client
- - An Existing Client
New business only comes from three sources:
- - An Existing Client
- - A Referral From an Existing Client
- - A New Client
Assuming the last several years have included time working on growing relationships with current clients, having some additional prospects in your sights, and continuing to develop new contacts, business development consultants would count you fortunate. But for those with no business development training, no access to business development consulting, no mentors to instruct and little familiarity with sales closing techniques, what can you do?
Bottom line answer is get busy now and prepare for the next economic downturn.
Let’s start with that old marketing bromide, “Know where they go, what they read, who they know." If your practice specialty (s) is focused on specific industries, speaking at those conferences is essential. Maximize your investment in preparing and presenting the speech by asking a client to be on the panel with you.
Triple your investment by converting the speech into an article published in the target industry’s association publication. And here again, ask a client to co-author it with you.
Asking clients or strong prospects to participate with you is a positive business development tactic. These are 2 of the 3 bromide segments: go where they go, read what they read.
For the third segment, know who they know, note that the single best form of closing new business is success for a client i.e.: a big win, a successful settlement, a smooth acquisition, etc. Not only celebrate with them, but ask to “brainstorm” with them and colleagues from other companies, or with their own internal team.
Client retention is strongest when relationship building is 2-way, as this article suggests; give something and ask for something. If you do not have current leads to exercise your closing skills, begin building for the future.
Author Bio
Allan Colman is a business development expert who helps law firms with business
generation and closing
skills.
