Law firm managing partners in search of new clients in 2015 may find that the optimism of a New Year’s resolution is now replaced with the reality of attracting new clients. If your revenue goals are looking somewhat daunting, here are five practical steps to get you started on the path to business development.
1. Have a Law Firm Marketing Plan
Think of business development as a 365-day journey in search of new friends and revenue sources. A marketing plan is like a road map to help you stay focused and within budget. Try education-based campaigns to help attract and retain clients.
2. Stay in Touch
Current and past clients are your best source for new revenue and referrals. Stay in touch through personal outreach efforts, continuing education programs, service enhancements, and quarterly client alerts. Identify your best prospects for revenue growth, and focus on those accounts.
If you only have time to focus on one legal marketing activity, start with a client alert to current and past clients. An e-newsletter format or a printed format distributed via old-fashioned postal mail both work well, depending on your time and budget.
The number of new clients you want to attract in 2015 is a very important goal. Increase your chance of success with monthly goals for the steps needed to acquire a client, such as proposals, prospect meetings, speeches, etc.
4. Identify Your Prospects
You may need to target at least 10 prospects for every one new client you sign. Put together a list of your ideal prospects, with company and contact name. It may take up to five or six contacts to sign a client, so plan a campaign with multiple outreach efforts.
5. Keep Score
It is very easy to take your eye off the business development ball with the daily demands of managing a law firm. A marketing committee that meets monthly to review a “pipeline” report can work well to keep track of new business leads.
Looking for more ideas? Click on the link to download “10 Steps to More Business in 2015,” our legal marketing guide.
About the Author: Law Firm Marketing Consultant Margaret Grisdela
Margaret Grisdela is president of Legal Expert Connections, Inc., a national legal marketing agency, and author of the book Courting Your Clients. She has more than 30 years of experience serving attorneys, accountants, investment banks and businesses with high quality information products and services designed to generate revenue. Connect via LinkedIn or at 1-866-417-7025.