 By Stephen Mabey, Chief Operating Officer, Stewart McKelvey Stirling Scales, Halifax, Nova Scotia, Canada. Steve can be reached at (902) 490-8561 and smabey@smss.com.
It was back to the basics for a panel of experts speaking at the recent Marketing Partner Forum inLaguna Niguel, California. They emphasized two important themes:
1. The basic, substantive marketing approaches to developing new business are still the best; and,
2. Law firms should apply these basic approaches in a variety of venues, such as the Web, strategic alliances and industry events.
Larry Bodine, a Web and marketing consultant based in Glen Ellyn, IL , was the moderator for the panel which also included:
· Doug Hoover, Marketing Director of FindLaw/West Group, Eagan, MN.
· Theresa Jaffe, Chief Marketing Officer, Jenner & Block, Chicago, IL.
· Craig Levinson, Marketing Manager, Katten Muchin Zavis Rosenman, New York, NY.
Industry Marketing
 Larry led the program off by sharing a sample of “before and after” screens of Web sites that went from being internally-focused to being industry-focused. Larry’s message was that many law firm web sites are ineffective as marketing vehicles, because the firms have stopped (or never started) looking at Web sites from the client’s perspective.
Larry noted that there are three basic things clients look for on a law firm’s web site:
1. Familiarity with their industry.
2. A list of businesses the firm has represented.
3. Examples of the work the firm has done.
Understanding these points helps a law firm depart from the traditional approach of practice group marketing, which emphasizes what a law firm has to sell. Larry said it makes more sense to organize a site around the way clients buy legal services:
1. Clients view their matters as business problems, and not legal issues. They may not know exactly what type of legal problem they have. Accordingly, it doesn’t make sense for a firm to emphasize its areas of practice. Instead firms should list the business problems they has solved.
2. Clients view themselves as a member of an industry, not a client of a practice group. Accordingly, using the traditional approach of practice group marketing is not an effective aproach to clients. Instead, law firms should list the industries that they serve.
3. Law firms should sort their clients into industry groups, and list them on the Web site by industry. This exercise will display the industries where the firm has a depth of experience. This presentation makes it easier for the firm to attract a new client in one of the listed industries.
Substantive marketing
Doug Hoover of FindLaw/West Group spoke next. He discussed re-leveraging of the substantive law articles -- that most law firms have already produced -- through the use of Web sites such as the FindLaw site. Republishing articles on presents clients with the traits they are looking for in their trusted advisor, which includes:
1. Confidence
2. Reliable / effective advisor
3. Proactive, and
4. Possessing industry savvy.
The electronic circulation, of what he referred to as the natural by-product of the lawyer’s work, not only conveyed the desired image of the individual lawyer but also communicated the substance of the firm.
Strategic alliances
 Theresa Jaffe spoke to the use of marketing alliances as a way of developing new business. She defined a marketing alliance as two or more organizations coming together in a strategic partnership for the purpose of advancing the business development efforts of both through the execution of a marketing program / activity focused on a targeted constituency.
Theresa shared some of Jenner & Block’s efforts in this area, with particular reference to individual strategic partnerships formed with Deloitte & Touche, Ernst & Young and the Minority Corporate Counsel Association.
She shared with us the characteristics of a good marketing alliance which included:
1. There has to be a sharing of both risk and reward.
2. All parties must bring resources to the table, including both money and time.
3. The alliance has to be operated in a professional manner and the parties treat each other with respect.
4. There must be clearly defined deliverables.
Theresa also shared with the audience the steps one should consider when developing a marketing alliance, including to:
1. Analyze your target audience or industry.
2. Identify potential partners to form the marketing alliance.
3. Examine the track record of the parties identified in step # 2.
4. Establish a relationship with the desired partner.
5. Hold face-to-face planning meetings.
She said it was equally important to evaluate these alliances on an ongoing basis, to assess whether the alliance is furthering the business development goals of all partners. This assessment should also include specific metrics such as number of leads generated, calls made and actual business generated.
Theresa said law firms can use sponsorships to quickly penetrate a targeted industry, but that it is critical to find the right sponsorship for your firm. She advised that alliances must be treated as an investment and managed and the value derived continuously evaluated.
 Cross selling
Craig Levinson provided insight on how he is tackling one of the most basic, yet widely under-utilized methods of generating new business – “cross-selling” to existing clients.
In a slide entitled “Why Partners Cringe At the Thought of Cross-Selling,” Craig Levinson identified why, in his opinion, law firm partners fail to follow through on cross selling:
1. Fear of losing their clients if other partners are brought in.
2. Fear of imposing on their partners.
3. Too difficult and/or don’t know how to sell.
4. Lack of knowledge about their partners’ practices.
5. The excuse that "the client already has three other firms in that area.”
6. Partners believe they will have to become pushy salespeople.
7. Firm does not compensate sufficiently for effort or result.
8. Firm does not celebrate new business from existing clients as vigorously as it glorifies business from new clients.
To overcome these obstacles, Levinson created a situation where the partners would be forced to cross-sell: a multi-disciplinary, industry-focused seminar. But instead of each partner giving a lecture in his or her particular area, each practice group leader moderated a panel composed of clients and prominent executives from the industry, many of whom did not use the firm’s services in that area.
Among the benefits of this tactic are:
1. Increased client interest and a higher “quality” of audience.
2. Third party credibility with both clients and prospects (showing who you "swim with").
3. "Showing" expert status in other practice areas as opposed to "telling."
4. Addressing two significant client concerns - law firms doing a better job at understanding their industries and educating their in-house attorneys.
5. Goodwill - providing exposure for clients and prospects.
6. External advocates - client panelists who sing the praises of the firm/partner.
7. Real entree into new business - establishing new relationships with prospects invited to be panelists.
8. Overcoming the majority of fears that partners have regarding cross-selling.
As stated at the outset, it was refreshing to have four very learned individuals all pointing us back towards the basics, applied perhaps in a new manner, as innovative ways in which to generate new business. |
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