What’s the best way to introduce yourself at a networking event? What follows is for business contexts. For social etiquette, I’ll defer to Emily Post (or my late mother, who, while my siblings and I were growing up, we considered one and the same).
Were you inclined to reject it out of hand as mere headline click-bait? Or, did it make you think about that big client, from whom you get most of your origination credit and your firm gets so many billable hours? Have you ever thought about Fortune 500 companies failing? That’s rare, isn’t it?Not really.
By now, even if you haven’t read “Outliers,” Malcolm Gladwell’s best-seller, you’ve at least heard of what’s commonly referred to as “the 10,000-hour rule.” This conclusion, drawn from research that informs the book, basically says that greatness at anything requires ten thousand hours of practice, feedback, and coaching.It turns out that’s been inaccurately simplified.
Inexperienced salespersons often fail to understand that the benefits to the company aren’t usually the same as the benefits to those who will buy your services. As a result, they find that many promising sales seem to run out of gas just before the finish line, for reasons that are hard to pin down.Most of the time, the answer is not only clear, but predictable and, therefore, avoidable.
Lawyers’ scarcest business development resource is time. Most allocate only an hour or two per week to it, if that. And almost all of that is wasted doing things they’ve inherited, i.e., they do them simply because other lawyers do them. Here are some to stop doing, and three things that will simplify biz dev for you.
Clients can become upset with us for many reasons, some of which are within our control, and others that aren’t. We make mistakes, forget things, have bad days, or simply get overwhelmed by the unexpected. Such is life. However, what happens afterward determines the future of that relationship, and countless other potential relationships that that client’s experience may influence when reported either directly or via social media. Here's how to convert angry clients into advocates.
Today, we rely on email more and more in our prospecting efforts. However, prospects open less than 24% of sales emails. That means three out of four emails you’ve sweated over and sent to prospects were likely a waste of time. Why send emails if nobody reads them? Here are the factors behind why some emails are opened, and others are sent straight to trash.
Market Math is a concept to help you visualize how thought leadership distills to concrete sales opportunities. If you focus on a specific industry in which your demand-triggering business problem is inescapable, unless a company is an outlier, as long as your problem has meaningful consequences, if the market is large enough and has a sufficient number of trusted channels through which you can communicate, mathematically it's almost impossible to fail, no matter how many reductions you introduce to the model.
For years, lawyers have complained to me that, while the legal industry media is flooded with articles and blog posts about business development, little of it is useful to them because it’s missing the thing they really want and need: How to do it. Most articles tell lawyers what to do, but not how to do it.
Lawyers tell me that business development sometimes feels like a constant struggle, with sustained forward motion being elusive. They take a productive BD step today, then do nothing for a few days or a few weeks. Their feeling is accurate. If you’re not moving forward continuously, you’re falling behind. Here's how to keep things moving even when you're really busy.
The biggest business development obstacle lawyers face is time -- more accurately, the lack of it. That severely limits the number of legitimate sales opportunities you can generate, and the amount of selling you can do. But, what if you had dozens, or hundreds, or even thousands of people selling for you?
You’ve heard the adage, "It's not what you know, but who you know." That reflected the relationship-centric nature of doing business in a Seller’s market. Now that you’ll face a Buyer’s market for the remainder of your career, it’s past time to upend that longstanding belief. Today it's, "It's not what you know. It's not who you know. It's what knowledge people associate you with."
Why do such a small percentage of lawyers participate in business development? Despite the constant drumbeat since 2008 about declining demand, price pressure, new forms of competition, and a clear pattern of income shifting from those who don’t to those who do, why do so many lawyers effectively remain on the sidelines?
Part of the answer lies in their preferred terminology: “business development,” which is the preferred euphemism for “marketing” and “sales.” Well, actually, they’re OK with “marketing” but “sales” still produces clammy skin and twitching eyelids. Two weeks ago, in The bright line between marketing and sales, I addressed the issue of euphemistic language as an avoidance mechanism.
Take a look at the activity spectrum below. The two comfort-zone triangles converge where Marketing shifts to Selling. Notice that neither Marketers nor lawyers are comfortable there. Lawyers are all in favor of the first three categories -- Planning, Awareness, and Lead-Gen -- because that’s somebody else’s job. They’re OK with Client Development because they think of that as relationship-building. Selling? Yikes! No thanks.
I suspect that much of lawyers’ Sales reticence is based on the outdated belief that selling means engaging in behaviors that they and many of us have experienced as consumers and consider repugnant, or at the very least beneath a lawyer. If sales success actually required you to be pushy, coercive, marginally honest, or any of the other sales stereotypes, lawyers’ reluctance would make perfect sense.
Another factor is the fear of closing. The risk that the big Moment of Truth will result in a “no,” and all their effort will be for naught, and they’ll feel rejected.
However, the good news is that none of those feared things is necessary.
The better news is that buyers prefer an approach that looks very similar to how you interact with your clients, where you’re trying to help them make good decisions that align well with their business needs and career interests:
- Ask astute questions to understand the business problem that’s causing them to need a lawyer
- Elicit from them the strategic-, operational-, and economic impacts of that problem
- Help them decide if any action at all is required (sometimes doing nothing is optimal)
- Develop a picture of the desired outcome
- Explain their solution options and the ramifications of each
- Begin exploring how best to implement the chosen solution
Helping someone figure out what to do. Doesn’t that sound a lot like how you’ve practiced law so successfully all these years? You’re already good at that. That’s your comfort zone. The only comfort zone you have to abandon is the one that has you clinging to outdated beliefs that produce such anxiety.