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One of the most common complaints I hear about marketing is
that there is just not enough time to do it. Making the most
of the available time becomes critical.
One of the best ways to maximize your limited marketing time
is to focus your marketing efforts on those people who are
most likely to need your services and are open to
considering you as the provider of those services. These
people are your "high-potential" opportunities.
How do you determine if people are "high-potential"
opportunities for you? Here are 11 questions to ask.
- Do they need your services?
A privately held company probably doesn't need your
sophisticated securities expertise, or if the company
contracts out the manufacturing of its product, your
premises liability acumen is probably not a good fit.
- Is someone else currently meeting their needs?
One of the toughest sales is trying to lure satisfied
clients away from their current providers. If they are
satisfied, why would they suffer the upheaval of a
change in counsel (educating the new counsel about the
company, the legal department and their management
style) and take a risk on an untested provider?
If their sole dissatisfaction is price, you will likely
find yourself defending your position against an even
lower-cost service provider down the road. Bargain
hunters are among the toughest clients to maintain loyal
relationships with.
- Are they willing to change counsel?
Even dissatisfied clients may not be eager to change
counsel. If they have already invested millions of
dollars in bringing their lawyers up to speed on their
insurance policies for the last 50 years, they may not
be willing to change counsel even though they are not
delighted with their current firm.
- Can you effectively market to them?
It's just not possible to "market to the world." Do you
have a way to reach them? Do you know them or know
someone who knows them and is willing to make an
introduction? Cold calling is a colossal waste of time
when selling something as complicated and intangible as
legal services.
How easy is it for you to get in front of them? Do they
have trade publications that you can write for or
industry conferences that you can attend or speak at?
- Can they make the decision to hire you or at least
influence the hiring decision?
Hospital administrators are often delighted to attend
seminars sponsored by lawyers to keep current on
emerging laws, but they are seldom the people who
actually hire lawyers. Hiring is done in the legal
department or in the executive suite. Administrators may
prove to be an attentive audience but may not be a high-
potential marketing opportunity.
- Can they afford you?
Nothing is more frustrating than landing clients who
don't pay their bills.
- Is there a likelihood of a continuing relationship?
Landing new clients takes a lot of time and energy. It's
better to find clients who can become a continuing
source of business (or of referrals) than ones who are
likely to be one-shot engagements.
- Is their work a strategic fit for your practice?
Will representing them help you build credibility in an
area in which you want to expand your practice? If you
want to focus your practice on IP litigation, a
commercial litigation client is not a great fit (unless,
of course, you can get someone else to handle the
matter, with you getting the credit!).
- Can you represent them without creating a conflict?
As obvious as this seems, I have had several clients who
have invested a great deal of energy cultivating
potential clients, only to realize they could not
represent them because of either a real or a business
conflict.
- Under your firm's compensation system, will you be
rewarded for getting them as clients?
Compensation systems vary from firm to firm. Some reward
expanding existing client relationships (as they
should), while others don't. It doesn't make a lot of
sense to invest your precious marketing time developing
potential clients for whom you will not receive some
credit.
- Would you enjoy working with them?
Life is too short to be filled with difficult clients.
It's unlikely that any prospect will produce "yeses" for all
of these questions, but the more "yeses" you get, the more
likely that prospect is worth your limited marketing time.
If you don't know the answers to all of these questions
(which isn't unlikely), start by finding the answers. For
many of these questions, that will mean going straight to
the source and asking the potential client.
Gathering the answers to these 11 questions should precede
any significant investment of your time in convincing
someone to hire you.
Take the time to determine if you are focusing your efforts
on "high-potential" opportunities before you start
marketing. Your time will be rewarded in your results!
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