Top 10 List Jump Starts Your Sales Efforts

Finding "Hot" Prospects When the Heat is On.

TOP 10 LIST JUMP STARTS YOUR SALES EFFORTS

by Terry Graham, M.A.
Legal Marketing Consultant

Some law firms find the marketing planning process cumbersome. They want to cut to the chase and sell, sell, sell.

Just to make sure you understand the distinction, "marketing" encompasses all of the activities you engage in to land new business. "Sales," the ultimate goal of marketing, is that point at which an agreement is reached to trade your product or service for money. A signed retainer agreement signals a sale.

Clearly, in order to pursue the sale, you must define your service(s) and identify your best prospects. In working with law firms over many years, I have found that it takes time and effort to understand a firm's practice and establish a comprehensive marketing program. We then implement that program, expecting to see new business generated at a sure, steady pace.

That's the ideal, but this is the real world.

I met with a firm facing a difficult situation: With one major client whose work was coming to an end, the principals had only recently recognized they would have no way to support themselves in the very near future. In other words, within four months -- without new clients -- the firm would dissolve.

While my experience as a legal marketing professional has made it obvious that many lawyers are slow to embrace marketing, even I do not wish these highly motivational circumstances on anyone.

There was no time for a leisurely discussion of what type of business they would like to generate. Just like the Houston control room which had 15 minutes to save the Apollo 13 crew from suffocating, we needed to find the solution ASAP.

If you find yourself facing a similar situation, it's time to focus upon what I call the Top 10 List.

The Top 10 List is a list of your absolutely best shots at new business. Every firm should maintain a Top 10 List at all times, establishing strike teams who carry out tailored strategies designed to quickly bring in new business. This requires coordination and cooperation, but in my experience, the return on time invested in this effort is great.

WHY CREATE A TOP 10 LIST?

The philosophy underlying the use of Top 10 Lists is that in order to bring in new business in the shortest possible time, you must make direct and immediate contact with prospects that have a high likelihood of hiring you in the near future. Typically, your list will include current and former clients as well as "hot" prospects.

For a firm that has spent recent years serving one or two major clients, the task of identifying 10 "hot" prospects may not be an easy one. Here are some tips that can make the process easier:

Who Should Be on the List?

• Current clients

For most business practices, the "hottest" prospects are current clients. Take time now to consider the clients for whom you are currently working, however small the matter. Have you proactively discussed all of their legal requirements, or have you simply reacted to requests? A brief conversation will reveal if your firm has failed to effectively cross-sell its services to existing clients and is losing business to competitors as a result.

One way to find out if a current client has business opportunities you have overlooked is to invite them out to a non-billable lunch to review the work you are presently doing. A major goal of this meeting is to ask the client about the full spectrum of legal services they require and sell him or her on your firm's ability to handle additional matters. A second goal is to see if they have friends or colleagues with legal needs who they can refer to you. If so, you might be able to add them to your list.

• Former clients

Next, consider clients whom you've served over the past five years. Review old billing files for a complete and accurate list of former clients. What did you do for them? Do you still have the capacity to provide those services and do they still require them? Were they pleased with the work you did for them? Why didn't they return for more?

In many cases, you may find that the client was satisfied and probably has a need for the same services, but for a variety of reasons you have lost touch. Nevertheless, former clients with whom you established a good working relationship are likely to remember you and more inclined to hire you than is a cold prospect.

Because current and former clients who have been pleased with your work are pre-sold on working with you -- making your sales efforts much easier -- you should concentrate upon them. (Yes, this is sales -- an activity that many attorneys prefer to avoid. But in a cashflow crunch, shaking hands at the monthly Chamber of Commerce meeting will not produce results quickly enough. "Dialing for dollars," where you make personal contact with your best prospects, is the only appropriate tactic in a cash crisis.

• Prospects

After exhausting ALL current and former client leads (which should appear at the top of your list), turn to "hot" prospects, that is, individuals/companies who have never been clients but who are inclined to hire you.

In a business practice, your best bet may be to focus upon individuals with whom you have worked, but who have since changed jobs. Another possibility is the adversary who has seen how good you are. (Check Rules for your state's rules of professional conduct for guidelines on soliciting prospects.)

Another excellent source of new business is family and personal contacts. It's surprising how often these individuals truly don't know what you do for a living. Call them, and describe your situation as honestly as possible -- without sounding like a loser -- so that they understand you are highly motivated to generate new work. After all, these folks want to see you succeed! If they cannot hire you directly, they may be able to identify excellent prospects.

• Referral Sources

While you assemble a Top 10 List of Prospects, drawing upon clients and prospects, you should also create a Top 10 List of Referral Sources. These people have already referred clients to you, or vice versa. They may be attorneys with complementary practices, law school buddies, or professionals aligned with your practice. Call them, tell them you are looking for new clients, and ask if they can refer anyone to you. Even if they can't immediately, you will often see results within the month.

Stay With It For Results

Developing and then focusing upon selling to a Top 10 List is one of the fastest ways to create income. Regardless of whether you are in a successful practice or in dire straits, this list helps you to focus your marketing activities upon those individuals who offer the greatest opportunities.

Keep your Top 10 List on your desktop. Look at it often. Ask yourself, "What can I do today to make someone on this list become my client?" And once you succeed, replace that name with another to keep your marketing efforts on track.

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Terry Graham, M.A., is a legal marketing and public relations consultant. She can be reached at 415/686-8442 or tg@terry-graham.com. Check out her website at www.terry-graham.com

© 2009 Terry Graham. This article may be copied and distributed as is with no changes, and with proper attribution to the author, including copyright and contact information.