Because most marketing expenses are variable, law firm management often see them as the easiest to chop. But does cutting the firm’s lead generation and sales initiatives make sense when revenues are flat or down? Absolutely not!
Restricting important face-to-face business development activities is a very short-term proposition for increasing the bottom line, and one that could negatively impact a firm’s Public Reputation. At a time when working smarter, not harder -- or more expensively -- is the goal, firms should keep their marketing budgets intact, shifting dollars to personal meetings and visits that will ensure healthy sales pipelines.
Here are a few ideas for increasing your firm’s bottom line:
- Visit your existing clients now – Existing clients are the single best opportunity for increasing the firm’s revenue. Be sure to take a colleague from another practice area to introduce new services. In addition, ask existing clients for business referrals -- if they like your work, they will refer business.
- Visit your former clients – Do you have one-time-only, or project-specific clients for whom you have not recently worked? Visit them soon to learn how their business is proceeding and how you can become re-engaged. Again, take a colleague from another practice area to introduce new firm services.
- Visit your warm leads – Review the notes in your CRM, and you will likely find untapped opportunities from contacts you met at a conference to those introduced to you in business or personal engagements. Now’s the time to follow up.
- Keep your leads alive – Stay in touch with everyone you visit, and follow up regularly with all of your contacts.
Chances are you will be pleasantly surprised by how effective face-to-face business development meetings are in increasing revenues.