Nothing beats that rush of winning a new client. It’s the big payoff after hours of networking, persuading and marketing. But sometimes a win can also be the beginning of a significant loss.
Let’s use a law firm as an example. Say a litigator at your law firm is retained by a company. The matter will take years to resolve, but your team is up to the task and quickly gets immersed in the facts of the case. As time goes by, the company looks to change its employee healthcare plan, and they need skilled legal counsel to review complex insurance agreements. Yet the litigators fail to refer their client to the firm’s insurance practice group. In fact, they aren’t even aware of their client’s insurance-related need. Ultimately, a competing firm gets that work, and your attorneys basically have left money on the table.
Cross-selling is a challenge for many law firms. Lawyers sometimes lack knowledge of what their colleagues do, compensation structures can make lawyers territorial or teams fail to ask existing clients if they have additional legal needs. There is no single solution to tearing down the silos that exist within firms; however, there are tactics that legal business development and marketing staff can use to increase the likelihood of cross-selling.
- Internal communications: Develop a newsletter that’s circulated regularly throughout the firm to keep staff aware of their colleagues’ areas of practice. Spotlighting an individual or two with a profile can go a long way.
- Education: Conduct routine workshops and group trainings that provide cross-selling best practices as a way to introduce and reinforce cross-selling concepts.
- Innovation: Test new ideas, and evaluate the results. For example, create a business development position that focuses solely on cross-selling opportunities, or leverage your CRM to capture client data that highlight services to offer.
How Can Jaffe Help You Cross-Sell?
Jaffe understands that cross-selling should not rely on a one-size-fits-all approach. Success in this area is heavily influenced by firm culture, which is why our consultants invest in getting to know your firm and its unique barriers to cross-selling at the outset of our relationship. Once we have an understanding of the problem, our marketing and business development strategists work collaboratively to develop custom solutions for you, including print and digital newsletters, intranet portals, and educational programs that cater to groups of all sizes.
If you’re interested in learning more about how Jaffe can help your people cross-sell, contact Terry M. Isner, CEO/Owner, Marketing & Branding, at email@example.com.