Years ago I worked with a Managing Partner who regularly referred to the Marketing Department of his law firm as the PR Department. I’m certain it was a habit rooted in the days when law firm marketing efforts centered on work that was public relations in nature. Though I believe he knew the marketing group’s … Continue Reading
You’ve seen the articles. Many knowledgeable observers believe a recession is inevitable; some are predicting a severe slow-down as early as spring 2020, based on certain indicators. I do my best to avoid trafficking in fear and doom, but it is difficult to find a serious economic observer that doesn’t believe a downturn is coming. … Continue Reading
How important is business development to you? Years ago I was being interviewed for the senior business development and marketing position in a law firm, and was on a video conference with a handful of firm leaders. Two things about the experience impressed me…and I don’t mean in a good way. At various times during … Continue Reading
You’ve probably heard some variation of the joke where a significant other, weary of repeatedly being asked to profess love, announces “I’ve told you that I love you. I’ll let you know when and if that changes.” Humorous to some…maybe. But I doubt this is an effective relationship strategy. Yet, in many ways this captures … Continue Reading
Part 5 in our series on Building a Strategic Business Development Plan focuses on Delivering Value — the first step in establishing a working relationship. We’ve discussed strategy, target identification, building a strategic network, and most recently, becoming relevant (creating visibility) with the targets you’ve identified. But actually securing that coveted engagement, never mind earning … Continue Reading
Professional service providers who have difficulty identifying specific targets (as discussed in Part 2 of our series on Building A Business Development Plan) typically have one thing in common: an anemic or non-existent professional network. If this sounds familiar, Part 3 In our series on creating your business development plan is for you. A healthy … Continue Reading
This is the second installment in a 14-part series dedicated to everyone working on a business development plan for 2019. Part 1 outlined the necessity of a strategic foundation, and suggested a framework that will help in identifying and articulating the strategy. If you haven’t come to terms with this first step, resist the temptation … Continue Reading
There is a basic principle in communication theory — shared experiences form the basis for the most effective communication. Even if we did not formally study the science, most of us have first-hand experience with the validity of the principle — in intimate, social and professional settings alike.In the space where experiences of the communicator … Continue Reading
Business development is not complicated. Hard work? Indeed…because effective business development (especially in a professional service firm) is almost always about building productive relationships. And that is no small task. But we shouldn’t confuse the hard work required to build rewarding relationships with the suggestion that business development requires something that is somehow inconsistent with our … Continue Reading
A few years ago I was privy to the results of a deep analysis of an AmLaw 100 firm’s practice penetration of it’s clients. That is, the degree to which the firm served clients in more than one practice area. It seemed a lot of opportunity was left on the table. With more than 20 … Continue Reading
Some seem completely comfortable in their own skin in almost any situation. When it comes to business development, this translates to being at ease in any room — able to initiate conversations at the drop of a cocktail napkin. But for everyone who begins to sweat at the idea of the next networking room or … Continue Reading
Once you have identified the target for a business development pursuit, then what? The answer is simple. Whether you’re considering initial and broad based networking or a single focused pursuit, the success you seek hinges on the (often time consuming) work of building and nurturing professional relationship. Specific action steps will vary depending on the … Continue Reading
When it comes to the challenges of communicating — telling a story, marketing a practice, stating a case — old dogs often wear blinders. Our attempts at conveying a message stem from our personal understanding or experience, utilize the language we’ve always used. Understandable. After all, we talk about what we care about, and use … Continue Reading
If business development is causing you sleepless nights, chances are the source of much of that angst is an anemic professional network, or the absence of strategic targets. Or both. A healthy network connects you to opportunity flow. We discussed this, along with three ways to address challenges associated with “networking” in a post a … Continue Reading
Honest dialogue can change things fast. It creates connections, seeds ideas, and is the critical thread in the fabric of relationship. It is about seeking to understand. The fact that dialogue doesn’t come easy is one reason relationships are so difficult. Self-interest, posturing, and the need to be certain we make our case tend to frame … Continue Reading
Several years ago Fred Reichheld, among others, began working on a conversation and a system that would prompt organizations to rethink clients / customer relationships. In his book, The Ultimate Question (now available in an updated 2.0 version), the discussion zeroes in on what the author defines as the ultimate measure of loyalty — whether a … Continue Reading
If you are wondering what it takes to fill the pipeline with work for the last quarter of the year — nevermind 2017 and beyond — two things may be true about your marketing and business development efforts: your professional network is anemic; and, as a result, you have a shortage of strategic targets. Many … Continue Reading
There are markets where sales is little more than a numbers game. Send enough emails, make enough calls, knock on enough doors, ask the question over-and-over, ignore objectionns, and you’ll close some deals. But you won’t build many relationships. And that means that next month…or next quarter…or next year you get to start all over … Continue Reading
What does it take to make it rain? Real rainmakers — the individuals able to connect with the marketplace in a way that consistently results in business — share three characteristics. They may engage in business development in a variety of ways and employ differing techniques. There are, after all, no cookie-cutter formulas that work for everyone. … Continue Reading
It is news to no one that when it comes to business development in the professional services arena, relationship trumps everything. Not connections. Or fans. Or followers. Real honest-to-goodness-relationships. Establishing a connection is relatively easy. Building a relationship is decidedly not. Do it right, and a single event can yield scores of business cards. Devote some time … Continue Reading
What constitutes appropriate ROI on all that we plow into business development efforts? In a post on the similarities between business development and planting a tree, we recounted the story of French Marshal Lyautey. The story underscores the fact that growing something strong takes time. The practical challenge is that between the planting and tangible signs … Continue Reading
Volume can be misleading. Increasing the decibel level is no guarantee a message will be heard. Exercising the loudest voice in the room doesn’t equate to connecting with anyone. Bigger and louder — shake-the-ground-you-stand-on-boom notwithstanding — doesn’t ensure anything will resonate. And siren call aside, the same is true for even the most seductive distribution … Continue Reading
Labeling something as Strategic does not make it so. The presence of a plan, no matter the number of pages or accompanying detail, should not be mistaken for the existence of a strategy. Desk drawers are littered with detailed business development and marketing plans that are decidedly not strategic. And even in the event a … Continue Reading
Recently I came across a McKinsey article titled Getting Beyond the BS of Leadership Literature. It’s worth the time (and was a bit indicting); but this is not a post on leading. This is about business development BS. Or, more accurately, what often goes unsaid when Biz Dev is the topic. If you’re concerned with … Continue Reading
