Build in a routine to make BD work as important as your client work
In this episode, Rob Patterson of Parkins Lane and Paul Evans of Toro Digital are joined by Alistair Marshall, Director at Professional Services Business Development.
Whether you’re an experienced practitioner or a lawyer starting out, how do you define your target market?
As a starting point, Alistair recommends an audit on revenue and profit, work type, clients, sectors, geography, client issues. Passion and enjoyment should also be a factor as well as a drive to immerse yourself into your clients world, understand their business, industry, regulatory requirements, etc.
The 3 pillars to promote yourself as an expert in your area:
Speaking - including good speaker etiquette and a robust CTA/follow up plan
Networking (online and offline)
Don’t be shy about putting your questions on the table with a client/prospect, literally. Alistair discusses the importance of being prepared when heading into a warm meeting:
Do your homework and have questions prepared to guide/prompt the conversation.
What’s the objective of the meeting?
What’s your expectation?
What’s your value-add? What are you offering that is unique, for example, research, insight, information, etc?
Don’t give a history lesson about you/the firm.
Let the client do most of the talking - this is a discovery meeting.
How to build a BD routine into your week:
2 hours minimum
Block out time on a Tuesday, Wednesday or Thursday
Focus on and create strategy around:
5 existing clients
5 prospect clients that fit your ‘perfect’ client model
Alistair’s top 3 poor uses of marketing & BD budget that have very poor ROI and engagement, especially for attracting new/prospective clients:
Hospitality events (private rooms at football, cricket, etc)
Connect with Alistair
Professional Service Business Development website
To receive Alistair’ ebook, "10 immediate actions to generate revenue & cash," head to the footer on his website and sign up.