Friday, 22 February 2019

How do you get everyone engaged in your BD strategy?

Marketing and business development (MBD) and client relationship management (CRM) is central to the ongoing growth and success of any organisation. After my conversation with the in-house lawyer, I was inspired to turn to another friend - let’s call her Fatima - for insight into the role of the legal business development specialist, and how it has changed.

It is clear from my conversation with her, and further research that marketing and business development leaders need to harness everyone’s ‘sales’ potential. One recent survey claimed that only 20% of firms get their lawyers involved in the sales process, so we must improve this. I conclude this post with a use-case scenario which brings together the three threads of discussion, and will hopefully get you and your colleagues inspired to become business development champions.

Here is my easy ABC:
  • Align your business strategies across the firm
  • Move Beyond the Buzzwords
  • Communication is key

Making the Business Development ABC work in practice

I was interested in how this marketing and business development department compiled their client news alerts and external current awareness bulletins. Simply put: the library and information service feeds raw information to business development, it is curated and formatted by the team, and then updates are disseminated to clients.

It is always professionally satisfying when law libraries play a measurable, pivotal role in business development opportunities. Client relations are established and maintained when there are regular conversations about important issues. After all, contact shouldn’t just revolve around billing, or when a deal is taking place.

The following scenario illustrates how my ABC theory works in practice:

The client has asked their legal advisor for a quarterly industry news round-up. The lawyer approached the business development team who then collaborated with the library and information team to create a bespoke update to send out to this one client. The business development director has questioned whether technology could assist in making this service available to others as part of a wider client engagement strategy.

Aligning the needs of the client and role of the advisor is a win-win. In this example, the firm is already thinking strategically, aligning teams so that they can work together for the benefit of the client. Technology used in the right way can facilitate a connection between the client and firm, as well as assisting internal collaboration. No buzzwords, no gimmicks.

Clients are reliant on timely, accurate information but as we have learned, they don’t always have access to dedicated research resources. Firms are constantly looking of ways of adding value, and taking current awareness to the heart of the client could make a real difference. Once in place, economies of scales will apply and can be rolled out to other clients - monetised or not.

As their trusted adviser, you already have their attention when they need it most, but it needs to go beyond the usual - you have to stand out in a crowded market place.

For the full article visit Vable

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