Generating Leads by Finding Buyers in Trouble

I can now resolve the centuries-old debate among philosophers as to whether the irresistible force can overcome the immoveable object. The answer is: The immoveable object wins.

In this case the irresistible force is you ' a lawyer looking for business. The immoveable object is the unwilling prospective client. No matter much talent, experience and charisma you have, you can't make the prospect do what they don't want to. Legal services are not sold, they are bought. You can't sell something that the other person doesn't want. Hence, the most effective way to detect a lead is to find someone ready to buy.

An Insurmountable Objection

I'm reminded of my early training in the mean streets of door-to-door encyclopedia sales. I was in my 20s and eager to learn how to overcome objections. The sales trainer told us how to defeat the customer who said that he couldn't afford our encyclopedia (“We offer super-low payments!”) or that he preferred a different encyclopedia (“Look at our features! Our encyclopedia is better!”). Then the trainer's face darkened. He said ominously that there was only one objection that could not be overcome: “The customer says they don't want it.”

No incentive, no discount and no guilt trip can overcome this immoveable objection. I took the lesson to heart and have employed it since ' as both seller and buyer. It came in very handy when I was cornered once by time-share salespeople. After feeding me a chicken lunch and offering me fabulous discounts to condos at beautiful locations, they were astounded and angry that I wouldn't buy a time-share. Here was my objection that got me out of the trap:

“I don't want a time-share.” They let me go.

Looking for Buyers

To generate leads, you first need to identify prospects who are likely buyers. Don't look for the celebrated company that is topping the charts. Instead, you should seek out prospects who have business problems. For example, litigators, think of companies being sued ' or threatened with suits ' by: 1) Their customers. Think of companies that sell imported toothpaste, toys and food with dangerous ingredients; 2) Their employees. Think of companies that fire pregnant women and overlook minorities in promotions; and 3) Their investors or shareholders. Think of companies that don't make their quarterly numbers because everyone else is suing them.

Don't look for happy executives bloviated with their own success. Instead, seek those who are frustrated in their careers, whose goals to move up the hierarchy have been thwarted, whose dreams of a thriving business have not materialized. Your targets are companies in trouble, and their executives who feel business trauma that keeps them up at night. They need professional help. They need you.

Prompting for Trouble

Then, to generate work from those leads, you need to put yourself in front of these potential buyers, discovering their specific business troubles, needs and trauma. You may think that a company or executive is in trouble, but you can't be sure or confirm willingness from afar.

You have to do this face-to-face. It doesn't work by e-mail, direct mail or online social networking. It can be done over the phone, but only if you already have a relationship with the other person. The reason is that, so far, scientists have not found anyone on earth who can actually read other people's minds. The only way to find out what's on someone's mind is to ask questions. This is the key to converting leads. If they are talking, you are selling.

For example, one woman attorney I've worked with was recently at a conference of potential clients, giving a talk about the latest trends in the high tech industry. One in-house counsel at the back of the room kept asking questions. She complained that she had repeatedly tried to convince her company to respond to the trends, but no one would listen to her.

The lawyer's inner business-development sense heard pain. This was likely a lead she could help. Later at the group dinner, the attorney made a point of sitting next to the questioner and asked her just to tell more about her troubles. As she poured her heart out, the attorney knew she was hearing about a very good opportunity. The in-house counsel needed to muster the expertise she and her firm could bring. They talked about how they'd change the executives' minds by working together.

Another attorney recently was lunching with a banking colleague he'd known for 15 years. They had great rapport and respect for each other, but the colleague had never sent him any work so they hadn't talked much business recently. All of a sudden it came out. The colleague started complaining about the new hires at his division ' two younger and energetic officers brought in at his level. His EVP seemed to be overlooking his years of service and dedication. The attorney's inner caregiver heard anguish. He asked more about what pressures were on the division, and realized how they could help each other, through a mutual set of introductions and a joint conference the attorney was mulling. Here was a lead source he could help. “I have an idea that will make you look like a star. I can help you make the division more successful and ensure you get the credit,” he told the colleague. “Would you like to work together on it?”

In another case, a Midwestern attorney caught some great PR: A journal published an article about his work with a real estate firm that gave it an edge over other firms. This led to a quick $2 million added profit on legal work in a few months. Pretty soon the leads were calling him on the phone! One company executive said he read the article and was impressed. “What made you call me about this right now?” the attorney asked simply. The executive described how his company had failed to grow, was losing out on projects that other firms seemed nimbler at getting. The lawyer's inner encyclopedia salesman heard a crying need. They started working the next day.

Of course, in all these cases, the attorneys knew the industry and were familiar with the business of their prospects. As a result, they could ask intelligent questions and understand better what was going on with the prospect. But, beyond the legal expertise, they just needed to be ready with responsive questions so they could flush out pain. They prompted a conversation about the trauma and the willingness to relieve it.

Conclusion

This is how you find prospects who are ready to buy. Ignore the dozens of happy-go-lucky prospects who don't want what you have to sell. Be a Boy Scout or a Girl Scout. Look for an old lady who needs help crossing the street. And help her.

Larry Bodine, Esq., a member of this newsletter's Board of Editors, is a business development adviser based in Chicago and Tucson, AZ. Web site: www.LarryBodine.com. He can be reached at 630-942-0977 and [email protected].

I can now resolve the centuries-old debate among philosophers as to whether the irresistible force can overcome the immoveable object. The answer is: The immoveable object wins.

In this case the irresistible force is you ' a lawyer looking for business. The immoveable object is the unwilling prospective client. No matter much talent, experience and charisma you have, you can't make the prospect do what they don't want to. Legal services are not sold, they are bought. You can't sell something that the other person doesn't want. Hence, the most effective way to detect a lead is to find someone ready to buy.

An Insurmountable Objection

I'm reminded of my early training in the mean streets of door-to-door encyclopedia sales. I was in my 20s and eager to learn how to overcome objections. The sales trainer told us how to defeat the customer who said that he couldn't afford our encyclopedia (“We offer super-low payments!”) or that he preferred a different encyclopedia (“Look at our features! Our encyclopedia is better!”). Then the trainer's face darkened. He said ominously that there was only one objection that could not be overcome: “The customer says they don't want it.”

No incentive, no discount and no guilt trip can overcome this immoveable objection. I took the lesson to heart and have employed it since ' as both seller and buyer. It came in very handy when I was cornered once by time-share salespeople. After feeding me a chicken lunch and offering me fabulous discounts to condos at beautiful locations, they were astounded and angry that I wouldn't buy a time-share. Here was my objection that got me out of the trap:

“I don't want a time-share.” They let me go.

Looking for Buyers

To generate leads, you first need to identify prospects who are likely buyers. Don't look for the celebrated company that is topping the charts. Instead, you should seek out prospects who have business problems. For example, litigators, think of companies being sued ' or threatened with suits ' by: 1) Their customers. Think of companies that sell imported toothpaste, toys and food with dangerous ingredients; 2) Their employees. Think of companies that fire pregnant women and overlook minorities in promotions; and 3) Their investors or shareholders. Think of companies that don't make their quarterly numbers because everyone else is suing them.

Don't look for happy executives bloviated with their own success. Instead, seek those who are frustrated in their careers, whose goals to move up the hierarchy have been thwarted, whose dreams of a thriving business have not materialized. Your targets are companies in trouble, and their executives who feel business trauma that keeps them up at night. They need professional help. They need you.

Prompting for Trouble

Then, to generate work from those leads, you need to put yourself in front of these potential buyers, discovering their specific business troubles, needs and trauma. You may think that a company or executive is in trouble, but you can't be sure or confirm willingness from afar.

You have to do this face-to-face. It doesn't work by e-mail, direct mail or online social networking. It can be done over the phone, but only if you already have a relationship with the other person. The reason is that, so far, scientists have not found anyone on earth who can actually read other people's minds. The only way to find out what's on someone's mind is to ask questions. This is the key to converting leads. If they are talking, you are selling.

For example, one woman attorney I've worked with was recently at a conference of potential clients, giving a talk about the latest trends in the high tech industry. One in-house counsel at the back of the room kept asking questions. She complained that she had repeatedly tried to convince her company to respond to the trends, but no one would listen to her.

The lawyer's inner business-development sense heard pain. This was likely a lead she could help. Later at the group dinner, the attorney made a point of sitting next to the questioner and asked her just to tell more about her troubles. As she poured her heart out, the attorney knew she was hearing about a very good opportunity. The in-house counsel needed to muster the expertise she and her firm could bring. They talked about how they'd change the executives' minds by working together.

Another attorney recently was lunching with a banking colleague he'd known for 15 years. They had great rapport and respect for each other, but the colleague had never sent him any work so they hadn't talked much business recently. All of a sudden it came out. The colleague started complaining about the new hires at his division ' two younger and energetic officers brought in at his level. His EVP seemed to be overlooking his years of service and dedication. The attorney's inner caregiver heard anguish. He asked more about what pressures were on the division, and realized how they could help each other, through a mutual set of introductions and a joint conference the attorney was mulling. Here was a lead source he could help. “I have an idea that will make you look like a star. I can help you make the division more successful and ensure you get the credit,” he told the colleague. “Would you like to work together on it?”

In another case, a Midwestern attorney caught some great PR: A journal published an article about his work with a real estate firm that gave it an edge over other firms. This led to a quick $2 million added profit on legal work in a few months. Pretty soon the leads were calling him on the phone! One company executive said he read the article and was impressed. “What made you call me about this right now?” the attorney asked simply. The executive described how his company had failed to grow, was losing out on projects that other firms seemed nimbler at getting. The lawyer's inner encyclopedia salesman heard a crying need. They started working the next day.

Of course, in all these cases, the attorneys knew the industry and were familiar with the business of their prospects. As a result, they could ask intelligent questions and understand better what was going on with the prospect. But, beyond the legal expertise, they just needed to be ready with responsive questions so they could flush out pain. They prompted a conversation about the trauma and the willingness to relieve it.

Conclusion

This is how you find prospects who are ready to buy. Ignore the dozens of happy-go-lucky prospects who don't want what you have to sell. Be a Boy Scout or a Girl Scout. Look for an old lady who needs help crossing the street. And help her.

Larry Bodine, Esq., a member of this newsletter's Board of Editors, is a business development adviser based in Chicago and Tucson, AZ. Web site: www.LarryBodine.com. He can be reached at 630-942-0977 and [email protected].