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<b><i>Sales Speak:</i></b> New Business Development Harvest
At The Closers Group, we frequently point out that business development comes from only three sources: current and recent clients, referrals and prospects. Of the three, the most overlooked client development resource is current clients, the so called “low-hanging fruit.” It is amazing how often we hear, “How do I ask clients for referrals or repeat business without offending them?” Fear of offending your clients is just an excuse ' and not a very good one.
If your firm's work has been solid and helpful, and you are working on building trust-based client relationships, ask away.
With that said, wouldn't it be nice if you could have 80% of your entire business income derived from 20% of your best or “cream of the crop” clients?
When you dedicate yourself to harvesting more from your “cream of the crop” clients you will:
- Enjoy your work more and earn more while doing it.
- Be busy every day working with clients whom you enjoy, clients you trust and who trust you in return. It's called client retention .
- Have clients who will refer more business to you.
How to Identify the Cream of the Crop
Here's how to identify your Cream of the Crop clients and ask for business development referrals:
- Select 15, 25 or 45 of your top clients, whatever number is appropriate. These are the ones that you would like to clone if you could, so your firm would be full of clients like them.
- The next time any one of these clients sees you, step up the quality of your service. Make the meeting so unexpectedly amazing and positive they'll be extremely appreciative of your attention, remember you, and be more professionally dedicated to you. This experience begins in the reception lobby.
- At the start of each meeting, ask him or her about significant events that have happened. To make sure you have fuel for this conversation, make it a habit to write down something new about each client after every visit or every time you speak with him. Make the effort to build rapport. Without this, you will not be able to develop any referral systems.
- When you are ready to ask for a referral, send a letter to each client on your “Cream of The Crop” list or tell them personally that they are your ideal client and you would like more clients just like them. You might be surprised how many clients aren't really aware that you're accepting new business.
Referrals
People usually associate themselves with others that have the same basic morals, ethics and character. Think about it this way ' if you are single and looking for a great and compatible partner, wouldn't you ask your closest friends to introduce you to one of their single friends? In a Closers Group Client Retention Survey, one of the questions was “What percentage of your attorneys ask their clients for referrals?”
- 90% of the legal marketing professionals said “NONE.”
- 10% of the attorneys said none, and 78% said they “were not sure.”
What does this tell you about a huge lost opportunity?
Conclusion
Harvesting more from your low-hanging fruit clients doesn't happen overnight. They won't become your greatest fans if you are hit and miss with your efforts. Keep up the momentum, the energy and your follow-through 100% of the time. Do this and a bumper crop may be happening in your not-so-distant future!
Dr. Allan Colman is CEO of the Closers Group, and a member of this newsletter's Board of Editors. He may be reached at [email protected].
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