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Client Retention: Grabbing the Low-Hanging Fruit
Imagine yourself craving a delicious orange. The fastest, easiest way to get fresh, ripe oranges isn't by planting new seeds and hoping they grow. It's by tending to the existing, fruit-bearing trees. Similarly, in legal practice, your existing clients are your most abundant source of potential revenue. This article explores the importance of client retention, strategies to nurture client relationships, and how to leverage those relationships for business development.
Why Client Retention Is Your Most Effective Business Growth Strategy
Various sources say that it can cost 10 to 30 times more time and effort to acquire new clients than to retain existing clients. On the other hand, spending that time instead on making sure that you keep your existing clients happy — tending your existing orange trees — can reap substantial benefits and generate significantly more revenue. In fact, research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score) demonstrated that increasing client retention rates by just 5% can yield profit increases of 25% to 95%.
The Real Cost of Client Attrition: More Than Lost Business
Your existing clients are the low-hanging fruit of business development. They are right in front of you, ripe and ready. But even low-hanging fruit needs to be picked. If you become complacent or, worse, fail to provide the same high-quality service and attentiveness that attracted these clients in the first place, that relationship can rot pretty quickly.
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Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
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How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.