I recently presented a business development workshop to junior and mid-level associates and this inspired me instead to write about how Branding and Business Development go hand-in-hand.
Encouraged that these associates at this early stage in their careers where already thinking about business development, I broke the process down in developmental phases. I provided an overview of what skills they need to develop at each stage of their career, both as attorneys, and as future rainmakers. By understanding what came ahead, the associates could better plan for their professional development and career advancement and during the process, build a strong personal brand.
- What exactly is business development?
- While we know we don’t need to bring in business yet, what can we do NOW to do so in the future?
Business Development Defined
Business development is the PROCESS of growing your business in a systematic, measurable, and repeatable way. According to Forbes magazine, business development focuses on three activities:
- Finding Customers: Find new ones and extract more value or business from current ones.
- Researching Markets: Figure out where new customers “live” (both geographically and where they buy) and find a way to reach them.
- Building Relationships: Build and leverage relationships founded on trust to facilitate opportunities.
What Newer Associates Can Do Now to Rain Make in the Future
For associates, business development means capitalizing on marketing opportunities that get you in front of your target audience or ideal client. It typically takes many “marketing” contacts or “touches” to convert a prospect to a client. As explained by Duct Tape Marketing, prospective clients need to “know, like and trust you” before they will “buy” you.
“Know, like and trust” are the first three essential steps in the marketing process and it starts by being visible and becoming known. This is where networking comes in – or rather, relationship-building, one of the business development activities identified above. You’ve got to be seen to be known and attorneys can market themselves to increase visibility in a number of ways.
Client Development is a Contact Sport
So how long does it take to convert a prospect into a client? Marketing expert Dr. Jeffrey Lant’s famous “Rule of Seven” states that:
- You must contact your buyers a minimum of SEVEN times in an 18-month period for them to remember you and “buy” your services;
- On average, it takes 5 to 20 “touches” to sign a client.
Given how long it may take to convert a prospect to a client, you can see why business development is an investment in long-term relationships and requires consistent follow-up.
Why Business Development Starts with Branding
Marketing is a key component of business development but what is it you are actually selling? YOURSELF! The law is a service industry and what lawyers “sell” is their knowledge, expertise, and skills. Given that what we sell is amorphous and intellectual service, and that many law firms look and sound the same, how do you differentiate yourself from other lawyers and other firms?
- By building a strong personal brand!
The branding process begins by knowing yourself. What makes you unique? Why would a client want to hire you in particular? For newer attorneys, consider why a partner would choose to give work to you instead of other associates in the firm.
By understanding what you have to offer, in terms of talent, skills and ability, you can build a reputation worthy of a brand. However, remember, your “brand” is more than just your reputation. It is your promise to your client. It is a client’s expectation regarding quality of your services and if your work product fails to live up to their expectations, clients will stop “buying” you.
While I’ve heard many attorneys say, “I didn’t go to law school to become a salesperson,” in today’s economy, a key to career success in private practice is having your own client base. One of the best investments attorneys can make for their future is to take a marketing class. Here’s an upcoming free one in San Francisco called, “How to Build a Fearless Brand: Your Brand Can Help You Sell.” Hope to see you there!