ROBIN’S BLOG
Robin has 30 years of professional and financial services marketing experience. Here he provides commentary about some of the key evolving issues within professional services strategy and marketing. The aim is to provoke thinking and provide useful information that marketers can use within their firms as they continue to improve performance.
thriving… Improving marketing, business development, client satisfaction, and financial performance.
Drivers of value and what clients say…
One theme has been increasingly visible in some of the recent in-depth client feedback interviews we’ve done for firms. It’s connected to “commerciality” but it’s more profound than that.
It’s not “technical expertise”, and actually it’s not a client servicing issue either.
What it is, is about understanding the context in which the client works in. Their operating pressures, the environment in the sector they work in, and the types and demands of the different (external) stakeholders they work with.
Some clients have told us that understanding this enables the firm to be realistic, pragmatic, and to drive strategic value and the “right” result. Otherwise the firm can deliver something that looks great on paper but – crucially – that they don’t much benefit from in the real world.
Fee earner/professional advisor performance is hugely variable on this – but it doesn’t have to be.
Firms are beginning to differentiate
We’re seeing signs that some firms, and in particular law firms, are moving away from thinking about differentiation as being “lets change our logo and the colours on our website”.
A mystery shopping exercise we recently performed across a small set of firms showed that:
- Two firms had genuinely determined an “offer” which was distinctive and provided something materially different to competing firms
- One firm talked about undertaking work in a different way, but it appeared “skin deep” as lawyers could not articulate how they did this
- For one firm, there was a huge gap between what it said it was like, and the experience of a prospective client in dealing with them.There was a gulf between the “verbiage” in brochures and the website, and the reality. It was also a matter of chance as to whether the enquirer was put through to the right person.
What do you think your firm would look like to a prospective client?
Do you know how your proposition stacks up?
Marketing activities – driving results through relevance
Most client feedback exercises get feedback about how the firm performs. Better ones also identify what factors have the greatest impact on the client’s continued use of the firm.
But few – still – use the opportunity created by the process to get vital insight into the events and commercial issues seen as most likely by their clients. Knowing this can not only alert you to opportunities with specific clients but also help ensure all your marketing and communications investments of time and money – including events, articles, and social media content – are focused on the issues of most relevance to your clients and prospects. Take a look at this example
The difference between ‘excellent’ and ‘OK’ and how to achieve the former…
It may not be the first source of theory or advice many people look for, but there was a recent article about how the Sky cycling team took a disappointing 2104 Tour de France and questioned a variety of things which ultimately led to their success this year.
The general manager, Dave Brailsford, talks in this article about the desire to not accept “its OK” and the process to build much better performance from the team. You don’t need to be a lycra wearing weekend warrior to be able to consider the points and perhaps apply some of the thinking.
How well positioned is your firm to “cross-sell”?
Cross-selling, or as I prefer it to be terms, co-operative selling or successfully extending relationships with clients, requires a number of things to be in place. Fee earners need to be able to answer 5 questions with a “yes”. The link here to the Co-operative selling image shows you what these questions are.
Want to strengthen your market position?
Have you thought about a free source of consultancy advice – your clients?
A programme we are just finishing has provided the following insights:
- Attributes which clients think determine a strong provider
- Attributes which clients think can distinguish a provider from others
- Attributes which provide added value
- The activities which have the strongest impact on the clients’ market position
- Specific ideas from clients for improving market position and performance on the things which matter most
Of course, many firms ignore this “stuff” or just guess – or pay consultants to guess. And so many “branding” and positioning efforts fail. To reduce the risk, its worth considering asking those who pay for what you do…
Are you thinking about the impact of the EU referendum?
Ok, its two years away (probably). But there isn’t a firm in the UK that won’t be impacted by this.
I think there are at least 3 things to think about, now.
1. Not just the result, but the period of uncertainty and “noise” beforehand. What will be impact be on your firm, before the decision is made, on changes in corporate investment, appetite for cross-border deals, investment in IP, and appetite for acquisitions (and for the relative appetite to do business within the EU and outside it)?
2. Are there areas where you can help your clients deal with the unpredictability of this and think through their options? What should they do to reduce the impact of increased risk? What opportunities arise for them from this uncertainty?
3. Are you planning for both the “in” and “out” scenarios? No-one will get any predictions of the impact “bang-on”, but do you understand the main challenges and responses your firm will make in either scenario?
Those companies who have achieved great results and longevity through periods of upheaval don’t “wait” to think about these issues. It’s better to understand the impact and react quickly. Even a few weeks delay in “getting ducks in a row” after the decision will reduce your ability to gain from the outcome – whatever it is.
Fuel to grow your firm…
As we’ve written about extensively elsewhere, there are 5 key drivers of profitable growth for a firm – and extending what you do with clients is a hugely important one.
Is there genuinely high potential or is this just great in theory? I’ve spent a little while looking at the client feedback responses, gathered since January 2014, on behalf of our law firm and accountancy firm clients, on this very point.
It shows:
- There are opportunities to either do more of what the firm is currently doing for that client, or to extend what it does, in 54% of cases
- There are risks of potential client loss (or some loss of business) in 14% of cases
- The other 32% of clients are stable and loyal.
In case useful to help you discuss with colleagues how to enhance the results you get, a little more in shown in this one-page document
What does this look like for your firm? Are you capturing this potential?
Business planning and real life application of a seminal marketing concept
Forgive me if this sounds a bit “old school” but I think the Ansoff Matrix (see www.ansoffmatrix.com) can be used much more practically by firms than it often is.
To apply it in real life, its worth thinking about the following:
If you are to going to rely on market penetration and gaining more business from your clients in what you already do, what will be relevant to them in practice?
If you are to extend the range of specialisms you provide, where are you credible as far as clients are concerned, and could you actually succeed in winning work?
We have some excerpts with real life examples if helpful – just contact me.
How to grow your Firm – Law Society Special Report
Should have blogged about this earlier. The Law Society commissioned a special report from Robin into how those aiming to grow their law firm – whether managing partners, CEOs, Practice Directors, Partners or Marketing or HR heads – can best achieve it.
It was published end January 2015 and is available via the Law Society microsite or Amazon.