Senior Client Development Executive at DLA Piper, Kim Rennick leads a sales and business development team focused on key account acquisition and retention. On February 27, she spoke to LMA members and shared some valuable insights regarding the emergence of sales strategies within law firms and how to implement them.
Key Concepts and Takeaways
- Make a Plan and work it. Rennick emphasized this throughout the presentation and each of the success stories she shared exemplified the importance of having a strategy.
- “Sales” is about connecting people – and oftentimes is most critically needed and accomplished inside of the walls of your firm!
- Niche Practices – Ask yourselves, “Where is your firm great”? — then build a plan around it.
- Tracking and reporting – without tracking, there’s no accountability. Whatever gets tracked gets done.
Marketing and Business Development Both Play Critical Roles
Rennick explained how marketing and sales are co-dependent. During the selling process, as the relationship with the client is developed, the sales role increases.
Tools to Manage the Pipeline
Rennick also shared some best practices used by DLA Piper that help them identify and develop opportunities:
- Partner Engagement – Monthly pipeline meetings with bi-weekly follow up
- Client Plans – Discuss how to solve clients problems. Gather information and learn their business so that you can present your platform and team as a solution
- Develop a “Tool Box” – Match the firm’s resources to opportunities
- Leverage Your Platform – Coordinate opportunities with resources
- Cross Sell – Develop client-focused cross sell service teams
- Stay Top of Mind – Over 75% of sales occur after the 3rd touch. Use thought leadership, events and market knowledge to stay in touch.
- Hope is Not a Strategy, Rick Page, founder and CEO of The Complex Sale, Inc.
- The Innovative Sale, Mark Donnolo
- Switch: How to Change Things When Change is Hard, Chip Heath & Dan Heath
- Selling Professional and Financial Services Handbook: A Strategic Sales Process, Scott Paczosa & Chuck Peruchini
By Elaine Noble, Creative Director, Noble Pursuits LLC for the March/April 2014 issue of the Capital Ideas Newsletter.