Online Mixed Martial Arts Directory
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The effectiveness of development initiatives for a business law firm
Interview by Adrian Dayton the author of the strategy marketing "and the law" to blog. Headquartered in Amherst, NY He can be reached at 801.414.7675 and atdayton@gmail.com.
Larry Bodine, Esq. Glen Ellyn (Chicago) IL, is a business developer with 18 years of experience using only law firms to attract and retain more customers. Organize development business training through business to Apollo development. He can be reached at 630.942.0977 and LBodine@LawMarketing.com.
Adrian Dayton I have understood that you just returned from the business development training session with a law firm. Before training, is likely to do some evaluation. It evaluates the marketing plan of the company. What kind of questions to ask when evaluating your plan?
Larry Bodine: Normally, I'll start by asking if you have a marketing plan.
Adrian Dayton: This is not always obvious, right?
Larry Bodine: Yes For now, most companies do not have the right marketing plans. They might have one focus in mind the management committee, but it is something that comes home in his head and what is not written. What I do is try to pick up the key elements that go into a marketing plan. Much of it is the financial and customer data.
- I want to see what the trend line is firm revenues are up? If you ask me, it is usually because they down.
- I will investigate the areas where practices are moneymakers. It is always a sensitive issue, but I will ask classification of their service areas in terms of how much profit they generate. Fair which will be the first time we ask for a report like this many companies that deal.
- I'll see in his first hundred customers and try to classify industries. The idea is to try to get a picture of the lines of income, which is revenue entering the business. Instead of building new pipelines, My approach has always been, consider areas where you do a lot of money and development.
Adrian Dayton Yes, building your core strength, basically. Interestingly, you said that are often sensitive when asked what areas are the most profitable, and is another example of how law firms are not really comfortable with themselves as a company is run. other questions you will have worksheets and follow the profitability of each sector, but companies are more resistant to this question.
Larry Bodine: It's more one at a law firm. Law firms are partnerships, so they really are reluctant to create a spreadsheet shows that the defense practice Insurance is making less money than litigation practice – since it only creates a lot of hurt feelings. My approach is not necessarily to disseminate this information in Business, but work with the administration and say, "You really have to focus on the issue as a marketing focus, because there is where you do with your money. "If there is one area where they are not making money, not necessarily the end if you lose money, but we will not focus on it. It is really the essence of marketing: development.
Measuring ROI
Dayton Adrian: How do you recommend that companies monitor their return on investment when it comes to money in marketing and marketing efforts?
Larry Bodine: Planning for measuring return on investment is a step when starting a marketing initiative. Before you start, you should ask is "Will there be any way you know that it worked. If you can not measure, you should not do. For example, something that is measurable can be an event to invite a number of clients and potential customers. Do you know what your costs are labor. What you want to do after that is for 90 days to identify all files that were created directly or indirectly from this event, and send the draft annual turnover will be, and you will see return on investment.
Adrian Dayton: For years, law firms have essentially just throwing money these marketing initiatives, without trying to measure ROI in many cases. I think the current state of the economy, the directors of the ways companies are more demanding, requiring a higher return on investment.
Larry Bodine: I think that only smart. It is a good way to run a business, and is a good way for a marketing director to keep his job, which is to say "have been obtained The following ROI for a particular initiative. "My favorite example is Dykema, a 400-lawyer firm, which had 10 offices primarily in the Middle West. They decided to make the marketing industry. We selected four sectors, and have set a target of more files and existing customers and new files for new customers. They said: "We have spent approximately $ 160,000 and have $ 6 million in return, so this was definitely worth it."
Adrian Dayton is an interesting way of thinking, saying: "We will focus on industries in a small number of specific niche industries, and we can measure, because we will see exactly how many files we received from these industries. "
Larry Bodine: Exactly. To my way of thinking is actually the most logical approach that we look at the list of clients. If you find that you have a balance of probabilities, or a number of customers, industry transport – it makes sense not only of cross-selling of these customers in the trucking industry and make sure you serve them in every way I can. You can go to Hoover or online databases and create something for you a list of other companies in this industry. Basically, this is your list of objectives. You should start writing articles on road transport industry, lawyers must begin to give talks on the trucking industry, and should join the trucking industry associations. If you are going to announce, that should appear in publications in the trucking industry. This approach really works.
For lawyers is a very intuitive construction of seeing things through industry, for seeing things through practice group. I was able to draw a list of three transportation companies representing society and its response is: "Oh, no, no safe defend him, others are a customer of the company is an estate planning client." continue to tell me how are all customers of certain practices, but this is not the way customers think.
Customers do not consider themselves a client group practice. Considered as a member of an industry. The idea is to penetrate the members of an industry, because all we talk about them, and if you do a good job, recommended.
Adrian Dayton: It seems that if this discussion will be cross selling in practice much easier too.
Larry Bodine: Right. What customers want more than anything is an attorney who knows his business and that are leaders in their industry and can speak the words of the art in a particular sector. Otherwise, you really have no way to judge as a lawyer. They can look over the recovery of attorney, and have no way to know if you need a lawyer who is better than some other lawyer. The only thing I understand is that if someone comes in and starts talking the language of the industry, knows the problems of society and industry, and meet other players in the field.
Social Media Online
Adrian Dayton: I have curiosity about what you think of the new technology, social media in particular. How does that affect business and can market the right way your services?
Larry Bodine: Law firms, we strongly recommend that covers social media. For example, LinkedIn has become the de facto online directory of professionals worldwide. In June 2009, nearly 850,000 lawyers have created profiles on LinkedIn. It's just very smart. Another example is blogging. I do not think there is more than fiscal 3000 or 4000 blogs in the country, and is based on information from blawgsearch.com. This is an excellent time to start a blog. Blogs are a great way to generate questions, to establish and demonstrate the knowledge, and receive calls from the media.
Dayton Adrian: Yes. The other funny thing about this statistic is that most lawyers are bloggers phenomenal. They are good for writing interesting content in a more informal, and really nice for most lawyers.
Larry Bodine: Not everyone is so comfortable with blogging. Some think that if I write a blog, I'll have to write a law journal article. You always have to explain that, no, just write a paragraph and a link to another location. Bloggers part of a Google Alert and follow the others to have a complete stock of hardware. His concern is typical of how to maintain this thing going? What if I'm in the middle of a trial and six weeks went by and I did not set a position? If so, then you need to make friends with a corporate lawyer will be in office of all time or a partner who can keep the blog running.
I feel that I've never had trouble finding material for my own blog, href = "http://blog.larrybodine.com/"> Blog LawMarketing. Usually, before going on tour business, I will write five days to $ blog posts in advance and I can program so that it appears as a stop on Monday, we go on Tuesday, and for all purposes practical, it seems I can send each day.
Adrian Dayton: It's a great idea. You said the lawyers, finding a pair of partners in crime, a couple of people to help with your blog, and may be the blog that three. A series of successful blogs are organized this way.
Larry Bodine: Yes The other thing is that lawyers must obtain a field that really fascinates. For example, I went to a very conservative law firm and went to a couple who said was starting a new blog. I thought it was something on Article Nine of the UCC, and showed me the impression of a blog about mixed martial arts – anything goes. When I looked, I thought: That's great, is your goal, is nearby. entertainment law is, in essence. There will be all sorts of questions and clinical case and of course it was something that would otherwise affable man with a white shirt and red tie just had a very deep and abiding in. Do not worry, we have enough material for it.
Adrian Dayton Think about how that is great. The lawyer, who usually do not expand their network, suddenly this law has created fun blog about the arts Mixed Martial and blow their area of influence of other people like you that ultimately, unable or unwilling to hire them.
Larry Bodine: All you do is get in the center of the spokes of a wheel. Want to get in the middle so if you give an opinion on an issue such as, for example, martial arts mixed – the broadcasters because it is, the places, the promoters, fighters and all types of suppliers, including manufacturers of cages. It's like any other industry entertainment or entertainment industry. They have all the same questions. It is just the type of entertainment you have chosen is different.
That's what you should do on a blog, is to choose something that is unique, a niche that has not been blogged to death. I warned him that it would receive calls from journalists, not just the fact it was a conservative society and picked up a mixed martial arts with his subject. Suppose that a reporter did an article on mixed martial arts, they will do a search on Google or Google Blog Search, found your blog and call. It will be the de facto expert in the field.
Adrian Dayton: Most of the companies do not really have an overall marketing strategy and online media. I have curiosity What kind of recommendations would you make large and medium-sized enterprises to put their feet in the water and begin to work with Social Media?
Warnings
Larry Bodine: You will need to develop guidelines and warnings that reading the blog is not an attorney-client relationship. Bloggers should be aware that no can give legal advice, but can discuss current news and opinion. I talked to several dealers who said their last assignment was to reach a policy social media. You have all these lawyers independence of mind there for writing messages and sometimes the owner wants the company is clear that this person speaks of his own and not on behalf of a company. In other cases, it's like, "No, it's a blog farm and we want everyone to connect now on the blog."
Dayton Adrian: It seems that the head of the companies these guys did not really understand social media, they do not understand blogs. What I think is: We need to create a list of "do not all these things, instead of saying," Hey, let's try to find a strategy to harness the power of these tools build our practice and then we will ensure that we are sure we will ensure that we are not stepping on feet or crossing lines. "
Larry Bodine: Right. Its vision is: we will identify risks and prevent the cons down, and then if it happens the other way around, is fine. Whatever happens, we do not want justice, we do not want to violate a rule of ethics, and we do not want to create a kind of negative publicity. Lawyers are trained to identify hazards and with something new, there is always a risk that something could go wrong.
Dayton Adrian shift gears a bit, since much of the press and known for his article "Twitter is not effective for Law firm marketing, and the recent weeks there have been many debates on this topic. I have curious to know if you have softened that position.
Larry Bodine: Twitter finally has a role in society, and you can see clearly that the protests in Tehran in the summer of 2009. I think Twitter is a great way if you want to organize a demonstration.
However, to reach the world of business marketing, who noted that there was a signal to noise ratio in Twitter. During the nine months he had a Twitter account, I managed to collect 800 + followers, which is not much, but I did it without any effort at all. Then I began to see the devastating statistics on Twitter. One of the ten people on Twitter in fact 90 percent of the seats. Also, something like 90 percent of users are all dead accounts.
Adrian Dayton: Larry, think of a college course. How many students actually raise your hand and the comments, right? Or even if it is presented during the seminars. What percentage, even if you have a small group to participate? You have a large number of spectators, and I do not think so very different from what happens in the real world, right?
Larry Bodine: True. Unless 60 percent of users left after using Twitter for a month and never come back, it would be like if you join a club and brings you back to the second session and 60 percent of people have disappeared.
Adrian Dayton: I think the other way to see is if you talk to a group of a hundred people and 60 percent recorded in its next seminar is a very good rate of about, right?
Larry Bodine: You must do a balancing test. Of all the media are there, you will have a much higher return on investment with blogs, have a LinkedIn account or join Legal OnRamp – instead of spending time with Twitter. People in the legal profession in no hurry to adopt or unproven brand new online social media. I have to tell the truth, when I go to law firms and ask people how many lawyers have a LinkedIn account and all youth to their hands. All older people that is running the company asking, "What you LinkedIn?
Adrian Dayton: I get what I want to come. Perhaps Twitter is about five steps ahead of where these lawyers have to go.
Larry Bodine: Yes
Adrian Dayton I see this point, and is well received.
Larry Bodine: If I am a business consultant and do not have a blog, then I recommend that the company should start. Then I look to the lawyers on LinkedIn and see how many of them have profiles, and then tell them: "You have created a profile for tomorrow because I I will send you an invitation to connect to me. "Once you're on LinkedIn, you can not have a profile stop. Like a car in the garage, which is not good if stays there, go somewhere with him. You should join a group, join a discussion, ask and answer questions and do something. This is where I see the profession is now. something like Twitter – I do not think the profession is ready.
Looking ahead
Adrian Dayton This is your last word on this subject, and I think we'll see what happens. As to whether Twitter is about four or five years, who knows? I just want to make one question: What is your prediction about the next ten years? What is the legal market will look like in ten years?
Larry Bodine: I think we've seen the decline of the company highly leveraged pyramid structure in which two or three associates per partner – simply because customers want a partner, they do not want a partner. Companies seem to be much better who are the main partners. They have some associates who put full confidence that they will become partners.
Another thing, I think you will see the wisdom and law firms will adjust completely around a single industry, like all Wall Street firms with the law is financial services. When the tank of financial services, all of a sudden dismissals has seen major Wall Street. or defense Insurance – insurance companies to become customers, rates begin to have and practice becomes a nonprofit. It makes no sense in which is placed in an industry, because then their fate is tied to the industry of destination. I also believe that we will see more companies virtual law.
Adrian Dayton: It's a prediction we have heard here before, and I think that's true.
Larry Bodine: My favorite example is a virtual company is the firm XDL, that disputes patent, and especially on the web. This is a collection of litigants across the country in different companies. If you have a question to declare Texas or Boston or Richmond, Virginia, who is a lawyer there with a lot of pilot who can handle the problem. The lawyers recently decided to go to market together as a virtual firm.
Adrian Dayton: I think they are very insightful predictions. It's great that you have in the program today, Larry, and I really hope we can have of again.
Larry Bodine: Thank you, thank you for the invitation. It was a pleasure speaking with you.
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