Super Rainmaking-Second Edition

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice --Second Edition-
Now with strategies for CPAs, lawyers, financial advisors and other professional service providers
By John C. Yates, Esq. Chair of the Technology Practice Morris, Manning & Martin, LLP and Robin M. Hensley Business Development Coach Raising the Bar
Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice
Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice Copyright 2011 Morris, Manning & Martin, LLP, Raising the Bar, LLC All rights reserved The publication is provided only for general information. It should not be construed as, and does not constitute, legal advice on any specific matter, nor does the information create an attorney-client relationship. These materials may be considered Attorney Advertising in some states. Please note, prior results discussed in this publication do not guarantee similar outcomes. For specific information and legal advice tailored to a particular situation do not rely on this publication; please consult an attorney. For more information on the law practice of John Yates and Morris, Manning and Martin, LLP, visit the firms website (www.mmmlaw.com), write or email: John C. Yates, Esq. Morris, Manning & Martin, LLP 1600 Atlanta Financial Center 3343 Peachtree Road NE Atlanta, GA 30326 http://www.mmmlaw.com/ Email: jyates@mmmlaw.com Blog: www.mmmtechlaw.com For additional copies of Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice, about coaching services and programs, and/or to subscribe to Raising the Bars free on-line business development information, please visit the Raising the Bar website, write, or email: Robin M. Hensley Raising the Bar 999 Peachtree Street N. E. / Suite 1234 / Atlanta, GA 30309-4484 www.raisingthebar.com / info@raisingthebar.com
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PROPRIETARY NOTICE Copyright 2011 Morris, Manning & Martin, LLP, Raising the Bar, LLC
999 Peachtree Street N. E. / Suite 1234 / Atlanta, GA 30309-4484 P 404.815.4110 / F 404.601.7494 / www.raisingthebar.com / rhensley@raisingthebar.com -2-
PREFACE Since the first Super Rainmaking book was published and directed to lawyers, authors John Yates and Robin Hensley have recognized the need for professionals in any field to learn the subtle and productive art of rainmaking. This second edition provides every kind of professional with practical points about how to target and attract new business, then sustain it for the long run. While most principles in business development are universal, Yates and Hensley provide a unique, day-to-day approach to building a business that is to the point and doable for anyone striving to be a rainmaker in his or her chosen professional services practice.
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A MESSAGE FROM JOHN YATES These 10 Secrets for developing business are practical pointers for CPAs, lawyers, financial advisors, and other professional service providers to target, find and engage new clients. Based on my three decades of experience in building a legal practice, these secrets to success are designed to help professionals develop a consistent program for gaining new business in a systematic manner. Given the current challenges facing firms in acquiring new clients, we all need a program for attracting and retaining new business. These 10 Secrets furnish professionals with guidelines for starting and expanding a business development program that increases the probability of a successful and recurring business development system. An often asked question is whether a professional service provider can develop business and also serve the community. Absolutely! You can perform community service and civic accomplishment and still fulfill your own business development mission. An example is the service that my wife and I provide to CURE, a charitable organization supporting research to cure childhood cancer. The CURE Board includes business executives and leaders in our community and affords me the chance to support an important cause in collaboration with other leaders in our community. Robin Hensley and I are pleased to support CURE. All profits from the sale of this eBook will be donated to CURE Childhood Cancer. ABOUT CURE Founded in 1975, CURE Childhood Cancer is a leader in acting on behalf of children and families to conquer childhood cancer through research, education and critical support of patients and their families. CURE has focused on improving the care, quality of life, and survival rate of children with cancer. The founders joined forces to support laboratory research that would translate into immediate care for children with cancer. CURE has raised millions of dollars to fund cutting edge research at the Aflac Cancer Center and Blood Disorders Service at Childrens Healthcare of Atlanta, Emory University School of Medicine, Memorial Sloan-Kettering Cancer Center and St. Jude Childrens Research Hospital. Through innovative programming, CURE also provides support for stricken families, providing them comfort and support during their time of devastating need.
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A MESSAGE FROM ROBIN HENSLEY Super rainmakers are those rare individuals who have mastered business development to such an extent that they are known for their consistently outstanding results. Perhaps you are thinking that only a select few can achieve these same results. Thats simply not true. John Yates will share with you, on the following pages, the wisdom he has acquired that has served his firm and himself so well. You will find that, by using his 10 Secrets, there is something you can do right now to change your own results. Since launching my coaching practice in 2001 and coaching eight clients per day over the years, I know that these secrets, when applied in a regular and systematic way as part of a written business development plan, always make business development efforts more effective. To help you get the most from Johns 10 Secrets, I will be adding a coaching tip at the end of each chapter, with a practical action step you can take immediately to hit your targets more effectively. So often, it is the implementation that is the trick. Seek out a mentor, partner, friend or coach to help you stay on track. You deserve it! All the best, Robin Hensley www.raisingthebar.com
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Table of Contents
Preface.................................................................................................................... 3 A Message From John Yates................................................................................ 4 A Message From Robin Hensley.......................................................................... 5 Secret Number 1: Build A Positive And Lasting Reputation ........................... 7 Coaching Point From Robin ................................................................................ 9 Secret Number 2: Sell Only Value-Added, Quality Services .......................... 10 Figure 1: Morris, Manning & Martin Technology Practice Value-Add .. 13 Coaching Point From Robin .............................................................................. 14 Secret Number 3: Learn From Rejection And Relish It ................................. 15 Coaching Point From Robin .............................................................................. 19 Secret Number 4: Nail Your Mission Statement.............................................. 20 Coaching Point From Robin .............................................................................. 22 Secret Number 5: Think Strategically But Act Tactically .............................. 23 Coaching Point From Robin .............................................................................. 26 Secret Number 6: Build Your Network And Find The Connections ............. 27 Coaching Point From Robin .............................................................................. 29 Secret Number 7: Develop And Nurture Strategic Partners .......................... 30 Coaching Point From Robin .............................................................................. 34 Secret Number 8: Act Proactively, Not Reactively .......................................... 35 Coaching Point From Robin .............................................................................. 39 Secret Number 9: Build A Dynamic, Feel-Good Sales Pipeline ..................... 40 Coaching Point From Robin .............................................................................. 42 Secret Number 10: Be Optimistic...................................................................... 43 Coaching Point From Robin .............................................................................. 46 Disclaimer ............................................................................................................ 47 About John C. Yates, Esq. ................................................................................. 48 About Robin Hensley.......................................................................................... 50
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SECRET NUMBER 1 BUILD A POSITIVE AND LASTING REPUTATION A good reputation is a magnet. Building a positive, quality and lasting reputation is the first secret to super rainmaking. Obviously, reputation can be either positive or negative. It is just as easy to build one or the other! A good reputation is simply the result of the choices we make. Unfortunately, some professionals, for whatever reason, develop a reputation that is not positive. Once established, a less-than-positive reputation associated with that persons activities is very hard to dispel. In my experience, a good reputation is fundamental to the long-term growth of your practice. A good reputation takes time to establish but only an instant to lose. As Warren Buffett says, It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently. Patience is the key Oftentimes, professionals such as attorneys and CPAs, tend to be overly impatient. We want quick answers. We make fast decisions. We want to be able to succeed quickly. But building a good reputation is not a function of speed. Reputation as a professional can take a lifetime and an entire career. Each positive step you take in building every relationship in your business and in your life is an important step towards building a good reputation. Testimonials tell prospects what other people think From a practical perspective, a reputation is simply what other people think about you and your work. That is why it is a good idea to collect testimonials statements in support of your good work -- from your clients, the people you advise, and others that are associated with your practice. I have been collecting testimonials from my clients for many years and it is a rewarding and informative experience. When I close a transaction or when my team completes a public offering, financing, merger or acquisition, we go back to the client with a simple request:
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Tell us about how we did. Were you pleased? Would you be okay giving us a statement about the service we provided to your company? We have found that we are able to get a very positive comment from the client almost every time. Of course, the likelihood of a positive reference is greater when the deal closes and everyone has made money. In all cases, it is very important to collect this client feedback, not just because it can be helpful in future business development, but because it evidences how your reputation is growing in your practice specialty. That information can also be useful in conversations with new and existing clients. If you begin to gather testimonials early in your career, you will soon have dozens of clients who can attest to your reputation for delivering quality legal services. Capture testimonials on one page A simple one-pager with your client testimonials is a powerful tool for closing a prospect. Your testimonial sheet is also a simple and easy way to answer a prospects question, Who are some of your clients? What do they think about you and your firms work? Yes, you can always provide a list of references to your prospect. But in my experience, references are often of limited value. Prospects frequently do not follow up, or they cannot get a hold of the listed references. On the other hand, if you provide prospects with your client testimonials, they will often read the list at the meeting, looking for a person or business they know or recognize. As the number of testimonials increases, the list will also help you see how your reputation is building over time. A good reputation is a magnet Be patient, do good work, think about the needs of others, and your reputation will be a magnet that will draw business to you.
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COACHING POINT FROM ROBIN Business development requires a commitment to doing what it takes to achieve results. Super rainmakers are successful because of hard work and persistence. Their good reputation is built on the perceptions of others about their work ethic, integrity, knowledge and dedication to serving their clients. Bottom line: there is no quick or easy fix to business development. It is a process that is developed and refined over time. Action Step: LinkedIn can serve as a good place for professional recommendations. Ask your favorite clients to write a recommendation that can be posted on your LinkedIn page, and reciprocate for them. Also, make sure to comply with applicable ethics and professionalism standards that may apply to your practice.
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SECRET NUMBER 2 SELL ONLY VALUE-ADDED, QUALITY SERVICES Sell your highest quality service. Make sure you are directing your pitch to the right prospect. You will increase the likelihood that you will turn that prospect into a client. I learned the second secret to super rainmaking, selling only value-added, quality services, early in my career. It was about 35 years ago and I was working for my father one summer during college, selling material handling equipment in the Carolinas. This was a tough job and definitely not for everyone. Id jump in my car on Monday morning and come home on Friday evening, travelling to every small town in the state -- trust me, there are a lot of small towns in the Carolinas. And I learned one important lesson sell only quality products and services. There were fifty products that I was selling that summer. I learned quickly that only one of those products was top quality; the others were inferior to my competitors products. Being a rookie salesman, I tried to push all fifty of the products on every distributor and manufacturers representative in the Carolinas. The results -- nobody bought anything, until finally, one customer shared the secret with me: Im going to buy your hand trucks, because theyre the best in the industry. The rest of your product lines really arent very good, and I suggest you stop selling them if you want to be a successful salesman. I appreciated the candidness of my customer. My realization was twofold: I was selling products that people did need, but my product lines were inferior to the highest quality products of our competitors. My products, with the exception of the hand trucks, offered no real value-add for my customers. What does this mean for your practice? When you are talking to a prospect, make sure you are selling your highest quality and most competitive services. Too often, service professionals try to sell all of their services, even though they may be of varying quality and value to the prospect. The reality is the service provider may not be listening to what the prospect really needs. He also may not appreciate that prospects probably know that not all services are top quality when compared to other firms.
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If you sell your highest quality service and make sure you are directing the service to the right prospect, you will increase the likelihood that you will turn that prospect into a lasting client. Admit your weaknesses Have you ever been in a new business pitch when the prospect asks you about a particular service or capability that you dont offer at the highest level? I certainly have. When you really want the business, it may be hard to own up to your weaknesses; but acknowledging that you cant deliver the requested service at the highest level will, in the long run, put you in a stronger position with the prospect. It is much easier (and ethical) to say, We are not the best firm to deliver that service. But there is someone else we can put you in touch with who does a great job for our clients in that area. Situations like these can be opportunities, too. If you find that prospects are consistently asking for services that you do not offer, you may need to reassess the need to develop or acquire that service for your firm. A value-add sets you apart To be an effective business developer delivering professional services, you also need to provide value-added benefits. For instance, great CPAs and high quality accounting skills in a practice area or specialty may not be enough to attract new business. That is when your value-added services become important. What is a value-add service? It is more than a differentiator. Differentiation may mean you have ten professionals with special expertise in a particular area. Okay, thats unique. And not all firms have that level of experience. But the prospect is probably not looking for ten professionals in that specialty area. After all, the prospect is not going to be working with ten of them at once. What your prospect is looking for is frequently the value-add -- something that separates your firm from all others in the specialty area. Perhaps it is your unique understanding of the prospects particular market or industry. Or, maybe it is the people you know who have key contacts with your prospects customers. In these examples, you are adding something that shows you understand your prospects business -- you offer more than just talent.
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You are not only different from others with similar expertise you are exceptional in understanding the needs of the prospect. You have a value-add, that certain something that shows your prospect or client that you understand his business and bring strategic thinking to the relationship. Thats a compelling reason for a prospect to retain your services and to have you on the client team as a trusted advisor. Communication is key to selling your value-add How do you communicate your value-added benefits to your target prospects? An illustration may be the most effective communication tool. In my case, as head of the technology group at my law firm, I use a diagram to illustrate to the prospect our firms value-add services. Our services/value-add diagram consists of two concentric circles. The outside circle shows the legal services we deliver using project management, action item lists, and other efficiency tools. The inner circle presents the valueadded services. These are the services we can provide at no charge to the prospect. They are services that allow the prospect quickly to realize that we understand their business and can add value by introducing potential sources of capital, executive candidates, outside board members, and other contacts that may be helpful in growing the business. In presenting your services to a prospect, develop a way to highlight your value-added benefits, too. Your prospect needs to understand that you provide more than legal services; you also offer complimentary business development added-value services. Create a diagram or list of attributes that communicates your services and value-adds it may become the most effective tool for conveying your firms value to a prospect. As a practical pointer, keep the valueadded diagram/chart simple. Often, firms overwhelm their prospects with too much information in an effort to impress them. When you can draw the diagram on the back of a napkin, then youve found the right amount of information to communicate your firms value-added services. (See Figure 1 on p.12.) What if you dont have your diagram handy when you meet a prospect? Heres a trick from early in my career. I learned how to draw my concentric circle diagram upside down! I determined that the key to writing things upside-down was simple -- a dollar sign is the same upside down as it is right side up. If you get the dollar sign right, the rest becomes easy!
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Figure 1: The Morris, Manning & Martin, LLP Technology Practice Value-Add Keep it simple!
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COACHING POINT FROM ROBIN Do you have a value-add? If not, it may be because you are afraid to commit to a niche or a specialty. I see that quite frequently with my clients when we first start working together. You will get more referrals if you make yourself known for a specialty area, even if you maintain a general practice. For example, general corporate work is one of the toughest things to market because people have a lot of choices. However, if you become well-known in a particular area, you can brand yourself as the go-to person for that. Your reputation for a specific niche or specialty will help your business development plans produce results. Action Step: Here are five ways to create a value-add in your specialty area: 1. Go for more of the people and clients you enjoy working with now or have worked with in the past. Make a list. 2. Study your best clients. What industry meetings do they attend? Ask if you can accompany them to those meetings. You will learn more about your clients, their industry, and how you can help them do their business better. You will also have an opportunity to meet their colleagues. Make a list and a timetable for following through with your key clients. 3. Learn about trends, technology and tools that can help keep your clients on the cutting edge of their business. Ask yourself, What does my target client need to know to stay on top of his or her game? How can I be a resource or messenger of opportunity for that potential client? Make a list and a plan on how you will connect with your clients and potential clients on these issues. 4. Read what your target clients read. Following industry trade publications helps you understand your client better and gives you more to talk about that relates to them. The deeper you immerse yourself in your clients business, the closer you will be to the heart of what is most important. Make a list, choose your topics, and start reading. 5. Upgrade your own knowledge and experience through continuing education, advanced coursework and/or pro bono work that puts you on the front line of industry issues. Make a list and a timetable.
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SECRET NUMBER 3 LEARN FROM REJECTION AND RELISH IT If you are not facing rejection, you are not working hard enough at developing business. Everybody gets rejected. Relishing rejection may sound a bit odd, but it is an important part of super rainmaking and my third secret to business development success. While almost everyone dislikes rejection, service professionals probably hate it more. That is because we are used to success. We had an undergraduate career that was generally outstanding. We did well in graduate school. We studied and passed our professional exams, and up until then we seldom experienced failure. Therefore, we expected that everyone would want to hire us. Why wouldnt they? The cruel reality of the real business world appears when the prospect says, I think another firm may better serve our needs. The reaction of the service provider may be to withdraw from business development activities and retreat to the safety and comfort of what we know best, saying to ourselves, Im not used to rejection. I dont like this game. I am not doing this anymore. I want to go back to the people who care about me. The challenge in business development for any service professional is overcoming rejection and learning from it. To be a success at generating new business, you must come to an understanding that every rejection presents an opportunity to improve your business development skills. And conversely, if you are not experiencing rejection, you may not be working hard enough in pursuing new business opportunities. Dont let rejection discourage or deter you Use rejection as a unique learning experience. Clearly you do not want to be rejected all the time, but do not let it discourage or deter you. There are more than enough opportunities for you to succeed. Your challenge is to overcome your desire to retreat or to hit the delete key when the prospect sends you an email saying:
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Great meeting, but we decided to hire somebody else. Your natural reaction may be to say, I sure am glad I didnt get that business. That would have been a terrible client That is the wrong attitude. Instead of withdrawing, a rejection like that is your chance to advance rather than retreat. There is opportunity in that rejection if you are willing to look for it. Instead of quickly moving on to find a win somewhere else, form the habit of asking your prospect why you didnt win. Yes, it is one of the most difficult phone calls or meetings you will make in your practice, but the information you gain from it will make up for the pain. Develop a let me learn from that attitude Almost every time I have been rejected by a prospect (and happily, it has not happened very often), I have been able to get the former prospect to talk to me about their decision. A common thread has surfaced in most of these situations -I took for granted that my pitch, the presentation, and the team that I had with me was going to be enough to convert the prospect to a client. Most often, my team wins new business because we successfully display that we can deliver significant value-added legal services to technology businesses and entrepreneurs. Thats a powerful message, especially when conveyed through client testimonials. After we make our pitch to a prospect, there is often a visible recognition by the prospect of our firms value-added benefits, and we gain confidence that we will have a new client relationship. In certain circumstances, the prospect is focused on extraneous factors we cannot control. Our job in these instances is to try to understand these factors and learn how to overcome the objections and assist in solving the prospects problems. Our likelihood of success increases if we can align our value added services to address the prospects immediate needs. A great presentation does not mean it is over It is extremely important to remember that a great presentation is just the beginning of the business development process -- it is not the end. There are other factors in the prospects decision-making process. The skillful professional should prepare for those in advance.
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I recall one presentation I made with a colleague early in my career that did not go the way we hoped. We spent the first twenty minutes talking about our firm, ourselves, what we did, and where we were going. Unfortunately, our eloquent presentation was totally irrelevant to the prospect. They had a completely different set of issues that was important to them. We had wasted precious time that we could have used to focus on the real concerns and needs of our prospect. Needless to say, we did not win that day. Make a commitment to preparation How do you find out what is most important to your prospect? A champion within the target company can help you understand your prospects pain as well as provide valuable information about key players, the audience you will be addressing, the decision making process and the timetable. You can learn, for example, that there may be only one decision maker but eleven people in the room who will contribute to that decision. Your commitment to preparation also shows the prospect your level of interest in winning the business. Review your performance after every presentation While rejection can still happen, reviewing your performance after every presentation will help reduce the chances it will occur. Ask yourself, 1. Did I plan properly? Did I ask questions up front? Did I ask enough questions to gauge what kind of an audience I have and what their problems and issues are? Did I know enough about their decisionmaking process? 2. Did I present properly? Was it a good presentation? Was it relevant? Was it compelling? 3. Did I differentiate myself from the competition? Did I leave the prospect with a clear understanding of why I was different in a positive way? Follow up is critical After making a presentation to a prospective client, early the next morning I call to leave a voice mail for the prospect. I may say, I was really happy to be there with my team for that presentation. We just wanted to let you know how much we would enjoy working with you.
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Also, I always send a follow-up email, and then look for additional tools to send to the prospect that show our interest in their business. Being persistent in following up with the prospect shows you care about building the relationship, even if the prospect decides to defer a decision on selecting legal counsel. Bottom line? Rejection is important. Relish it, because you can benefit significantly from what you learn from the experience.
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COACHING POINT FROM ROBIN Success, it is said, is getting up one more time than you are knocked down. That is especially true of business development. So what should you do when a No! knocks you over? Dont give up. People lose businessand they win business, every day. What is important is how you handle the loss and what happens next. Action Step: Get in the habit of following up with your prospect after your lossbut dont stop there. Stay in touch and work on building a stronger relationship for the future. There may be a perfect opportunity for your services right around the corner.
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SECRET NUMBER 4 NAIL YOUR MISSION STATEMENT Technology Team Mission: We strive to be the leading provider of value-added legal services to technology, technology-enabled and business services companies that have a presence in the U.S., sell nationally or globally, want to grow rapidly, and ultimately have a successful liquidity event. Many firms have mission statements. But how many of those firms use their mission statement to close new business? That is why nailing your mission statement is Super Rainmaking Secret #4. A thoughtfully prepared mission statement will allow you to create a connection with your target prospect. Through the effective communication of your mission statement, your prospect will immediately recognize that your firm addresses the key issues of importance to his company. In my practice, we have developed a mission statement that aligns perfectly with our target prospect client. When a prospect asks a member of our team about the mission of our Technology Group, the response is the same: Our Technology Group strives to be the leading provider of value-added legal services to technology, technology-enabled and business services companies that have a presence in the U.S., sell nationally or globally, want to grow rapidly, and ultimately have a successful liquidity event. As we recite the firms mission statement, our goal is to have our prospect nodding his head and thinking, You know what? I am a technology company, I want to be successful, I want a successful liquidity event, and I sell nationally or globally. This firm is for me! The mission statement is critical because it also helps to self-select. If that prospect is instead thinking, I am not that kind of business at all, then it is probably not a good fit for your practice and better to reach that conclusion early in the business development process. On the other hand, if you have adequately pre-qualified your prospect and clearly conveyed your mission statement, you should hear the prospect proclaim,
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Yes, that is who I am. That is what I want to be. If that is your mission, that is my mission, too. We need to be doing business together. One caveat Periodically, you will find yourself presenting to a shrewd prospect that plays hard to get. Even though he really is a match with your mission and is the right prospect for you, he sits back and says, Thats interesting, but I dont know. He comes up with thin excuses about why you may not be the right firm, but you know that his business is perfect for you. There is an excellent way to figure out if the person is playing games with you or if he really is aligned with your firms mission. First, you need to go through the preliminary steps - Present your mission statement Draw your firms business model chart (in my case, we use the concentric circles to display the value-add -- see Secret #2) Describe the solutions you efficiently provide Discuss how you can help to drive value, customers, prospects, management candidates or director candidates to the prospect Present your client testimonials.
After taking these sales steps, if the prospect is still playing hard to get, consider making the following statement: Well, maybe we are not the right firm for you. Whoa! The prospect wasnt expecting that. It is amazing how many times he will respond, Oh no, I absolutely have to use your firm. Your services align exactly with our needs. When can we get started. In the optimum professional-client relationship, you will have perfect alignment of your prospect with your mission statement. When you have that, and when you drive ongoing value, your business development will be successful and lasting.
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COACHING POINT FROM ROBIN Super rainmakers know what they do and how to communicate that in a headline statement or elevator pitch. They look at their services from the clients point of view and then craft, refine and practice their headline statement so they can say what they do in any situation with ease and grace. A classic mistake many service professionals make is to talk about what they do vs. the problems they solve. If youre not creating connection with your target market, it may be time to re-think how you talk about what you do. Before I worked on my own headline statement, I used to say, Im a business development coach for attorneys and CPAs and I help people come up with a marketing plan and I meet with them once a month and I hold them accountable, and on and on and on until they stopped listening. My headline statement clearly wasnt working. Thats when I went back and looked at the last 20 people who hired me and heres what I discovered about those clients. Number 1: They hated marketing. Number 2: They didnt have time to do marketing. Number 3: They were very frustrated with the results of the marketing efforts they had done. Now when I meet people I say, Im a business development coach for attorneys and CPAs who hate marketing, dont have time to do marketing or are frustrated with the results of the marketing efforts they have done. The statement creates a connection with the listener and is remembered long after our conversation ends. Action Step: Is your headline statement working? If not, try the following exercise to create a new and more compelling message. 1. Think about the last 10 20 clients who hired you. 2. List the top three reasons they hired you: _____________________________________ _____________________________________ _____________________________________
3. Turn those 3 reasons into a statement about what you do and the problems you solve.
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SECRET NUMBER 5 THINK STRATEGICALLY BUT ACT TACTICALLY What can I do to encourage my prospect to become my client? You have a mission statement. You know the characteristics of your target prospect. Now you must take actions consistent with your objectives. You must fulfill your mission! That means you must think strategically and act tactically -everywhere and all the time. Thats the key to Super Rainmaking Secret #5. Always keep your mission statement in mind when you are with prospective clients -- attending an organizational meeting, having a lunch or a breakfast, attending a non-profit board meeting. You can be at the Boys Club, Girls Club, United Way, Chamber of Commerce wherever it might be, you should also be surveying the room and asking yourself, What is my mission? And who in the room shares the same goals and objectives? My mission, as a lawyer, CPA or businessperson, is to look around that room and see who the people are that can help me fulfill my mission. I am always running my contacts through that filter, thinking about how that contact can provide value to my clients and to my firm and how we can benefit them. This is both strategic and tactical. After meeting with prospects in the room, I make mental notes to myself, I need to send Bill an email message he was really interested in that aspect of this presentation. Or I may make a note, Susan was particularly interested in sources of venture capital and I should follow up with her soon. Before leaving any meeting with prospects, there are several tactical steps to be taken: Introduce yourself to as many prospects as you can find Exchange business cards Find a point of connection with the prospect something the two of you have in common.
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Suggest that you and the prospect should meet to talk in more detail Make a note on the back of the prospects business card of your action items.
You can fulfill your mission and your community service commitments Can you really do both at the same time? Absolutely! You can perform community service and civic accomplishment and still fulfill your own business development mission. By paying attention to what others are interested in, you serve them as well. What is important is to maintain a good balance in these situations. Young professionals just starting out are often at a loss about how to use business and civic organizations as part of their business development goals. Billable hours are their primary concern, so they are unsure about what organizations and community involvement they should seek. I tell them to target organizations they can join at an entry level with an opportunity to move into a leadership role over time. It is that leadership role, performed well, that demonstrates honesty, integrity and competence. They must understand, however, that once they become associated with the groups they select, it takes time to move into a leadership role. Becoming active and proving themselves means they will naturally evolve into more significant roles. There are two key points for young service providers to consider in selecting organizations to join: 1. First, look for an organization that is targeted to your area of interest or specialization. For example, if you are involved in real estate, look for an organization composed of members from the real estate community. Get involved in the organization and meet the people. Those are people who are likely to be part of your peer group for years to come. Take on a defined responsibility, even a small task, and make sure you perform and show you can accomplish the task successfully. Over time, you will be asked to take on a more significant leadership role. As you progress through leadership roles, your reputation and visibility will grow. 2. Second, join a generic organization. That could be a business organization like the Chamber of Commerce, or it could mean becoming active in a religious group, or perhaps a civic or community organization, where you can display your willingness to take on a task, accomplish the task, and work with others.
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Fulfilling your mission is a daily exercise There are two key business development deliverables your mission statement and your target prospect list. Keep them in front of you every day and refer to them often. They will keep you focused on your goals and performing actions designed to bring business to your firm. When you have down time, look at your prospect list and ask yourself a few questions: What can I do to encourage that prospect to become a client? What can I send to my prospect that will help him reach his own goals or let him know that I understand his business? What actions can I take today that will move me closer to my goal? What phone call can I make to help a prospect? What email can I send to provide valuable information to a prospect? There is always something you can do if you take the time to reflect on your prospects needs.
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COACHING POINT FROM ROBIN If you are going to a major fundraiser attended by Atlantas movers and shakers, who do you want to meet? Would you say, Oh, Id like the general counsel of a huge Fortune 500 company or Id like the CEO of a huge public company? If so, you are only half way to describing your ideal contact. For example, a better answer is, I want to meet John Smith who is general counsel of MNO Company. Action Step: If you dont know your specific target market and your specific ideal client, your results will reflect your lack of focus. Who are your favorite clients -- the ones your really enjoy? What kind of businesses are they in? Where do they hang out or what activities are important to them? Now Ill ask that question again. If you are going to a major fundraiser attended by Atlantas movers and shakers, who do you want to meet? And you say, Robin, I want to meet ____________ (name) who is ______________________ (job title) of ____________________ (company). Excellent! Knowing exactly who you want to meet will change the way you market and your success.
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SECRET NUMBER 6 BUILD YOUR NETWORK AND FIND THE CONNECTIONS When I ask about a personal database, the most frequent response is, I have one but it is not very good; it really is not up-to-date. Where is your personal database? If you are like most people, it is on your mobile device or your personal computer. When I ask about the value of your personal database, almost everybody says, It really is not very good; it really is not up-to-date. I have a hard time keeping it up-to-date. It is really not that accurate. Think about it. Of all the resources you have for bringing in new business, your database is probably the most important; and yet most everyone admits, I have a hard time keeping it up-to-date. That is why building your network is Super Rainmaking Secret #6. Many firms are moving to a customer relationship management (CRM) system as a way to pool all information on clients and prospects. The key to the success of these systems is not only to use them, but to input accurate information on an ongoing basis. Everyone in the firm should be involved or the system can become obsolete. Used effectively, a CRM can become an invaluable tool in your business development activities. A CRM system is the answer Before implementing our CRM system, I received countless emails and calls from my colleagues asking, Who knows Ms. XYZ at ABC Company? That email would be sent to hundreds of people in the firm. That meant they had to read it and ask themselves, Do I know this person? Do I know this company? Add the time to respond and it amounts to countless hours of wasted time and energy. And if you multiply that by the number of times those emails are sent and the number of people having to read them, it is an inordinate waste of resources. A fully functioning CRM system is a more efficient way to get that information with greater accuracy.
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Rather than sending that email to the firm, just go to the firm-wide CRM system. You enter the name and the resulting data tells you everyone in the firm who knows the individual, recent communications, and related information that can be invaluable to a business developer. One of the beauties of the CRM system is that you can also use it for building your own personal network. Unfortunately, most firms are grossly inefficient in managing their databases. They spend an enormous amount of time and money putting these systems in place, only to let them often sit idle by failing to consistently input data. When you constantly input information, when you have a collective pool of data from others in the firm, you can work as a team to secure a prospect and convert them to become a client. The result is that your business development initiatives are far more successful. What if your firm does not have a CRM system or fails to use it? There are alternative ways to build your network and your own personal database on LinkedIn. Robin Hensley has been very effective in showing lawyers, CPAs, and other professionals how to use LinkedIn as a business development tool. As Robin urges, LinkedIn is a great way to build and mine your personal database for information that will help you achieve your rainmaking goals. CAUTION: Your LinkedIn connections can be a tempting resource for others LinkedIn is a wonderful tool and resource. If you are someone who has many connections linked to you, you may find that others want to connect with your database. You could end up getting flooded with messages like, Hey, John, I see you are connected to Bill Smith. I really want to get to know Bill Smith. Can you introduce me to him? These messages may appear flattering, but they can consume valuable time and put you in the position of matchmaker a role you may not want to play. Thats when you may have to respond, Id be happy to make a connection, but I dont know this person well enough to make an introduction, or Why dont you request a connection and see if you can build that relationship directly? Despite periodic inconveniences, LinkedIn can be a valuable personal database for a legal rainmaker. Importantly, it is easy to use and free!
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COACHING POINT FROM ROBIN Networking in the online world is exactly the same as it is in building your database in the "real world." As one who teaches LinkedIn seminars, here are some strategies that can make online networking more effective. Action Step: When choosing and inviting LinkedIn connections, use the same criteria you use for yourself in every other aspect of your business. Connecting with people you know and trust, those who know your work or have experience working with you, create a network of people you can go to with confidence when you need an introduction, a reference, an expert opinion, or a question answered. Is it true that the more LinkedIn connections you can get, the better? While some would agree, I do not. It's important to connect only with people you know and trust. If you accept someone you don't know and that person has a poor reputation, that can tarnish your own reputation. (Guilt by association!) "But Robin, how do I protect my connections from poaching by predatory competitors?" If you are not willing to show your connections but expect others to do so, then LinkedIn is probably not for you. With that said, there are two things you can do to protect your connections from poaching. 1. You can mask your connections in the Settings section of your LinkedIn profile -- it's all or nothing; you can't mask just one or two. However, if your competitors are searching for their target client and discover a connection who may also be connected to you, you cannot control that because the search came from outside of your account. 2. You always control your connections. If there is a connection you believe is too important to share, then you can remove it. As you develop your LinkedIn connections, it will be easier to see how those people can get you another step closer to potential clients you want to meet. Just remember, your connections will be expecting the same courtesy from you.
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SECRET NUMBER 7 DEVELOP AND NURTURE STRATEGIC PARTNERS Who are your strategic partners? They are people just like you, serving the same target market, going after the same prospects, representing some of the same types of clients. They just may be doing it in a different discipline. When it comes to creating a systematic business development process, you need business friends. Business friends are not just people in your network, nor are they only people with whom you have connections. Business friends are people that care about you and want you to succeed. They are thinking about how to help you be successful in your business. That is what friendship is all about. Of course, we all have friendships outside of business, but you can develop similar friendships in the commercial world as well. You may never see these friendships in any context other than business, but in a business setting you know they are looking out for you -- and you for them. It makes good sense to make business friends Who are these strategic partners, these business friends? They are people just like you. They are people that are generally serving the same target market you do, going after the same prospects, representing some of the same kinds of clients; theyre just doing it in a different discipline. They may be real estate brokers or executive search firms. They may be people who are members of boards of directors or financial advisors. They may be a group of people servicing and providing advice to the same group of prospects that you are pursuing, so it just makes sense for you to get to know them. In Secret #1, we talked about the importance of reputation. That is also a factor in this Super Rainmaking Secret #7. You must determine early in your career how you are going to develop these business friends. Are you going to single-shot it? Will you focus on only one particular group? For example, will you be going to one strategic firm and say: I want to develop an exclusive relationship with you and your firm. Or do you take a universal approach -Were going to work with everybody and anybody that wants to work with us?
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With strategic partners, whether they are bankers, advertising or PR agencies or other businesses that serve your target market, you are more likely to get referrals from them when they actively seek to do business with your firm and when you make referrals to them. Find strategic partners that care about your market the same way you do The most effective indirect business development strategy is to find those strategic partners that concentrate on your market with the same intensity as you. There may be many complementary firms that do so, and you can develop relationships with all of them. The way you develop the closest best friendships is by showing a few leading strategic partners that you care - - by seeking the ones that you think are going to be most effective, both in delivering quality service and supporting your efforts at delivering value to your clients. These best friendships with key strategic partners can then be expanded to other members of your firm and to include many joint clients with your strategic friends. How do you meet a potential strategic partner? Historically, professional firms put on events with other complementary professional service providers like accounting firms, investment banking firms or real estate developers. Frequently, the host firm has a party -- rather than a business development event. Attendees sit or stand around the conference room table eating and drinking, exchanging business cards and meeting their counterparts in the other firm. At the time, the social event seems to have fulfilled an important role of introducing colleagues to one another. So why dont these events have more tangible results? In most cases, five minutes after the attendees leave, they forget about the event and there is no follow up. The business development director may be the one exception as he asks himself, What are we going to do now? How do I move these connections forward? The business development director may even put together a follow up plan. Unfortunately, the professionals who were in the room are now gone. There may be one or two connections that were made, but very seldom do these events produce tangible results. The reason they arent successful is the nature of the gathering -- they are primarily social events. Strategic partnering and business development is not
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primarily a social event. It is not a party. It is about developing business relationships where people will want to work with each other. It is about building business relationships that last beyond one meeting. A successful plan for building lasting strategic partnerships is completely different. Get rid of the alcohol. Forget the peanuts. Instead, sit around the table and focus on what you and your strategic partner really care about the prospects, the opportunities to work together, the value-add you can deliver together to prospective clients. Make sure your strategic partner has your mission statement, understands your business model, and knows the value-added services you provide. That way, strategic partners can become your ambassador to their clients and prospects. Spend time with your strategic partners to develop joint prospects and clients, and you will be building strong business relationships that will serve you both. Find strategic partners that are part of your ecosystem Find strategic partners that are part of your ecosystem -- the world where you serve your clients and seek your prospects. They can be lease brokers, executive search firms, public relations or advertising firms. In fact, they can be any kind of service provider that delivers services to your target market. For example, one of our strategic partners approached us with a list of people they knew would be of interest to our firm. They had relationships with companies that had eluded us for years despite our best efforts to schedule meetings with them. This strategic partner had a contact at one of those companies and agreed to make an introduction. They tried several times and each time followed up to ask us if the CFO had called us. They continued to make that contact on our behalf until we had a meeting with the CFO. The prospect company eventually became our client. When working with a strategic partner, it is important to remember the value of quid pro quo. What are the strengths of that strategic partner? As you look around at opportunities for him, you want to put that strategic partner in a situation to excel. Finding the right match is particularly important. A good fit will benefit both your strategic partner and you. The strategic partners that rise to the top of your list will be the ones that have heard your message and are willing to spread the good word about your firm. Use meetings with your strategic partners as opportunities to educate them about your firm and what makes you different and better than the competition. Dont be deluded that somehow having a social event is the optimum way to build
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relationships. It isnt even the beginning. The process begins by finding firms that have a similar focus as yours, who deliver differentiated value to their clients, and who understand what you can deliver to your clients. Those are the strategic partners that you strive to make best friends of your firm.
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COACHING POINT FROM ROBIN May I introduce you to my favorite banker or my favorite B2B insurance person? A trusted advisor is anyone you consider a member of your personal board of directors. If you are a corporate CPA, a trusted advisor might be, for example, a corporate lawyer who could send you referrals. They are individuals that share your goals and are willing to spend time spotting ideal clients and opportunities for you. The best way to get them involved in your success is to be instrumental in their success. Action Step: Ask the following questions to build a stronger connection with the trusted advisers on your list. 1. What does a best prospect look like for you or your firm? 2. What is your most burning problem, need or opportunity in a business, family or personal context where I might be able to help you? 3. How do you describe your services succinctly what is your headline statement? 4. What is your Strategic Advantage your differentiator? 5. Who would you most like to meet? 6. How can I help you? 7. Who is your best referral source; and why dont the three of us get together to improve our chances of success even more? This will help you to pinpoint referrals for your trusted advisors, who will then be more inclined to do the same for you.
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SECRET NUMBER 8 ACT PROACTIVELY, NOT REACTIVELY Make your own busy. Service professionals tend to be methodical and process oriented when working in their familiar environment. In business development, they often lack a process or path to move from lead to prospect to client engagement. The idea of acting proactively, not reactively, is foreign to many in client development. We seldom pick up the phone and say Mr. Client, I think you need some of our services, let me help you out. For instance, the client does not generally want his lawyer suggesting legal projects. So, we tend to sit back and react. We wait for that client phone call that we can respond to with information in response to a request for service. Business development is a completely different game. If you wait for the prospect to call you, you may be waiting a long time. The waiting game is not a business development strategy. That is simply hoping that someone will pick up the phone and call you at just the right moment, as opposed to a planned and thoughtful process of client generation. Business development is most effective when it is transformed into a process. A three-step sales process Consider the following three-step sales process. I often call the process making your own busy. Step 1: Profile the characteristics of your target client. Step 2: Identify those prospects and leads that match your target client profile and align with your mission statement. Step 3: Create a proactive plan to find and meet those target clients through your strategic partners, meetings, organizations and other activities that will put you in front of those prospects and leads. Of course, we all have ethical and professional rules. We cannot just pick up the phone and say, Wouldnt you like to hire me? I have great services. I think I can deliver fabulous value-added opportunities for you.
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So how do you act proactively to generate new clients from your prospects and leads? Research is the key to creating an ethical, proactive environment What we can do is first to find out everything we can about that prospect. What organizations does he belong to? What association meetings does he attend? What publications does he read? Who currently provides him with the service similar to mine? We can use our strategic partners and other business relationships to understand the needs of that prospect and to find ways to schedule a meeting. What happens after you make that connection? I have often observed that most service professionals find the prospect, make a connection, have a meeting and then fail to get to the next step. They dont know what to do next. What do I do? I can only take my prospect to so many baseball games. I do not have time to keep sending stuff to them. I dont know what to do! This is why a sales process is so important. We have addressed the what-do-I-do-next problem by creating and using a set of business development tools. These tools are often used to make contact with prospects and to keep our name out in front of them. What tools would be valuable to your prospects? If your prospect matches your target client profile and is consistent with your mission statement, there will be many things you read and information you have that may be relevant to your entire universe of prospects. These informational tools sent to your prospects may be useful in their everyday business. The information may have very little to do with your practice - it may be survey information, M&A valuation studies, an interesting article or candidate resume. Its a way of saying, We understand your business. We are thinking about you. We want to support your success. The most effective way I have found to stay top of mind with a prospect is a personalized message. Email blasts are often not read. A customized message that is directed to the prospect, that uses his name and includes a sentence or two that says you know and understand his business and his concerns goes a lot further. For example, I read a research report recently on a company in China with
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a specific technology that I knew a prospect was considering. I sent the report to him along with this note: Bob, as you suspected, this technology could be the solution youre looking for. Ive got a connection in China that might be able to open a door for you if youd like an introduction. You will also find that keeping up with a large target list is inefficient and dilutes your results. If you are a beginner at business development, focus on five or less prospects at any one time. If you are more senior, divide your prospect and strategic partner lists so you can allocate them to different members of your team. Our technology team meets every Monday morning to discuss business development, determining which tools and actions can be used that week to align with our prospects and strategic partners. This system builds teamwork and coordination and avoids several people contacting the same prospect with similar information. It is also important to keep the CRM database up to date. These weekly meetings help us to stay current with updated lead and prospect information. One final thought for when you find yourself becoming impatient with your results: business development is a marathon, not a 100-yard dash. Dont give up if you dont get an instantaneous response. Keep using the business development tools and refining your message to targeted prospects and success will follow. A signed engagement letter completes the sales process Of course, the introduction, meeting and follow-ups are all just the steps leading to a client relationship with the prospect. It isnt until you have a signed engagement letter that your sales process is complete. Stay focused at each step on how to get to the next step in a proactive way. A capable assistant can be a tremendous asset in this regard. I am fortunate to have an excellent executive assistant who is able to get meetings for me when others find it impossible. She very politely finds a way to interface with the executive assistant of a prospect that I am trying to meet. Shes a pivotal player on our team and instrumental in the business development process. A team orientation is very valuable to business development success. Bring in other members of your team when you are developing a plan to get a new client prospect. You want the prospect to see that you have a strong team that will
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work together to achieve his goals. I encourage team members to send information to the prospect too, showing a coordinated effort among our group; that we are being proactive, not reactive. It is hard for us to believe, but most prospects are not looking for our services. If all we do is say, Okay, I hope you will hire us some day, and thats where it ends, we are unlikely to get hired. Rather, we must continue to work our sales process and work it in a very professional way. Always look for valueadded information to share with your prospects and highlight your knowledge of their business issues.
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COACHING POINT FROM ROBIN Proactive business development begins internally, with members of the firm sharing everything they know about a prospective client. After that, gathering together with key strategic partners and trusted advisors can help you develop a plan of action to reach prospects and turn them into clients. Action Step: Plan on meeting with your strategic partners or trusted advisors, or at least communicate with them on a regular basis at least once a month. If you are not able to meet monthly, commit to stay in touch by phone or email. Leverage time by developing an A list of four or five individuals and arrange to meet as a group. The group may vary, according to the kinds of contacts you want to make, and each member will have an opportunity to talk about the kinds of clients or resources they want. Keep the number small enough so that everyone has a chance in the spotlight during the time allotted. Dont make it all business, though. Spend time getting to know otherstheir hobbies, interests, favorite sports and teams. While we have talked about the importance of online networking, nothing takes the place of knowing someone at a personal level. Stay in touch with your strategic partners. Whenever you come across something of interest to one or more of your group, send out an email or make a phone call. This will help you and your business development goals stay in the mind of those who matter most. If you are wondering how any of this could deliver practical results for you, heres a little encouragement. Understanding what each of these two clients was looking for, I introduced them and, over the past two years, the CPA has sent the lawyer $500,000 of business.
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SECRET NUMBER 9 BUILD A DYNAMIC, FEEL-GOOD SALES PIPELINE It feels good to know that you are taking the actions that you know will lead ultimately to closing the sale. What is a dynamic, feel-good sales pipeline? It is a list of prospects that you confidently believe will be converted into clients through concerted and disciplined actions. There are several important considerations in building a viable sales pipeline for your firm. First, it is important to understand that there is a big difference between sales and marketing in business development. Marketing is about creating name recognition for your firm and always enhancing it. It is about creating a brand for your firm in your target markets telling your story over and over again in productive ways. Qualified leads are the byproduct of a successful marketing plan. You generate leads from marketing activities from holding meetings, conducting seminars, and writing articles. But marketing is not sales. Sales is developing the lead into a prospect and then turning that prospect into a client. What happens when your marketing produces volumes of leads? Often, service professionals dont know what to do when that happens. They take the leads and say, Okay, why arent these leads turning into clients? They are not turning into clients because marketing is only Stage One. And Stage One is the easy part. The real work happens in Stage Two. That is when you take those leads and start converting them into paying clients. That is when you revisit your sales process and recall the three step process mentioned in Secret #8. Step 1: Profile the characteristics of your target client. Step 2: Identify those prospects and leads that match your target client profile and align with your mission statement. Step 3: Create a proactive plan to find and meet those target clients through your strategic partners, meetings, organizations and other activities that will put you in front of those prospects and leads. You dont need hundreds of sales leads in your pipeline
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If you implement this system and methodically work through the steps you will build a dynamic sales pipeline. Ideally, you wont have (or dont want) hundreds of sales leads in your pipeline. What you do want in your dynamic, feelgood sales pipeline are sales leads that match your target client profile and will appreciate your value-added services. You want to be able to say, Any one of the companies on my prospect list fits within our mission statement and target prospect profile. I would like to have any one of them as a client, and I have been taking actions to try to convince these companies to become a client by moving them through the sales process. It feels good to know that you are taking the actions that will ultimately lead to closing the sale. On the other hand, if you look at your list and have done nothing recently to convert a prospect to a client, then you need to be reminded to act now. Remember the tools in your business development toolbox. You could send your prospects an article relevant to their business. You could compose an email invitation for an event. You could make sure that you have updated your CRM system and look for a connection that might be useful. I was reminded the other day of a situation where I looked in our CRM system and discovered that a hot prospect was related to a friend of someone in the firm. We were able to use that connection to make contact with the prospect and provide a value-added introduction. One of the best parts of keeping your CRM system updated is current access to your colleagues and their connections that can be helpful to nurturing prospect relationships and converting them into clients. In other words, you will feel good about your growing prospect pipeline and the ever-increasing probability of converting your contacts into new clients in a systematic manner.
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COACHING POINT FROM ROBIN One good way to keep from feeling bogged down with an extensive prospect list is to narrow it down. Action Step: Build a list of ten target clients you would like to get this year who are especially related to your client profile and mission statement. Focus your efforts on those and you wont find yourself diluting your time with prospects who dont match your goals. Use your trusted advisors network to arrange an introduction, and look for other ways you could interact with key players in the organizations on your list. Research your ten target clients on LinkedIn. What groups do they belong to? Where did they work? What colleges did they attend? Who do they know that you know? This will help you find the common links and people which can move your relationship to the next level, and the next, and the next. Business development is about finding the right prospects and then getting the engagement, so dont stop your efforts until you get the results you want.
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SECRET NUMBER 10 BE OPTIMISTIC ...the odds are in your favor. If you are a leader in business development and aspire to be a super rainmaker, then you must be optimistic. Remember the point mentioned earlier, about rejection? Too many times, service providers confront rejection by withdrawing from business development. Learn to accept rejection and learn from it. Then take an optimistic approach because you know that the odds are in your favor. They are in your favor because: You have developed your mission statement. You follow a sales process. You have established your target list in a CRM system. You are constantly developing business development tools that are attractive to the prospects on your target list. You have your business model diagram to explain your value-add. You target those leads that align perfectly with your mission statement. You know that not every rejection is a rejection for life; opportunities to work with a prospect may come back and renew themselves. You know that persistence and follow-up can be significant differentiators in your firms business development process.
You are going to win more than you lose Your job is to educate your prospects that you are the right firm for them. But even if you implement all the sales steps to perfection, you will still encounter some rejection. Thats okay. Remain optimistic because you know you are going to convert more prospects to clients than you lose. Optimism is extremely important in the sales process both for you and your team. Stay the course, stick with the sales process and success will follow! Remember, its not just about you its a team effort Exuding optimism and educating your team is important. Whether you are a first-year associate or a senior partner, teamwork is critical. Understand your teams strengths and weaknesses and your highest and best value to the team. It
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is not about working solo to bring in new business. Use the resources of your team. Ask your colleagues for help, especially if you are a young associate. It is a redeeming quality for a young associate to be confident enough to approach a senior partner and say, How can you help me with this prospect? It shows that you, as an associate, are thinking about how to build your practice and grow the firm. As a leader in business development or a senior member of your firm, energize others to be a part of the business development process. Yes, it may be more efficient for you to do it yourself, but involving others and giving them a meaningful role affords them a chance to engage in the sales process and to experience the success of landing a new client. It may not be the most efficient in every situation, but it is a great way to create a team focus and camaraderie, loyalty and commitment. When you involve others, remember to provide candid feedback on how they can improve their business development skills. Generally, service professionals do a poor job of delivering candid and constructive criticism. They do not like to be critical of their colleagues. But candid feedback does not have to be negative criticism. Constructive advice will be valued by the team and can increase the likelihood of successful business development. Business development is a team sport Think of business development as a team sport. If you have a person on your team that continually shoots the ball and misses, provide constructive guidance and explain the importance of passing to others. In business development, the equivalent may be the team member who talks too much or interrupts just before the prospect has a chance to present his greatest needs. The guidance and coaching of a senior member can be very important, because not everyone has been trained in the art of business development. Very few of us receive any formal business development classes in grad school we are forced to learn on the job. Provide candid feedback that will help others and your team to succeed, such as, Listen to the prospect first before adding your two cents. Let the prospect tell you about his problems and issues and then adjust your response accordingly.
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or, When youre making your presentation to a prospect, sit on the edge of your chair. Dont rock back -- it makes you look like youre uninterested. Show a level of enthusiasm and attention that will impress the prospect. Or, maybe your constructive comments are: When we are having lunch with that prospect, dont gobble your lunch down in the first 30 seconds, before anybody else has even picked up his fork. You may communicate, eat or relax that way at home, but you need to be aware that a client prospect setting is different. Unless you provide your colleagues with candid feedback, they will not be able to improve in business development. It goes both ways, too. You, as a business development leader, must be willing to receive constructive feedback. It is going to make you more effective. One of the best ways to get honest feedback on this subject is to ask your clients. It is very hard to do, but necessary if you are to improve in business development. Ask your prospects and clients several simple questions: What do you like about the service we deliver? What do you like about the way we provide services? What did you like about that pitch that we made? What did you not like?
Asking for feedback is the best way to improve the way you make a presentation and deliver services to clients. Those are my Top 10 Secrets for Super Rainmaking. I call them secrets, but they are actually self-evident truisms. In my experience, when you put them all together, they can have a substantial impact on building a successful and satisfying business development program for any firm.
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COACHING POINT FROM ROBIN Henry Ford said, If you think you can or think you cant, youre right. As a coach, I have seen many kinds of clients evolve into super rainmakers because they followed strategies like those presented by John Yates. While it may seem overwhelming at first, when you start to follow these guidelines, keep going. Action Step: Keep fine-tuning. Soon you will develop the successful habit of prospecting, planning and following through. Use your common sense to build your client base and increase profitability. I think you can. Do you?
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DISCLAIMER
The publication is provided only for general information. It should not be construed as, and does not constitute, legal advice on any specific matter, nor does the information create an attorney-client relationship. These materials may be considered Attorney Advertising in some states. Please note, prior results discussed in this publication do not guarantee similar outcomes. For specific information and legal advice tailored to a particular situation do not rely on this publication; please consult an attorney.
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ABOUT JOHN C. YATES, ESQ.

John C. Yates is chair of Morris, Manning & Martins Technology Practice and a member of the firms Management Committee. Mr. Yates is one of the pioneers of the technology law field and has been practicing exclusively in this area for almost thirty years. The firms technology practice has represented hundreds of technology companies and provides legal services in such areas as IPOs, mergers and acquisitions, patent prosecution, Internet law, biotech and medical devices, ecommerce/distribution, corporate finance and venture capital, international law and dispute resolution. Mr. Yates is internationally recognized in the technology law field. He has founded and been a member of the Board of Directors of leading technology organizations for over two decades. Mr. Yates is co-founder of the Southeastern Software Association (SSA) and the Southeastern Medical Device Association (SEMDA), non-profit trade organizations that support technology growth in the Southeast. He serves on the editorial board of leading technology publications, and his articles have been cited in the computer law area, including citation by the U.S. Supreme Court in Kodak vs. Image Technical Services. He is a co-author of articles published in The Law and Business of Computer Software and The Handbook of Business Management. Mr. Yates is frequently quoted in business publications, including The Wall Street Journal, The Economist, and the Atlanta Business Chronicle. Mr. Yates has also been recognized in a Harvard Business School case study (Ockham Technologies: Living on the Razors Edge) as a leading lawyer representing fast growth companies. Mr. Yates is a frequent speaker at national and international business and technology law organizations. He has delivered more than 250 speeches during his career. He has also spoken at annual computer law seminars sponsored by the Georgia Bar Association, North Carolina Bar Foundation, Minnesota Computer Law Institute, and American Bar Associations Section of Science and Technology. In 2001, the Technology Association of Georgia honored Mr. Yates by making him the first recipient of the Leader of Influence Award for his outstanding service to the regions technology community. He has also been selected by eCompanies as one of the Technology Leaders in Atlanta and by the Atlanta Business Chronicle as one of the Most Influential Leaders in Atlanta. In 2002, the United Way of Metropolitan Atlanta created the John Yates
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Award for Community Leadership honoring his work on behalf of the community as co-chair of the United Ways Atlanta Technology Initiative. The award is presented to the United Way campaign member who surpasses expectations and inspires others to use their unique gifts in ways that impact the community. In 2003, Mr. Yates was Chairman of the Georgia Technology Celebration, the largest gathering of technology executives in Georgias history. He also received the 2003 Community Builder Award from the Technology Association of Georgia (TAG) for his service on behalf of the technology community in the state. Mr. Yates is currently co-authoring a book, entitled The Art of Business Friendship, and is a columnist for various online computer and legal publications. He was selected as a Georgia Super Lawyer in the fields of Business/Corporate (Technology) in 2004-2010 and is among the top five percent of the states attorneys to be so honored. Learn more about John C. Yates, Esq. and the law practice of Morris, Manning & Martin, LLP at http://www.mmmlaw.com; his blog is at www.mmmtechlaw.com.
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ABOUT ROBIN HENSLEY

Robin Hensley is a business development coach. She is founder and president of Raising the Bar, an executive coaching firm focused on evolving high-achieving lawyers, CPAs and other professional service providers into world class rainmakers. She is author of the book, Raising the Bar: Legendary Rainmakers Share Their Business Development Secrets. Ms. Hensley held business development and marketing positions with the Atlanta law firms Kilpatrick Stockton and Swift, Currie, McGhee & Hiers, and she was also a CPA with Ernst & Young. She currently serves on the board of directors of Superior Uniform Group, listed on NASDAQ, where she has chaired the audit committee for more than 10 years. She served on the board of directors of Northside Hospital for 10 years. Her honors include The Atlanta Legal Aid Society Advisory Board, Leadership Atlanta alumna, Honorary Lifetime Member of the Board of the American Cancer Society in metro Atlanta and the Atlanta Business Chronicles "Top 20 Self-made Women of Atlanta". Her work as a business development coach has been featured in numerous publications, including the Atlanta Business Chronicle, Atlanta Journal-Constitution and Daily Report. Ms. Hensley is a writing contributor to the Daily Report. Visit her Web site at www.raisingthebar.com.
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Super Rainmaking-Second Edition

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Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice --Second Edition-

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

ABOUT JOHN C. YATES, ESQ.

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

Super Rainmaking: 10 Secrets To Raising the Bar In Your Professional Practice

ABOUT ROBIN HENSLEY

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