Most law firms try to be all things to all people, even in a specialised practice. Some people also say you need to have a great elevator pitch to get the sales conversation started. Agreed, but it is not the key driving sales activity. Yes, sales activity. That is what you do to generate revenue, you sell. Sales is not a dirty word, just accept it and read on. Sales activities is critical, but clients want knowledge and outcomes. The key to improved sales are 3 simple things:
- Product – a clearly defined product suite so your clients know exactly what they are buying from you. You don’t have to be a master of all things to your clients. Instead, how would it feel to be THE BEST at just a handful of things. These should be what you focus on
- Marketing – you don’t need a big marketing budget, you just need a bunch of activity that informs and educates your target market on what your products are and why they need them
- Sales – develop and implement a plan focussing on converting your opportunities to sales. It is so much easier to sell a product to a client when that client has contacted you to discuss why they need the product that you are the best at.
Defining your product and knowing it intimately makes it so much easier for existing and and new clients to engage your professional services (oops, I mean make a sale). Get clear on what your product is before you just try to increase your revenue. It will be much easier.