Name: WORKBOOK. How To Create A Predictiable Flow Of Potential New Clients
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1 Name: WORKBOOK How To Create A Predictiable Flow Of Potential New Clients October 2013
2 How To Create A Predictable Flow Of Potential New Clients Keep Your Options Open & Your Pockets Full October 12 th, 2013 GENERAL SESSION LOCATION 8:00 AM - 9:00 AM REGISTRATION SALON FOYER 9:00 AM - 10:30 AM LESSON IN TACTICS & 90-DAY LOOK BACK SALON 2 & 3 10:30 AM - 11:00 AM BREAK 11:00 AM - 12:00 PM DESIGN YOUR FUNNEL SALON 2 & 3 12:00 PM - 1:30 PM LUNCH UPPER & LOWER POOL DECK 1:30 PM - 3:00 PM LEAD CONVERSION SECRETS (Stephen Fairley) SALON 2 & 3 3:00 PM - 3:30 PM BREAK 3:30 PM - 4:00 PM OUT OF THE BOX GET PAID STRATEGY (Bill Nabors) SALON 2 & 3 4:00 PM - 4:15 PM BREAK 4:15 PM - 5:15 PM BUSINESS PLAN BASICS SALON 2 & 3 5:15 PM - 5:30 PM BREAK 5:30 PM - 7:00 PM RUN YOUR OWN DISCOVERY DAY 7:00 PM - 9:00 PM DINNER ON YOUR OWN SALON 2 & 3 9:00-11:00 PM UN-PLUGGED SESSION SALON 2 & 3
3 How To Create A Predictable Flow Of Potential New Clients Keep Your Options Open & Your Pockets Full October 13 th, 2013 GENERAL SESSION LOCATION 9:00 AM - 10:30 AM OPEN MIC Q&A SALON 2 & 3 10:30 AM - 11:00 PM BREAK 11:00 AM - 12:00 PM YOUR 90 DAY ACTION PLAN SALON 2 & 3 * Please remember to bring a jacket, as the meeting rooms can get a bit cold. If you have any questions throughout the program please Stephanie Galvis at office@howtomanageasmalllawfirm.com
4 How To Create A Predictable Flow Of Potential New Clients Keep Your Options Open & Your Pockets Full
5 EXCLUSIVE BONUS OPPORTUNITY Want to be part of the next Invitation Only Closed Door Session in Marina Del Ray, CA? Here s how you get your ticket: 1. Call the Ritz-Carlton in Marina Del Ray, CA at (800) or go online and enter the group code MNGMNGG. 2. Give Stephanie your confirmation code by 2 PM on Sudnay October 13 th, That s it. You re in. Why are we asking you to do this? By booking your hotel roo early, you re helping us negotiate the best rate possible for YOU. Those of you who have joined us in the past for special closed door sessions know the insights you get from these kick a$$ experiences, don t miss out!
6 Always pass on what you ve learned. - Yoda Plans are nothing; planning is everything. - Dwight D. Eisenhower Being busy does not always mean real work. The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration. Seeming to do is not doing. - Thomas A. Edison Without leaps of imagination, or dreaming, we lose the excitement of possibilities. Dreaming, after all, is a form of planning. - Gloria Steinem
7 The 90 Day Look Back What are your most important achievements from the last 90 days? ACHIEVEMENT HOW DOES THIS MOVE YOU [MEASURABLY] CLOSER TO YOURGOALS? FURTHER PROGRESS FINANCIAL PERSONAL PROFESSIONAL
8 Lesson In Tactics PROS CONS EQUITY PROS CONS EQUITY PROS CONS EQUITY
9 Lesson In Tactics PROS CONS EQUITY PROS CONS EQUITY PROS CONS EQUITY
10 Lesson In Tactics PROS CONS EQUITY PROS CONS EQUITY PROS CONS EQUITY
11 Lesson In Tactics PROS CONS EQUITY NOTES:
12 Workshop Notes SESSION I 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
13 Workshop Notes
14 Prospective Clients DESIGN YOUR FUNNEL Have a problem or opportunity they don t know about ($1MM +) Know they have a problem or opportunity and are looking for a solution ($500-1MM) They have a problem or opportunity and think you might be the solution ($ K) They have a problem or opportunity that you can help them solve ($0-250K)
15 Workshop Notes SESSION II 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
16 Workshop Notes
17 Lead Conversion Secrets Stephen Fairley - The Rain Maker Institue SECRETS OF A LEAD CONVERSION SPECIALIST 2 Critical Metrics Every Law Firm Must Track: CPL and CPC Define what a LEAD is Cost Per Lead (CPL) Who is and is not counted as a Lead Who counts the Leads Avoid arguing about what a qualified lead is... Here is how we (TRI) define a Lead : Someone who has never done business with you before (vs a repeat client). EVERYONE who contacts the firm via , phone, social media, personal referral, internet, networking event, seminar and we do mean EVERYONE! They express an interest in your services Leads are NOT appointments! Leads are NOT consults! Leads are NOT new clients! Here is how you measure your average Cost Per Lead (CPL): How many Leads are produced in a given time frame? How much money did the firm invest in marketing during the same time frame? Divide $$$ invested by # of Leads $20,000 spend / 40 New Leads = $500 CPL Since marketing is NOT magic and it OFTEN takes several months from the time you start marketing until the time you start reaping the rewards you want to: Compare month vs quarter vs annual Keep a running average Why Does This Matter? If you want to make an extra $500,000 or even a million this year you need to first determine: How many leads does it take to produce a new client? 10? 20? 30? For most B2B firms it generally requires 10 or fewer leads to turn into a new client. For most B2C firms it may take 2-3 times that number to result in a new client. Copyright 2013 The RainMaker Institute. Reprinted here by special permission, not to be reproduced or futher distrubted. All rights reserved.
18 Lead Conversion Secrets Stephen Fairley - The Rain Maker Institue SECRETS OF A LEAD CONVERSION SPECIALIST How many new clients per week, month and quarter will it take to achieve your financial goals? If your Average Client Value (ACV) is $10,000 and you want to make another $500K this year how many more clients do you need to serve? ($500K/$10K=50 or 4 more per month) If it takes 20 leads to generate 1 new client how many new leads do you need to generate to land 4 more clients per month? (20x4= 80 more leads or 20 per week to land 4 more clients to generate another $500K this year) You may also want to consider these factors: How much does it cost to land each new client? What s your average profit margin per client? Which services give you the highest profit margins? If you re going to sell a service it may as well be your most profitable one! Cost Per Client (CPC) Define what a New Client is for your law firm. Here s how we at TRI define a New Client : Someone who pays your firm money! Anyone who signs a retainer agreement Does not depend on billing the client Does not depend on doing the client work Does not depend on collecting the money Here is how you measure the CPC: How many Clients are retained or signed up in a given time frame? How much money did the firm invest in marketing during the same time frame? Divide $$$ invested by # of New Clients $20,000 spend / 40 New Leads / 10 New Clients = $2,000 CPC Since marketing is NOT magic and it usually takes several months from the time you start marketing until the time you start reaping the rewards you want to: Compare month vs quarter vs annual Establish a Running Average Copyright 2013 The RainMaker Institute. Reprinted here by special permission, not to be reproduced or futher distrubted. All rights reserved.
19 Lead Conversion Secrets Stephen Fairley - The Rain Maker Institue HOW GOOD ARE YOU AT LEAD CONVERSION? (ARE YOU SURE?) How To Estimate Your Current Lead Conversion Rate How many new leads* does your firm get each month? How many new clients does your firm sign up each month? Typical Law Firm Without a Lead Conversion System 100 Leads = 100% 52 Appointments Set = 52% 23 Appointments Show Up = 44% 12 Sign Ups (New Retentions) = 52% 1 Sign Ups ~ 90 Days Later = 8% Number of New Clients Divided by Number of New Leads Est. Conversion Rate 13 Total New Clients = 13% Typical Law Firm With the Rainmaker Lead Conversion System 100 Leads = 100% 70 Appointments Set = 70% 49 Appointments Show Up = 70% 34 Sign Ups (New Retentions) = 69% 5 Sign Ups ~ 90 Days Later = 15% *Be sure to use the definition of lead as described above. Every single lead must be counted, NOT just the qualified leads or appointments kept or consults given. 39 Total New Clients = 39% Before Lead Conversion System After Lead Conversion System 11% Overall Conversion VS 32% Overall Conversion Copyright 2013 The RainMaker Institute. Reprinted here by special permission, not to be reproduced or futher distrubted. All rights reserved.
20 Lead Conversion Secrets Stephen Fairley - The Rain Maker Institue HOW TO RAPIDLY IMPROVE YOUR CONVERSION RATES 8 Ways to Turn Leads Into More Appointments: Stage 1 Stage 2 1. Institute the 5 Minute Follow up Rule. 2. Never make an Attorney responsible for follow up! 3. Train a staff person to handle your follow up at first. When you get over leads per month, hire a dedicated person. 4. Give staff person a performance bonus to set appointments who show up. 5. Call a minimum of 5-7 times before giving up. 6. Script every voic , test results and verify calls are being made. 7. Send a direct mail piece (CD or lumpy mail). 8. Send 4-5 educational s via autoresponder, in addition to the calls. 10 Ways to Improve Show Ups : Stage 2 Stage 3 1. Send an immediate confirmation with details of the appointment. 2. Include a map, driving directions & photo of outside of the building in your Send a shock and awe package in the mail. 4. Have a staff person call them the day before and the day of. 5. Call appointments 10 minutes after they don t show up to reschedule. 6. Never be rude or mean if they don t show. Assume something happened in their life that prevented them from coming. 7. Call a minimum of 5-7 times after missed appointment before giving up. 8. Script every voic and test results. 9. Track to verify calls are made by your team. 10. Send 4-5 Autoresponder s in addition to the calls 12 Ways to Sign Up More People at the Initial Consult: Stage 3 Stage 4 1. Micromanage the client s experience before the Initial Consultation. 2. Role play with your team and train them how to overcome objections. 3. Consider having trained non-attorneys do some of the Initial Consults. 4. Give staff a performance bonus for each person who signs up at the Initial Consultation. 5. Emphasize the benefits, value, results, and solutions you offer, not just your services. 6. Emphasize how you are different from your competitors. Be sure to think about all your different kinds of competitors (other attorneys, Google, non-attorney companies, etc.). 7. Tell them why they cannot handle it by themselves and why they can t afford to ignore it any longer! 8. Use case studies and testimonials they can relate to. 9. Empathize over their situation! Pay attention to their emotions! Don t just focus on the facts; get into the feelings that are driving their behavior. Remember People buy emotionally, then justify it rationally! 10. Directly ask for the business! Make it clear you want their business. 11. Make it really easy for them to sign up with you! Don t give them a bunch of paperwork to fill out before they come in. 12. Assume the sale! They made an appointment with you for a reason. 4 Ways to Convert More Prospects After the Initial Consult: Stage 4 Stage 5 1. Send an immediately after the No Hire event asking them why they didn t buy and emphasizing the reasons why they should do business with you. 2. Have a non-attorney team person call them the day after the No Hire. 3. Have a non-attorney team person call 4-5 more times afterwards to encourage them to come back into the office. 4. Send 4-5 autoresponder s in addition to calls. Copyright 2013 The RainMaker Institute. Reprinted here by special permission, not to be reproduced or futher distrubted. All rights reserved.
21 Lead Conversion Secrets Stephen Fairley - The Rain Maker Institue HOW TO RAPIDLY IMPROVE YOUR CONVERSION RATES How much money are you losing because you don t have a Lead Conversion System? 1. Where is your business at currently? Are you satisfied with that? 2. What are your financial goals this year? 20% increase? 50% increase? Double or triple? 3. You can get there by using either Lead Generation or Lead Conversion. To double your revenues this year you can either: Double the number of leads you are generating High cost of Lead Generation! Takes a lot of time to produce results (often 6-12 months). No secret strategy that works every time for every firm. Trial and error. Your first plan doesn t always work. A lot of variables are outside of your control: how many competitors you have, how sophisticated your competitors are, how much money they have to spend on marketing, the size of your marketplace, the economy, etc. Double your lead conversion rate! Easier to achieve significant increases. Faster results (usually days). Quickly improves your cash flow. You can get started easier. You can control almost all of the variables: how quickly your team responds to inquiries, how aggressive your team is in turning inquiries into appointments, training your team on how to overcome objections, micromanaging the client experience, what is said during the initial consultation, how your team follows up after the consult, etc. Note From RJon: To follow-up with Stephen please visit his website or ask your Managing Partner to schedule a telephone appointment for the three of you to discuss how to integrate his services into your growth and management strategy. Copyright 2013 The RainMaker Institute. Reprinted here by special permission, not to be reproduced or futher distrubted. All rights reserved.
22 Workshop Notes SESSION III 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
23 Workshop Notes
24 Workshop Notes SESSION IV 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
25 Workshop Notes
26 Business Plan Basics Marketing Sales Factory $ Physical Plant People Story: Numbers:
27 Business Plan Basics Marketing: Sales: Factory: $: Physical Plant: People:
28 Workshop Notes SESSION V 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
29 Workshop Notes
30 Run Your Own Discovery Day Clarify your thinking Why: What is my purpose? Goal: What do I want the outcome to be? Strategy: HOW am I going to accomplish the goal? Tactics: What do I need to DO to implement my strategy? Tools & Resources: All the STUFF I need in order to execute in each tactic. Profitable Target Markets On a scale of 1 to How easy are they to find? 2. How aware are they of their problem? 3. How much do they demonstrate interest in fixing their problem? 4. How urgent do they already believe it is for them to them to fix their problem? 5. How capable are they of investing with you? 6. How conscious are they of self-investing? 7. How well do they know, like and trust you? 8. How well are you known, liked & trusted by someone else who your target audience already knows, likes & trusts more than they do you? 9. How many sugars do they take with their tea? 10. How much does your product or service appear to them as an opportunity (1) or as a solution to a problem (5)
31 4 Ways to Quickly & Easily Find Speaking Opportunities CHECKLIST Start by looking at professional industry and trade association directories, websites, newsletters Ask your ideal clients where they go for opportunities to build their careers and professions Use Google and Google Alerts to get easily accessible contact information, conference details, industry events, spark events in the market, etc. Ask other speakers at events where they ve been speaking and what conferences/events they attend
32 4 Ways to get booked for Events, Conferences, and Speaking Engagements Checklist: Carefully fill out your online speaker application, read all of the speaker requirements, and follow the rules laid out by the event host(s) Meet every deadline: application, deposits, marketing/ promotion al materials, etc. Look at last year s topics and presentation titles: Is your topic too similar to what speakers have already shared? Your topic must prove that you re a thought leader and address a problem that s widespread, urgent, or expensive: Are you presenting something profound, out of the ordinary, or contrarian?
33 8 Ways to Turn Every Speaking Engagement Into a Revenue- Generating Opportunity Checklist Start with your end goal in mind: What do you want to walk away with? Design your talk to actually generate leads Get a sponsored table at the event Get business cards from every person in the room in exchange for something of value Offer the opportunity to schedule complimentary strategy sessions with you Make follow-up calls to every person that gave you their business card Set aside time for breakfast, lunch, or dinner with warm leads at the event Fully embrace the speaker mindset before, during, and after your speaking engagement
34 10 Things You Must Include In Your Presentation CHECKLIST Give them an opening show-stopper: a funny video clip, a shocking statistic, a memorable image, a powerful quote Position the audience: Why are you here? Why does this topic matter? What will you gain from this presentation? Build tension around the business problem you re about to talk about Take everything the audience thought was their problem and explode it Ask: So if those strategies aren t working, then what does work? Segue into your expertise, your methodology, and your strategies Provide proof that the solutions and strategies you ve shared will get the audience results Deal with any objections that the audience is already thinking Let the audience in on one specific step, secret, tip to get started Give the audience a specific call to action
35 Workshop Notes SESSION VI 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
36 Workshop Notes
37 Workshop Notes SESSION VII 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
38 Workshop Notes
39 Workshop Notes SESSION VIII 1 IDEA TO IMPLEMENT BEST FIRST ACTION(S) Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
40 Workshop Notes
41 Best of the Best 1 NAME: BEST IDEA DATE: IF IMPLEMENTED IN THE NEXT 90 DAYSHOW WOULD THIS IMPACT YOUR LIFE? Which idea on this page, if implemented, would have the biggest positive impact on your business and/or life? #
42 Workshop Notes
43 Workshop Notes
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