The LMA Philadelphia September lunch program focused on the topic of “Revenue Generation through Client Appreciation.” Led by speakers Kathryn Whitaker, Director of Marketing and Business Development at the McNair Law Firm in South Carolina, and Heather McCullough, Marketing and Business Development Coach at Society 54, the program explored strategies for client service and appreciation that can significantly drive revenue.
Key takeaways from the program included:
- Retain Existing Clients. For most firms, 20% of your clients produce 80% of your sales. Ensure that your business development and client service initiatives are focused on retaining the right clients.
- Build Loyalty. The speakers gave a nod to #LMA12 keynote speaker James Kane who said that relationships are built and strengthened through authenticity. What can firms learn from this? Be trustworthy and transparent. Connect with your clients via shared interests. Demonstrate a shared goal and purpose. Loyal clients become advocates. Always keep in mind how can you make the client’s life better?
- Invest More in Less. Maximize business development results by investing in the activities that are meaningful to clients such as client feedback, client and industry teams, and client proposals.
- Appreciate Client Appreciation Programs. Consider all of your business development and marketing initiative and projects as an opportunity to demonstrate superior client service; i.e. client teams, educational events, client entertainment, expressions of gratitude and charitable contributions.