Seth Godin talks about making your (practice)Â indispensable:
How to get clients by email; the right and wrong approach
February 15, 2010 by
I just got an email from a investment company representative that is a classic illustration of the WRONG way to use email to generate new business.
Hi David,
My group wanted to reach out to you to see if you have any interest in our services.
We are an independent, fee-only investment advisor with a proven track record and compelling value proposition. We have a sophisticated investment process that combines individual bonds and equities/ETFs to produce a tax sensitive, highly liquid, totally transparent, risk managed portfolio. Our philosophy is grounded in academically proven methodologies. We don’t do broker talk, just easy to understand investing.
Our CIO was formerly an executive corporate risk manager at BIG COMPANY, and a MAJOR UNIVERSITY grad and CFA. We have a solid understanding of not only equities and bonds but also foreign currency and interest rate risk management. We have retained over 95% of our clients over the last 5 years.
I wanted to see if you were open to exploring opportunities with us? Perhaps I can email you a 1 page breakdown about our firm, bio’s and performance?
Apologize for the email intrusion, however we believe it’s a less intrusive way of an introduction.
Best,
Name
Managing Director
Company Name
Okay, what do you think? Is this likely to bring in any business? What would you do differently?
I’m not concerned that it’s unsolicited. It’s okay to approach prospective clients or referral sources to introduce yourself in an unsolicited email. But you’ve got to do it right and the first thing that’s wrong with this email is it seeks to do much more than that and takes too much for granted about my interest in using this company’s services.
Too much, too soon.
Selling investment services is like selling legal services. It’s a process, over time. It’s based on a relationship between the professional and the prospective client or referral source and trust is integral to that relationship. Trust takes time and must be earned. (It can also be borrowed from a mutual contact who refers the parties).
Before marriage there is courtship and before courtship is the first date. You haven’t even asked me out but you want me to meet your family?
Too much, too soon.
So what’s a better offer? How about information that could help me save or make money, like a report or mp3 or newsletter with investing tips, strategies, or predictions? Or, how about an invitation to a free tele-seminar or web-inar? This would not only provide value it would also allow me to identify myself to you as a potential prospect for your services.
Offer something I want and I can have without a big commitment or a sales pitch. Make it easy for me to say yes.
(There’s another benefit (to you) of offering valuable information: it gives you an opportunity to demonstrate your expertise, which is much better than you simply proclaiming it.)
An offer must contain a benefit. What’s in it for me? What do I get out of it? Had this email offered valuable information I may have been interested in receiving it. The door to our relationship would have opened. You would have gotten my attention and eventually, over time, as trust is built, we might begin courting.
Another problem with this email is that it’s all about you–your firm, your experience, you, you, you. Talk to me about me–my concerns, my desires, my portfolio. I’m interested in my life, not yours.
Show me made an effort to learn something about me and what I do, perhaps a comment about my blog . I know it’s a form letter but if you had made any effort to personalize it, you’d have a much better chance of getting my attention.
Marketing is common sense. If we met in person, what would you say to get my attention? What would you offer that might make me interested in speaking further?
Emails like this make me think that common sense isn’t really that common.
How to achieve your New Year’s Resolution in 59 Seconds
January 7, 2010 by
[mc src=”http://www.youtube.com/watch?v=xGt_4hRGUnQ” type=”youtube”]How to achieve your New Year’s resolution in 59 seconds[/mc]
How to market legal services on Facebook
October 26, 2009 by
Facebook is a great place to meet prospects and potential referral sources. With a few clicks, you can find and connect with exactly the kinds of people you’re looking for, at no cost whatsoever. The ease with which this can be done, however, too often leads otherwise smart professionals to do things that actually chase prospects away.
Facebook is not an advertising medium, it is a networking medium, and the rules of networking are the same online as they are in the “real” world. Use Facebook to meet people, just as you would at a Chamber of Commerce or Rotary event, and then build a relationship. It’s okay to let them know what you do–that is what people do when they meet, after all. It’s not okay to assault them with self-serving promotional messages.
Just as it’s easy to add friends on Facebook, it’s just as easy for them to block your messages or delete you. Understanding and applying a few simple rules of networking etiquette will go a long way towards helping you use Facebook and other social media sites to build your law practice.
Make your profile about you. People want to be friends with real people, not companies or products or causes. Use your real name, and provide information about yourself–what you do, what you like, where you have been, what you think about the world.
You can describe your practice in your profile and add links to your web sites. Think of this area as your online business card. If someone wants to see what you do, they can look in this section. If they want to know more, they go to your web sites. You can also establish a fan page or group for your practice and link to this from your profile.
Your profile photo should be, not surprisingly, a photo of you. Photos of your dog or a pretty sunset can go in your photo album, but when I’m considering a friend request, I want to see who’s asking. Use a decent head shot and don’t clown around. You really do have only one chance to make a first impression.
Be appropriate. The world is watching –and judging you. If you use inappropriate humor, if there are photos depicting you as inebriated, if you are too extreme in your viewpoints–these can all have serious negative consequences.
Use spell check. Use correct grammar. Be judicious in your use of emoticons, abbreviations, and slang. Your real friends may not care about any of this but I can assure you, many of your business prospects do. All they have to go on is what they see on your page, so be careful about what you post.
As for invitations to join your cause or attend your event, please be aware of how your friends might perceive you in light of your activities. Are you involved in anything ill-suited to your profession or the image you wish to portray? Are you always playing games or taking surveys and, seemingly, never working?
Don’t advertise. Don’t post an ad (or a link to your website) on someone’s wall. Ever. Disguising it as an offer for a free ebook that is part of your sales process doesn’t fool anyone. Don’t do it.
Look, you wouldn’t like it if someone came to your house and stuck a sign in your lawn advertising their services, so why would you think anyone wants your ad on their Facebook property? If you post an ad on my wall, I will delete it. If you do it again, I will delete you.
The same goes for email. If I accept your friend request and you immediately send me messages about your product or service, that’s a big turn off. You might have something I want, the best price, the greatest service, but don’t be surprised if I don’t buy from you. It’s not quite spam, but it’s close, so don’t do it.
Your status message is different. It’s on your property–I only see it if my settings so allow. But don’t abuse this by posting a never-ending stream of promotional messages. Once in awhile is fine. Do it every hour, like I see some people do, and we’re done.
I change my status message usually once a day. That works for me. It’s okay to change yours several times a day, but make sure you have something meaningful to say. Some say it’s okay to make your status posts two-thirds about you, one-third about your business or offers. I say that’s too much advertising. There are other, more subtle ways to spark interest in what you offer. (See below.)
Add value. Your profile, your status updates, your notes, your videos, your comments on others’ posts, should be perceived, by and large, not as self-serving or frivolous but as adding value. That doesn’t mean you can’t let your sense of humor show or that everything you do must render a benefit. It does mean that you should show people that you have something to say and something to contribute to the relationship.
You can offer tips and advice, share resources, or describe interesting experiences. IÂ try to post an interesting quote every week day, and I post occasional videos and links I believe my friends would like to see.
You could write articles (“notes” on Facebook), and provide helpful information. This note is an example. When you post articles, not only do your friends see you as making a contribution, they also get a demonstration of your expertise.
By contrast, updates about the sandwich you just ate or the movie you watched are of no value to anyone unless they come with a meaningful recommendation. I don’t care that you are walking your dog or checking your email. You wouldn’t call me on the phone and tell me these things, so why tell me online? Someone who posts something merely for the sake of posting isn’t adding value, they are simply adding clutter to an otherwise over-cluttered Facebookisphere. [I just coined that word; feel free to use it.]
Adding value also means making an effort to patronize your friends’ businesses. You’d do that in the real world, wouldn’t you? And if you can’t hire them or buy something yourself, provide referrals. When you do that, you help two friends and earn the gratitude of both. Be a matchmaker. If you have a friend who is looking for a new employee, for example, and you have another friend who might be a good fit, introduce them.
Add value and people will want to be your friends. Waste people’s time with meaningless information and you might soon find that when you do have something of value to offer, nobody’s listening.
Be yourself, but be normal. Don’t hide your personal side. The things you do for fun–hobbies, games, surveys, widgets you post on your page, and so on, define you and make you interesting. When your friends see they share those interests it can strengthen your relationship. But if you are on Facebook to build your business, you must establish a balance between your personal and business identities. When in doubt, always lean towards your business persona.
In the real world, if you came to my office and I threw a sheep at you or gave you photo of a chocolate martini, that would be weird, wouldn’t it? And yet that’s what people do online. Look, I do silly things on Facebook. I’m opinionated and have a profoundly warped sense of humor and I like to stir things up from time to time. But the majority of my Facebook friends who have an opinion of me would, I think, describe me in positive, business-like terms.
A little flair now and then is interesting. All flair, all the time, is clownish, and people don’t do business with clowns.
Friends first. There is a maxim in marketing that says, “All things being equal, people prefer to do business with people they know, like, and trust.” Be that person.
“How To Win Friends and Influence People,” written decades before the father of the founder of Facebook was born, offers great perspectives on how to do business on Facebook.
Dale Carnegie counsels us to focus on other people, not ourselves. Talk to your Facebook friends (through messages (email), IM (instant message), and, eventually, by phone and in person) about themselves. Ask questions and listen. Let them do most of the talking.
What do they want in their business or personal life? What problems do they wish to solve? Look for ways you can help them. Provide advice or information or referrals, if you can. Just listen if you cannot. Again, that’s what friends do.
If your services can help them solve a problem or obtain an objective, offer them. If not, don’t. And if you do offer them and they aren’t interested, drop the subject. They may come back to you some day, when they are ready, or they may not, but they will never hire you if you pushed them or annoyed them to the point where they deleted you.
Is social media a fad?
September 3, 2009 by
[mc src=”http://www.youtube.com/watch?v=sIFYPQjYhv8″ type=”youtube”]The social media revolution[/mc]
Lawyers required to protect personal information under new federal rule
April 2, 2009 by
Oh what fun, lawyers (and their clients) have new regs to comply with and new exposure if they don’t. Civil damages, administrative penalties, and even criminal charges are possible under these new rules. But this emerging field also provides new marketing opportunities. You can advise (and bill), you can represent damaged parties, and you can defend parties charged with failure to comply. And, if you practice in any related field, you can attract new business by speaking and writing about these new regulations. You can also earn profits beyond your legal fees by offering non-legal identity theft protection to your clients and their employees. I work with many attorneys who do this and the income is not only substantial, it is residual. If you’re interested in learning more, send me a personal message. dw
—
By Susan D. Oja and Alex De Grand
April 1, 2009 — Lawyers who bill their clients after services have been rendered are expected to implement a written program guarding against the theft of their employees’ and clients’ personal information under a new federal law.
The Federal Trade Commission will begin enforcement of the “red flags rule” on May 1. The rule is part of the Fair and Accurate Credit Transactions Act of 2003 (FACTA), a congressional response to spikes in reported identity theft. Identity thieves assume a person’s entire identity or synthesize one from parts of various victims. Because more than half of identity thefts occur in the workplace, businesses are required to implement safeguards.
Those subject to the rule are “creditors” and financial institutions who maintain consumer-type accounts or other accounts at reasonable risk of identity theft. The FTC noted that identity thieves look for opportunities to obtain products or services that do not require payment up-front.
As interpreted by the FTC, “creditors” has a broad definition, encompassing professionals such as lawyers and doctors who defer payment of a client’s bill. The American Medical Association protested that other federal laws and professional ethical duties to maintain patient confidentiality precluded the new rule. But the FTC held in a letter that the statute borrows the sweeping definition of “creditor” from the Equal Credit Opportunity Act (ECOA). Agency interpretation of the ECOA specifically includes doctors and lawyers within the meaning of “creditor.”
What is expected
Under the new rule, lawyers must implement a written policy specifying how they will watch for the warning signs — the “red flags” — that indicate an identity theft may be occurring and how they will respond to prevent or mitigate the crime if uncovered.
Policies are supposed to be tailored to the amount of risk. The FTC acknowledges there is no bright-line rule to distinguish between high and low-risk. But the rule suggests a lawyer consider such factors as how easily an account is opened or accessed and previous experience with identity theft.
If a lawyer finds there is little risk, an appropriate program might comprise no more than checking photo id at the time services are sought and a policy against collecting from an identity theft victim or reporting it on the victim’s credit report.
In its letter to the AMA, the FTC stated that it does not foresee the new rule imposing a great burden. “For example, a small medical practice with a well-known, limited patient base might have a lower risk of identity theft, and thus might adopt a more limited Program than a clinic in a large metropolitan setting that sees a high volume of patients,” the letter read.
What to watch for
The Appendix of the “red flags rule” provides examples of incidents putting a creditor lawyer on notice of potential identity theft. In addition to fraud alerts from consumer credit agencies or the client’s complaint, this list includes suspicious documents, perhaps altered or forged. A creditor lawyer may receive fishy personal information such as an unexpected change of address. Creditor lawyers are also directed to look for unusual use of an account.
A creditor lawyer’s policy should address the detection of “red flags” at the time an account is opened by obtaining identifying information about the new client and verifying it, the rule instructs.
What to do
Responses to “red flags” should be in proportion to the risk posed and a creditor lawyer is advised to consider any “aggravating factors” such as a data security breach that may exacerbate the threat. The rule Appendix suggests appropriate responses could be alerting law enforcement, monitoring the account for evidence of identity theft, changing passwords or other security devices controlling account access, reopening an account with a new account number, or closing an account. Under certain circumstances, the rule states that a creditor lawyer may determine no response is necessary.
These written policies should be updated periodically to account for changes in risks to clients’ information or innovations in detection of identity theft. A subsequent merger, acquisition, joint venture, or service provider arrangement may also prompt the need for an updated written policy.
The rule also requires appointing a senior management person to implement the program; appropriately educating employees; and overseeing any service provider arrangements. Liability follows a creditor lawyer’s data, so due diligence is necessary to confirm vendor compliance before outsourcing payroll or hiring an office cleaning company.
More information from the FTC: The Red Flags Rules: Are you complying with new requirements for fighting identity theft?
Susan D. Oja, a solo practitioner in Middleton, is a certified identity theft risk management specialist through the Institute of Fraud Risk Management. Alex De Grand is a legal writer for the State Bar of Wisconsin.
Hourly billing is fun!
February 21, 2009 by
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What’s your excuse?
January 19, 2009 by
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Feeling stuck? Waiting to be rescued? Don’t let this happen to you. . .
January 10, 2009 by
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Are you pursuing your dreams like Paul Potts did?
December 24, 2008 by
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