How to leverage CLE time

September 12, 2007 by
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Kiyosaki (see previous post) says leverage is “doing more and more with less and less”. One way to accomplish this is by making the time you spend in Continuing Legal Education do “double duty” for you, as the following letter from one of our subscribers attests:

“One idea that I have found very useful in building clients’ perceptions of credibility and reliability is the faxing or emailing of regular snippets of industry-specific information.

“For example, I have been wooing a client in the commercial construction business. Although I am not an expert in construction law. . . I came across an interesting summary of late breaking developments in subcontractor liability in the latest issue of the [his state Bar] Journal. I immediately copied it and faxed it to my contact (the executive v.p.) with the note, “I thought you might find this interesting.”

“I then added a quick blurb about how this is precisely what we do proactively for our business clients to keep them on the cutting edge of their field.

“This practice keeps me alert to my client’s needs, motivates me to stay on top of “hands-on” CLE information, and lets the client know about my concern, competency and desire to excel.”

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Filed Under: Client relations, Continuing Legal Education, Leverage Tagged With: , , , , , , , , , , , , , , , , , , ,

Leverage: the key to wealth

September 12, 2007 by
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I was at a convention for another business I am involved in and one of our speakers was Robert Kiyosaki, author of the "Rich Dad, Poor Dad" series. Kiyosaki was able to retire at age 47, then came out of retirement to add to his wealth by investing in real estate and building businesses.

One of Mr. Kiyosaki’s themes is leverage. In fact, he says it is the key to wealth. If you are an employee, he says, you will almost never become wealthy. Aside from not having leverage, our tax system is rigged against you.

Being self-employed isn’t any better. In some respects, it’s worse. When you are self-employed, the more successful you are, the harder you have to work. Most self-employed professionals I know work longer hours than their employed counterparts.

In the income arena, leverage comes from owning a business or through investing, Kiyosaki says. If you think your law practice is a business, you may want to reconsider in light of Kiyosaki’s litmus test: You own a business if you can walk away for a year, come back and be earning as much or more as when you left. If you cannot, then you don’t own a business, you are merely self-employed, which means you "own" a job.

Ugh! Hits you in the gut, doesn’t it?

Michael Gerber, author of The E-Myth Revisited, says the same thing when he tells us that entrepreneurs (and that includes self-employed lawyers) need to build something that they can walk away from. Both he and Kiyosaki talk about creating "systems" to build a business and wealth.

Creating a system means taking yourself out of the equation. If you want leverage, You must be ruthless in your quest to make yourself obsolete. So long as your practice is about you and what you can do, you do not own a business, you do not have leverage, and you will never be able to walk away. Only in rare instances will you become rich.

The dichotomy is that as lawyers, the strength of our practice is directly proportional to the strength of our relationships with our clients and referral sources. When we take ourselves out of the picture, those relationships wane.

How do you reconcile the need for systems with the need for strong relationships in a personal service business? You probably can’t, completely. But here are three things you can do:

1. Create systems for every aspect of your practice except relationships. Make yourself obsolete with respect to the delivery of legal services and administration. Work toward delegating everything OTHER THAN the perpetuation of existing relationships and the generation of new ones.

2. Teach your employees how to build their relationships and incentivize them to do so. You will thus be able to compound your leverage by leveraging their relationships.

3. Use the time you no longer spend delivering services for building other businesses and investing.

This is what I have done. I leveraged my (former) law practice to build the attorney marketing business, and I leveraged that business to develop another business, and the latter, thankfully, does meet Kiyosaki’s litmus test.

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Filed Under: Leverage, Wealth Tagged With: , , , , , , , , , , ,

Three simple ways to improve almost any ad

September 11, 2007 by
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I cut out this one-inch ad out of a local newspaper:

<<<<<<<<<< BEGIN AD >>>>>>>>>>>>>>>

LOST MONEY IN
STOCK MARKET?

Securities Arbitration
SMITH LAW OFFICE
(555) 555-5555

Misrepresentation, Churning
Unauthorized Trading, Suitability

<<<<<<<<<<< END OF AD >>>>>>>>>>>>>

Not a bad ad. The headline works. It asks a question, which engages the passing reader and identifies them as appropriate prospects.

The ad tells the reader what service is available (securities arbitration for misrepresentation, churning, etc.)

And there’s a phone number the reader can call.

I’m sure this lawyer is getting some business from this ad.

But could he be getting more business? Only testing will provide a definitive answer, but I think he could.

There are three things I would test:

1. PROMISE A BENEFIT

Arbitration is a feature, not a benefit. By itself, it means little of value to the client. What do you get as a result of the arbitration? That’s the benefit, and stating it in the ad should improve response, possibly dramatically.

It may be obvious to you and me that the benefit is that the client could get their lost investment back without the expense of a trial, but in copywriting, nothing is obvious–everything should be spelled out. Might they get their investment back with interest? Even better.

2. MAKE AN OFFER

Offering a free consultation will dramatically increase response to this ad.

Many people won’t call if they think they will be charged to talk to you, and they won’t bother to find out, so if you offer free consultations, say this in the ad.

If you don’t offer a free consultation, other offers (e.g., a "free report") will also increase response.

2. TELL THE READER WHAT TO DO

Studies show that if you tell the reader what to do, more will do it. Tell them to call and more will call.

While you’re at it, I would also tell them "when" to call (e.g., "now," "today," or during stated business hours), and who to ask for. I’d also remind them "why" (e.g., "to schedule an appointment for your free consultation.")

Promise a benefit, make an offer, and tell them what to do–three keys to improving almost any ad.

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Filed Under: Advertising, Copywriting Tagged With: ,

The key to success in advertising

September 10, 2007 by
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"Which publication should I advertise in? What size should the ad be? How frequently should I run it?

"What should my headline be? Which service should I offer? Should I mention my fees? Offer a discount? A free consultation?

"Should I do "lead generation" advertising, or go for the immediate ‘sale’? How many times should I follow up with an inquiry? How often?"

These are VERY good questions!

The answers are found through "testing."

Testing is the process of trying different variables and recording the results. It means, for example, trying four different versions of an ad, each with a different headline, and tracking how many sales or inquiries come in from each.

Some headlines outpull others by as much as 3,000%. Testing might allow you to bring in that much additional business with NO additional expense.

The key to success in advertising is constant testing. You try something, see if it works, then try different variables against the original (called the "control") to see if you can improve response.

What kinds of things should you test?

The single most important thing to test in ANY kind of marketing, but especially in advertising and direct mail, is "the list". WHO sees your message is will affect response more than any other variable.

If you are offering estate planning services, for example, a list of 50-year old men with a wife, kids, and a home, will undoubtedly pull better than a list of college students. That’s obvious, of course, but there is much profit to be had in testing more subtle variables.

For instance, in marketing those same estate planning services, will a list that includes men with three children outpull a list of men with just one? If so, you could get more bang for your marketing buck by using the better-pulling list.

In marketing my Referral Magic course to lawyers, for many years, I did a lot of print advertising in bar publications. Some publications produced a greater number of inquires than others, and some "converted" a higher percentage of those inquiries into sales. I tracked both numbers, and because I did, I knew which publications to stay in, which ones to drop, which ones produced the most gross profit, and which ones the highest net.

Some publications always did well, and I stayed in them for a long time. Others never did well, and were dropped. Still others produced a good response, then petered out to the point where it was no longer profitable to advertise in them.

Because I kept accurate records (the key to testing) I had this information at my fingertips and knew what to do.

Next to the list, the most important thing to test is your headline. It can make a HUGE difference in response.

Headlines are not just in ads, however. Your report or article title is a headline. Same for your brochure. The title of your seminar is a headline. The opening line in a presentation is, too. The "re" in your letter is a headline. And so is the "P.S."

What goes at the top of your web page? That’s a headline. So is the "subject" in your email. What’s the first thing you say when you call a potential referral source to introduce yourself? Yep, a headline.

Advertising legend David Ogilvy (Ogilvy & Mather) said that the headline is 80% of the effectiveness of an ad. Think about it. An ad with a bad headline but brilliant copy won’t get read; readers never get past the headline. But a mediocre ad with a GREAT headline gets read many times more often. More people reading the ad means higher response.

After the list and the headline, the next thing I would test is the offer. You can’t possibly know which offer will result in the greatest number of replies. Want to try a discount? Well, it may increase response, it may have no affect on response, or it may DECREASE response.

Wouldn’t you want to know?

There are many other things you can test, but these three are the most important in any ad.

If you want to pull in more business, reduce expenses, and increase your bottom line, test!

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Filed Under: Advertising Tagged With: , , ,

Magic words that make you rich

September 7, 2007 by
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Want to know how to get more referrals? It’s easy. All you have to do is use these MAGIC WORDS:

"Can you help me?"

People like to help. Ask them to do something and chances are they will. You can ask for referrals, of course, or something much simpler and non-threatening, like help in building up your newsletter mailing list.

Here’s another way your clients could help you:

“Would you help me with my practice? It won’t cost you a cent, and you’ll be doing me a big favor. Just take ten of these reports I’ve written and pass them out to your friends or family (clients/customers). I’d really appreciate your help.”

Even if only one in ten actually passes them out, you can quickly get your "expertise" into the hands of a lot of people, along with the implied endorsement of the client or referral source who distributes them.

Simple. Inexpensive. Powerful.

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Filed Under: Referrals, Relationship marketing Tagged With: , , , , , ,

When a client “has a problem”. . .

September 6, 2007 by
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I was in Philadelphia for a convention a few years back and stayed at the very classy Downtown Marriott, adjacent to the Convention Center.

On the morning we were checking out, our bill was slipped under the door. Unfortunately, it was nearly double the rate I had been quoted.

I went to the front desk, expecting an argument. How could we be that far off? I had an email confirmation reflecting the rate I had been quoted–a very good rate, I came to find out. It’s true that at the last minute I had changed the number of occupants and bed sizes, but I didn’t think that should make a difference–at least not that much of a difference.

The lawyer in me was prepared to fight!

I told the clerk that there was a problem with our bill. She responded by saying that there were no problems, just issues that need to be dealt with.

How refreshing! She totally diffused the situation, and reminded me that problems are really opportunities in disguise. She didn’t argue or defend or excuse. She apologized, told us it would take a few moments, and set to work on her computer to create a new bill at the rate I had been quoted.

In the process, she made me feel good about the hotel. The memory that will forever be imprinted on my mind is not of the problem but of how they took care of me. They trusted me, respected me, and showed me they cared.

When you have a client with a problem or complaint, don’t be embarrassed or upset, celebrate! That problem is a opportunity to come charging in on your white horse to save the day.

Give them the benefit of the doubt. Fix it, in their favor. Do "the right thing" even if it wasn’t your fault.

Studies show that when a client has a problem and you "fix" it, they often become one of your best, most loyal clients. They feel good about you and return to you and tell everyone about how great you are.

When you travel to Philadelphia, you might remember that I told you that the downtown Marriott cares about its customers. Think about that the next time a client calls about a problem with their bill.

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Filed Under: Client relations

How to choose the right specialty & my web site diary

September 5, 2007 by
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I posted two articles on the web site today:

  • How to choose the right specialty. Choosing the right right area(s) in which to specialize is one of the most important decisions you will ever make. To help you decide, ask yourself, and others, these questions.

  • David’s web site diary. Here’s what I have done to create this web site. If you’re interested in starting your own blog, here’s what I did (and why). I will update this page as this site develops.
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Filed Under: Blogging, Online Marketing, Specializing, Technology Tagged With:

How do you find time for marketing?

September 4, 2007 by
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Where do you find the time for marketing? Some projects require several hours to several days, but many tasks you need to do can be done in minutes. 15 minutes today, 15 minutes tomorrow, and you can achieve amazing results.

Yes, 15 minutes a day is enough, but you must do it every day. It is consistency of effort more than quanity of time that counts. It is the little things you do, in the aggregate, that compound, over time, to create meaningful results.

I recommend that you schedule that time, in advance, and put it on your calendar. Make an appointment with yourself, record it, and KEEP THAT APPOINTMENT!

If you set up a 15 minute appointment for next Thursday at 2 pm, then next Thursday at 2 pm, you do the activity scheduled on your calendar. If a client calls and wants to schedule an appointment on Thursday at 2 pm, your secretary needs to tell the client that you already have an appointment and move the client to 2:15.

You may not yet know what it is that you will do on these appointments, but schedule them anyway. Set aside 15 minutes a day, every day, for marketing. If you don’t have a specific task to do, use that time to read marketing books or make lists of ideas to be explored in the future.

Anyone can invest 15 minutes a day in marketing.

Will you?

Sadly, most of the attorneys who read this won’t. I urge you to give it a try for 30 days. You will be pleasantly surprised at the results.

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Filed Under: Time Management

How to build your prospect list: just ask three questions

August 31, 2007 by
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This Labor Day weekend, many will attend parties and meet new people. Social (or business) gatherings are an opportunity to expand your network of contacts, all of whom could be potential clients or referral sources.

If you have something planned this Labor Day weekend, before you go, I know you’ll check your wallet or purse, making sure you have plenty of business cards on hand. But if you’re like most people, the opportunity to connect with new people will come and go. You will neither pass out cards nor collect any.

You’ll meet people and politely discuss sports or the weather or how tasty the hamburgers are, but you won’t get their contact information and they won’t get yours.

But you don’t have to squander this opportunity. All you have to do is ask three simple questions:

First, introduce yourself and ask for their name. "I’m David, what’s your name."

Easy enough. Now you know their name and they know yours. Use their name a few times so you don’t forget it three seconds later, as we so often do.

Second, ask them what they do. 

You can first ask how they know the host or how they are otherwise connected with the event, but then ask them what they do for a living.

"So, what do you do?"

Also easy.

Ask a follow up question or two and let them tell you all about what they do. When they are done, most people will ask you what YOU do. On the rare occasion when they don’t, just go on to the third question.

Third, ask for their card. "Do you have a card?"

When they give you their card, give them yours.

Voila, instant contact.

If they don’t have a card with them (and many won’t, especially at a social function), give them one of yours and ask them to write their information on the back.

"Write your contact information here." At least get their email address or web site.

It will help if you offer them a reason you are asking. If appropriate, tell them you might run into someone who could use their products or services. Or, simply tell them you would like to stay in touch.

Any reason will do.

Your objective at any social or business function is not to pass out your card (although that’s good, too), it is to find out something about the people you meet and capture their contact information so you can stay in touch with them.

To accomplish that, all you need to do is ask three simple questions.

Have a great weekend!

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Filed Under: Business cards, List building, Networking Tagged With: , , , , , ,

What did YOU learn about marketing in law school?

August 30, 2007 by
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"91% of Lawyers Unhappy about Lack of Marketing Training in Law School," says the headline of a report of a recent poll. "We must have struck a nerve because the responses were overwhelming and many lawyers even took the time to make pointed comments," said Daniel Guttman, MBA, principal in the firm that conducted the poll.

Is anyone surprised by this?

When I went to law school over thirty years ago, there wasn’t a single class on anything having to do with the "real world" of being a practicing lawyer. Nothing about how to open an office, hire employees, or set up a filing system. No guidance on calendaring or conflict checking, file retention or bookkeeping. And we certainly weren’t taught anything about marketing.

Is it any different today?

Did you learn anything about marketing in law school? Did they teach you how to bring in clients or how to keep them happy ("client relations") so they would come back and refer their friends?

I wrote an article on this subject: What I learned about marketing in law school, detailing my experiences. Now ‘d like to hear yours.

And while we’re comparing notes, tell me if your state (province, jurisdiction) allows you to earn continuing legal education credits for classes in marketing. Last time I checked, most jurisdictions allow credit for ethics and certain law office management topics, but not marketing.

I taught myself how to market my services. I had to, to survive. At the time, there were very few resources available to attorneys who wanted to learn marketing and the practical side of running a law practice. There was Foonberg’s book and little else. (That’s why I wrote Referral Magic.)

In 1977, Bates vs. Arizona made it possible for attorneys to advertise, officially blessing the notion that the law is a business as well as a profession and suggesting that the "business of law" might be something we want attorneys to know. Unfortunately, I don’t think much has changed since then, and this poll says most attorneys agree. Here’s how the author summed up the results:

  • 41% don’t get good marketing results, don’t know how to market or don’t bother to do any marketing at all.
  • 37% manage to just generate enough business for themselves.
  • Only 22% of respondents consider themselves rainmakers

The article, along with lawyer comments and a link to the complete poll results can be found on this page.

 

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Filed Under: Continuing Legal Education, Marketing legal services Tagged With: , , , , , , , , , , , , , , ,
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