What are your top 3 priorities for growing revenue in 2013?
If you were to benchmark your marketing, what would you learn? What are your strengths and weaknesses? And where do you need to focus your activity in 2013?
Business leaders who come along to our free seminar on February 6 will have the opportunity to answer these questions for themselves, using RCR’s 9 Box benchmarking toolkit.
In the meantime you might be interested to know what emerged from a similar seminar that we ran with a number of growing businesses from the legal sector in October last year. When we collated the results of the strategy exercises that we did with our delegates, three key areas of focus emerged:
A significant number of the delegates identified this as a priority area for their businesses. They felt that they weren’t sufficiently differentiated in their marketplaces and didn’t stand out from the crowd.
In a mature marketplace with lots of competition, this is always going to be a challenge but if Positioning is an issue for your firm, our advice would be ‘don’t wait to sort this out’. Positioning is the foundation of effective revenue generation and once your positioning is clear it will be so much easier to make good decisions about all your other marketing and business development activity.
2 Client management
The second area of concern for October’s delegates was the need to improve their process for identifying their most and least profitable clients, and then developing appropriate plans to retain and grow those clients.
At a time when revenues are under pressure, it’s important to recognise that it’s almost always easier and more cost-effective to generate new revenue from your existing clients and contacts. This group was conscious that they could be more organized about client relationship management (CRM) and identifying opportunities for ‘up-selling’ or ‘cross-selling’. Not to mention the fact that putting good client service programmes in place is vitally important for retaining key clients.
3 Starting conversations
The third priority for October’s delegates, and an area where they felt they were weak, was in starting conversations with new prospects: sales or business development in other words.
Given the continuing tough economic conditions this was not perhaps surprising. What we saw with this group, and with many of our other clients and contacts, is the need to think differently. What worked before the recession won’t necessarily work now, and when the recession finally ends your sales approach will need to change again.
For example, for professional services firms like this group, they’ve had to look at the pricing and packaging of their services. Clients are no longer happy to sign-up for an open-ended commitment based on ‘the clock’; they want fixed prices and transparent fees. Successful law firms that have adopted these strategies are finding it much easier to generate new business.
If you think your business would benefit from our benchmarking and prioritisation workshop on 6 February in central London, then sign up now here. This event isn’t just for law firms either: it’s open to all owners and directors of SMEs in any sector.
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