#40 Nurturing the client relationship for additional business
IP law firms and law firms often dedicate most of their business development resources in acquiring new clients. Of course, there is nothing wrong with attracting fresh blood to the client rotation. However, the business development efforts would give a better return on investment if aimed at the existing client accounts.
Nurturing existing client relationships is the more effective way of marketing. There are many reasons for that. First, when you are marketing your services to existing clients, you do not have to start building the trust from scratch. Assuming that you have delivered great and quality service to your client is more comfortable with you approaching them.
The second advantage is that as you have taken the time to understand the business of your client, you are better positioned to identify new needs and challenges in which you could help the client. When you know where the client stands at the moment and where they want to go in the future, it is easier to offer your services as the solution for them.
As a result of the previously mentioned, the marketing costs per acquired new business is much lower than when trying to market your services to new clients. Another positive financial thing is that usually, the first case the client gives you is not always the most lucrative one. Usually, the longer and the better the client relationship, the more profitable cases, you will receive.
The lesson here is that the grass is not always greener on the other side of the fence.
If you an IP Expert who wants to improve their business development skills, enroll to IPR Leads Institute now!
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