Minnesota Program Recap: Revenue Generation Through Exceptional Client Experience with Society 54
Here in Minnesota, not only did we close out the month of February with a flurry of snow, but we also held our first educational program of the year! On Wednesday, February 23, Cecilia Linton and Emily Hillman from Society 54 joined us over Zoom for a program on “Revenue Generation Through Exceptional Client Experience.” The central focus of the presentation was to help legal marketers answer the question, “What is one thing you would implement at your firm to improve the client experience?“
Understanding Your Client Mix
“The more you know about your client mix, the better you are”
-Cecilia Linton
The presentation was divided into two parts. Cecilia started by talking about the building blocks behind understanding your clients and Emily talked about the specifics of putting together a successful client appreciation program.
Cecilia began the conversation by covering four key macro marketing trends affecting clients:
1. Environmental social governance
2. Diversity, equity, and inclusion
3. Artificial intelligence
4. Predictive analytics
To make informed decisions on how best to help lawyers, marketers need to understand the issues facing clients. Cecilia talked about using the 80/20 Rule, also known as the Pareto Principle, to identify your client mix. Since firms are 60-70% more likely to sell new services to existing clients, this means looking internally to try to take better care of the clients who bring in the bulk of your firm’s revenue.
Cecilia wrapped up part one of the presentation by introducing the concept of a “bow-tie funnel,” to depict the client life cycle, which is a sustainable growth formula optimized for customer acquisition and retention.
How to Set-up a Successful Client Appreciation Program
“Anytime we can do things that are proactive and showing attorneys we’re paying attention will go a long way.”
-Emily Hillman
During the second half of the presentation, Emily guided us through the process of setting up and advocating for a client appreciation program at your firm. She talked about starting small by piloting the program with one or two top clients who drive 80% of your firm’s revenue. The key components of a successful client appreciation program include:
1. Client feedback
2. Client teams
3. Educational events and offerings
4. Client entertainment
5. Expressions of gratitude
6. Charitable contributions
The BD lead of each client team should be the keeper of information and develop an understanding of business and industry. Emily shared a sample client team meeting agenda:
Lastly, the valid point was made that if your client appreciation program shows value, then you have an argument to hire more people for your team.
Happy Clients = Higher Revenue
The gist of Society 54’s presentation was that a positive client experience is directly correlated to your firm’s bottom line. By strategically developing a client appreciation program at your firm, you are also increasing client satisfaction, loyalty, and advocacy (i.e. extending the life cycle of your clients). The concept of building and maintaining mutually beneficial relationships with clients can be applied to firms of all sizes and practice areas.
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Become Involved with LMA
• Have ideas for presentation topics, want to present, or help out in other ways? Contact LMA-MN Programming Director, McKenna Taylor at mckenna.taylor@stinson.com.
• To learn more about becoming involved with the Minnesota Local Steering Committee, please fill out LMA’s online volunteer leadership form or contact LMA-MN Chair Lauren McNee at lauren@pritzkerlaw.com.