Do the math: those referrals generate $1,000,000 in revenues. If you don’t have 20 referral sources who produce a steady stream of clients, then we need to talk. That’s what we’re going to do over the next few weeks.
There’s nothing in your marketing toolbox more powerful or efficient than generating referrals through growing and nurturing your professional network. It’s where you should focus the bulk of your marketing time and energy.
What Makes Most Lawyers Lose Sleep at Night?
I ask all my new subscribers a simple question when they sign up for e-mails from my site.
I ask them to e-mail me the answer.
The question is “What wakes you up in the middle of the night?” I want to know what they’re worrying about so I can figure out how to help.
I get all sorts of answers, but one worry stands out way above the rest. One worry is paramount, and I’d guess that I get a variation on this response from far more than half of the people who e-mail me with their chief concern.
What’s that worry? What’s keeping lawyers from sleeping all night long?
It’s the fear that there won’t be enough business. We worry about getting the next client. Either we aren’t sure how to get the pipeline flowing, or we’re worried that it’s going to run dry.
I’m a big fan of generating referrals from other professionals. When another professional refers prospective clients to you, the clients are very likely to retain you. They’re far more likely to pay a premium fee. They’re far less likely to experience buyers’ remorse. They come to you prepared to trust you. You came highly recommended by someone these prospects already trust.
A Plan to Help You Get Your Beauty Sleep
Over the course of the next couple of weeks, we’re going to talk about how to make referrals happen. Networking is the key. Networking is the source of most new clients for most lawyers. Networking to generate relationships with clients and referral sources creates a valuable asset you take with you wherever you go. You own the relationships you create, and they always belong to you.
We’re going to go step by step through what you need to do to get the first referrals and how to keep those referrals coming for as long as you like. We’re also going to help veteran practitioners jump-start their referral networks when the network has suffered from neglect.
These are the basics of networking (some bemoan the word “networking,” but it’s a label that’s understood). We’re going to walk through exactly how it’s done and how you can systematically approach building your practice through building relationships.
The steps we’ll cover are straightforward and simple. They require nothing other than your willingness to take action. They’re tested and tried and true. This approach works. There’s no doubt that you’ll get results.
Of course, reading these articles won’t grow your practice. Taking action will be required. Are you ready to do something about the issue keeping you up at night? Action is the cure for anxiety. Do something about the problem, and you’ll find yourself on the way to finding something new to worry about. Maybe instead of generating business, you’ll worry about how to handle more new clients than you expected. That would be good, wouldn’t it?
As we work though our discussion of networking, we’ll hold a free Q&A conference call so you can get your questions answered. Start thinking about your questions so you’ll be ready. I’ll get you the conference call details in a few days so you can sign up.
Will You See Results Overnight?
This is the point at which I should say something like this: networking is a time-consuming and lengthy process from which you shouldn’t expect immediate results. That’s what most writers and speakers on networking tell you early on in the discussion. They’re wrong.
Networking can—and usually does—have immediate results. You’ll often generate new clients from your networking activities in the first week or so of getting out and meeting new people. It’s always surprising to me how the first or second person you meet has a client, friend, or relative in need of your services. I’ve watched it happen time after time. You shouldn’t be disappointed if your networking takes a few weeks or months to pay off, but you’d better be prepared for new business to walk through the door immediately. It happens all the time.
Stay tuned. We’ll get started tomorrow, and you’re going to learn you what you need to know to make networking work for you. Remember, however, that action is the key. You’re better off doing it wrong than not doing it at all. This is not the time to go all intellectual and think about what you should be doing. This is the time to pick up the phone and get to work. Taking action truly will eliminate your anxiety.