Talk with any Business Development expert and they'll tell you that one of the best sources of new revenue in any firm comes from cross-selling of services. It's no secret. More than 1/3 of law firm leaders list improving cross-selling within the firm as one of their top 3 priorities. However, while some firms have this down, many do not.
In a recent poll of 120 Chief Marketing Officers and Directors of Business Development at leading law firms, only 4% rated their firms as highly effective in cross-selling, and 77% rated their firm as ineffective. But why is that? A national poll from a few years back summed it up well:
If you want to help make a significant impact on your firm's bottom line, think about implementing some on-demand learning resources to directly address these two issues.
First, consider sharing practical steps any lawyer can take to improve in this area. Perhaps with a resource like this 12-minute on-demand course from our QuickCustom library of Professional Skills training for lawyers titled "Growing Your Practice Through Effective Cross-Selling"
Second, consider how you can use on-demand resources to help partners get the word out about their practice and areas of focus. We've seen firms do some creative things with brief interview-style online promos that are created and then posted as a "Partner Intro of the Month" on an intranet home page or similar.
The takeaway: YOU are in a great position to make a real impact on the firm's bottom line. Get creative and think about new ways to support these efforts! Let us know how we can help.
About the Tip of the Week!
One of the most frequent questions we get from our law firm clients is “What are other firms doing?” or “What kinds of projects are you working on for others that might spark some innovative ideas for us?”