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Edward Bird, LexisNexis Director of Strategic Marketing, is reminded of some insight from last summer...
A recent article in the Solicitor's Journal by Julian Summerhayes focuses on client retention rather than purely on winning new business.
LexisNexis conducted a research study into law firm business development under economic strain, Cutting Through - Winning Big, in August 2011.
Among other findings, we discovered that more than one in four respondent firms (26%) did not know or did not measure their client retention rate. At the same time, more than half of respondents identified ‘word-of-mouth’ recommendations as top or second in a list of 11 activities as being the most effective factor in terms of attracting both new commercial clients and private clients (56% and 58% respectively). ‘Referrals’ scored highest for commercial clients (62%) and second for private clients (57%);
The report summarized with an opinion from Nick Jervias from Samson Consulting:
‘Clients will still spend their money on legal services but now you must persuade them that when they do so you are the right firm, preferably the only firm, to help them.’
It is clear that the market will never return to the way it was. To succeed in this new world, firms will have to do more than make incremental improvements, they will need to reinvent themselves. Including their customer retention practices.
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