In this section Richard James will give you a peek into a conversation that occurred with a client on one of their regular monthly calls. At times we may purposely omit the client’s name to protect the innocent.
Lasting lessons from Partners Club
I remember one Partners Club event many many months ago. That was the one when we had our first ever vendor section. Unlike other events you might attend where the host will accept any old vendor, these booths were filled with vendors that we actually use at our company, BIG difference.
The company that provides you with those scrumptious chocolate gifts when you become a new client, Schakolad, was present, and they brought lots of samples. If you’re not gifting your new clients in some manner, you’re breaking the law of reciprocity outlined by Cialdini in his book Influence.
Our printer D&L Press was also present; they have an on-demand printing service for your books that allows for more customization and hands-on customer service. If you have a book, you know the limitations of printing on Create Space. If you don’t have a book…what are you waiting for? The stories we’ve heard from the group supports that a book will lower your Cost Per Lead, lower your Cost Per Client and increase your retention rates.
Nextiva for VoIP (sponsored our cocktail hour) and Call Ruby answering service was there, and thank goodness they were, because managing the phones and measuring the phone sales process was a highlight of that event. Finally, Infusionsoft was kind enough to take everyone to Top Golf for a night of fun and completion and Chris Ariano from Phoenix took home the honor of the high score (he’s a 4 handicap…so yeah, he beat me…). Infusionsoft is the machine that we use to run our practice and what we recommend our clients use to run theirs. Incidentally, we were up 95.5% that year over the previous one. And that was one of the biggest points of that event: We are in the same business, you and I.
And the tactics and strategies, the ones responsible for the growth of this consulting firm and the law firm I built in Phoenix, are the same tactics and strategies I teach you. It is about taking action, today.
Setting Goals and Managing Law Firms
The stars of that show were the Partners Club members. They networked, shared, and invested time in workshops for two-and-half days. We covered the basics, from the Perfect Client Life Cycle and how to get a grasp on the numbers and conversions of each stage. Then we broke down the art of creating a Shock and Awe Package and how and where to use it. It was great fun watching everyone interact and come up with great ideas on how they can get the most out of the materials they already own.
Our advanced workshop focused on Hiring, Training and Managing the Ideal Phone Sales Person, and from the feedback we received, everyone was a little shocked as to what goes into managing this process correctly. We also had nine hot seats where members got to share about their practice and receive feedback from the group on the one big idea they brought with them. Of those Hot Seats, one stood out for us. John Morgan asked: “How can I obtain 14 new clients by Saturday?”
The question above was the result of John taking his end result goal of annual gross sales and reducing it to a weekly number. Once we had that number, all we had to do was plug his goal into the Perfect Client Life Cycle and work the math backwards. Yes, admittedly, this counts as fun for me. I love playing with numbers. And I had the added benefit of standing in front of the easel and drawing numbers and percentages.
Taking Action Based on Numbers
After crunching the numbers, we discovered the exact number of leads that John needs to generate each week in order to convert 14 new clients. This is powerful because we know what each lead costs, so now John knows what his weekly marketing budget needs to be to hit his goal. Yep, its that simple. We also discovered that John’s hire rate was lower than average. So, with some carburetor adjustments to his sales process, he’ll be increasing his hire rate instantly.
This is why our entire company is run by the PCLC and why we preach it each and every day. These numbers are at the core of each and every successful business and when used correctly can fuel growth for all times. John now knows what he must do. He has a very specific numeric plan, and he’s ready to take action when he arrives home.
Taking Action Quickly & Effectively
During that event, we also discussed the subject of speed and the fact that success loves speed. What I mean to say is that I love fast action between an excellent idea and implementation. Maria Jones bragged about taking Bert Diener’s idea that he offered and implementing it before he did, only to get massive results. Then there is Christine Kingston. While at the event, she heard it mentioned that you should send your book offer to your unconverted lead list. So she immediately put together an email the first night and sent it out. She then immediately generated numerous requests for books.
One of my favorite event success stories is from Jackson and Brooke Turner Vaught and how they took what they learned from their first Partners Club meeting and implemented just 2 ideas day back. Here is what Jackson had to say:
“I also wanted to thank Mark Demroo for the advice on salesmanship. I swiped his idea of charging $1500 for the means test and some other tidbits. I closed at 100% today and sold $9360 in gross sales on my first day back! $3000 was two means tests that I would have sold for $1000 last week. I increased my tax prep fees for a Ch 7 to $250 and $350 from $150 and $250 respectively. I also assumed the sale was a PIF and got a check for $2510 when I would have settled for a down payment last week.”
There are enough ideas to last a very long time. However, when you learn something new, do not forget that the real secret is the speed between the idea and the implementation of the idea.
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Building a better business, one action at a time.