Consistency: The Hobgoblin of Mediocre Practices

Consistency is one of the overlooked attributes of a successful practice. Consider these three examples:

1.  Consistency in business development effort tends to yield strong results. Of course it’s important to do the right tasks and to do them in the most effective way.  Your outcome is often measured, however, not by the brilliance of your plans but by the consistency of implementation.

Whether you’re establishing and growing relationships or using writing or speaking to develop your reputation, an isolated home run will deliver less benefit over time than solid base hits day in and day out.

Although several factors account for this, you can easily understand why consistency matters when you consider that studies show that it takes 7 to 9 (or as many as 13) exposures for your message to register with an observer. Imagine the difference in payoff if those 7 to 9 exposures occur in a space of a few weeks rather than a few months.

2.  Consistency in client service makes happy clients.

If you and your team deliver knock-your-clients’-socks off service one day and merely competent service the next, they don’t know what to expect on the third contact.  Chances are that adequate service will seem less than adequate since your clients know you’re capable of giving more.

A non-legal example, so you get the idea. A few years ago, a nail shop opened next to the gym I use.  When I got the first manicure, I received the delightful hand and arm rub that’s standard for a manicure.  Then the manicurist stood up, walked behind me, and rubbed my shoulder for two or three blissful minutes.  I’d never had that happen before, and I was thrilled!  About a week later, I went back.  Same great manicurist, same great hand and arm rub, but nothing for the shoulders.  I wasn’t as excited about going back for the third time (no shoulder rub), and I didn’t hurry back for the fourth visit.  The tease of the great experience made the usual feel substandard.

Is occasional “wow” service undermining the value you usually deliver? Counteract that problem either by delivering amazing service day in and day out (the better route) or by identifying any special treat as something not to be expected on a routine basis.  If you can wow them once, give thought to how you can do it over and over.

3.  Consistency in your routine. When you develop a rhythm to your work, you prime yourself subconsciously.

For example, if you get in the habit of calling a few clients every Friday afternoon just to check in, update them on any developments in their matter, and see if there’s any way you might help them, after a few weeks you’ll probably find yourself taking time on Friday morning to mull over which clients to call.  And if you miss those calls one Friday, once the habit is developed, you’ll notice that you feel a bit off, which will help you to pick up the phone on Monday instead.

When you create consistency in your routine, your schedule also becomes more routine and easier for your colleagues and staff. If you create a block of “interrupt for emergencies only” focused work time from 3 to 5 PM and let everyone know, they’ll come to time visits so that they avoid that block.  On the flip side, if you announce that time block and then don’t honor it yourself, don’t expect anyone else to honor it either.

Consistency sometimes gets a bad rap as being dull.  When you look more closely, though, you’ll see that offers substantial advantages when harnessed appropriately. How would you rate your consistency in these areas?  Do you see other areas in which consistency would benefit you?

Watch Your Attitude

An excerpt from The Reluctant Rainmaker:  A Guide for Lawyers Who Hate Selling

Take note of the attitude you bring when you engage in client development activities. Do you dread them?  If so, identify specifically what you dislike and find a way around it or a way to make the prospect more palatable.

For example, John, a self-identified “nice but introverted guy,” detested the idea of business development because he felt like a fish out of water.  When we began to explore the reasons for those feelings, John recognized that he believed that the goal of business development activities is to target people and use connections to get business, and he was uncomfortable with that approach.

He wanted to be thoughtful to those with whom he came into contact and could not see a way to engage in rainmaking activity while meeting that objective.  When we discussed what he did for clients and the appreciation he sometimes received (as well as the satisfaction he felt in a job well done, even when it went unacknowledged by the client), John recognized that he was not using anyone and that providing legal services was in fact helping his clients. Moreover, he came to see that withholding his skill from someone who needed it would be destructive, not thoughtful.

Instead of viewing potential clients and referral sources as a “target” that, if “bagged,” would generate extra income and other benefits for him, John began to view them as individuals who have or know others who have legal needs that he could meet. This recognition, while it might appear elementary, was a significant shift for John.  It changed the attitude with which he approached client development activity from an uncomfortable “what can I get” to a thoughtful “what can I give” attitude.

John even altered the methods he used for business development to focus more on education and resource provision, in essence marketing his services by giving a taste for them. He felt aligned with this content-focused approach, which in turn made him feel more comfortable, which in turn made others feel more comfortable with him, and in the period of a few months John began to view rainmaking through an entirely different lens.

John continued to struggle with some activities, such as networking among strangers when he felt a pressure to uncover their needs, so he focused on activities that were a better fit for him. When I last spoke with John, he had developed a reputation as a client service provider par excellence and had brought in several new matters from and through existing clients.

What attitude are you bringing into your business development efforts? If it’s a positive one, terrific!  If not, take a few minutes to examine your attitude, see where it comes from, and how you might shift it.  While attitude alone won’t ensure success (or failure), it may well impact both what you do and how you do it, which will impact your success.  (For more on mindset and sales success, check this article from Inc. magazine.)

Set Yourself Apart

Sometimes I review lawyers’ marketing materials and get bored because “professional” is so often misinterpreted as a straightjacket. Everyone has “years of experience” that will “create value” for their clients through “excellent client service”. Important, necessary, but oh-so-very-dull, isn’t it? In today’s economy, if that’s all you can say about yourself and your practice, you’re in trouble.

Do you ever feel that you’re just one lawyer in a large sea of clones? Many lawyers wonder how to distinguish themselves from the hundreds or thousands of other lawyers occupying the same niche. Though the question may fade through development of specific expertise in a niche, it almost always re-emerges when a lawyer is preparing to grow her practice or is considering some shift in substantive areas.

Differentiation from other lawyers and law firms is important in marketing and business development conversations. (A copywriter friend who’s helping me to prepare a new website has the fantastic tagline: It’s ok to fit in, but it’s better to stand out. So true!) As professionals, there are certain rules to follow and certain statements you must include, but looking like everyone else will do you no favors.

How can you differentiate yourself? While the options are potentially limitless, three examples may help you create your own ideas.

1.  Blog. My background is in patent litigation, and when in practice I often referred to the Patently-O Blog by Dennis Crouch. Patently-O is know for, among other things, its full coverage of every patent case decided by the Federal Circuit. It is the go-to reference for patent law developments. I was astonished to learn that Dennis started the blog less than a year after being admitted to practice. Crouch has since moved on to academia, a move that was quite likely assisted by his blogging efforts as well as his other credentials

It is overstatement to say, “blog it and they will come,” but blogging provides a platform through which a lawyer may share resources, analysis, and enough personal content to become known to readers. Blogging is a good way to build your reputation as an expert in your field. It’s also a good way to begin to form relationships with other bloggers and, perhaps, with your readers. Of course, there’s work to be done (in defining the scope of the blog, writing the posts, and engaging with others) but if done correctly, it’s a fabulous avenue. Read more here from the masters of legal blogging, LexBlog.

2.  Create a unique experience for your clients.What can you offer clients that other lawyers can’t, or don’t? The opportunities vary widely by practice area, but any value-added service is a good step toward differentiation.

And remember: How you practice is just as important as what you do in practice. Be attentive to the habits that may set you apart from others. Opportunities to set yourself apart abound: quick responses to telephone calls and emails, regular case updates, and educational resources on topics such as how to prepare to give deposition / trial testimony or what to consider when getting ready to make estate plans, to give a few examples.

Another idea: introduce your client to every member of your legal team who will be involved with the representation. Even something as quick as an introductory letter identifying other lawyers, paralegals, and office assistants (complete with contact information) that is signed by each member of the team can offer a client comfort when contacting your office. Consider, of course, what is appropriate for your practice: what will impress a family law client may be radically different from what will impress the CEO or general counsel of a multi-million dollar corporation. (Or it may not. Think!)

3.  Beyond adding value for your clients, look for ways to create value for them.If your clients’ children often accompany them for visits to your office, have some books and toys in a kid-friendly corner. If you become aware of a new issue or development that your clients need to understand better, create a presentation or an article that you can use to educate them, about the development and (more importantly) what it means for your clients and what they need to do in response. What can you bring to an engagement that others can’t or don’t?

4.  Become active and visible in the community. Volunteering, serving on boards, or working with non-profits in other capacities is a good become known. It provides a context and opening for conversations that reluctant networkers may find more comfortable. Your pro bono work may even present you the opportunity to offer guidance and suggestions that serve as a taste of the service you offer clients. Moreover, you may have opportunities to speak or write through these channels, both of which will serve to raise your profile.

Get clear about what makes you different and communicate that. If you want to differentiate yourself from other practitioners, it’s imperative to connect with an internal compass that will point to what does indeed make you different. If you don’t know what that is, you won’t be able to convince anyone else.

Lead Yourself First

We often discuss leadership as if it is a state or quality that either exists or doesn’t.  But the truth is that whether one seeks to become a leader or whether one is already serving in that capacity, leadership develops over time.

A leader’s development tends to proceed through three stages. The first stage is self-management.  The second is individual achievement.  The third is leading others.  Although these three stages are distinct from one another, they may coexist and a leader may move back and forth through these stages at various times.

Today’s discussion focuses on the first stage:  self-management or leadership of oneself. Executive coach Sharon Keys Seal, founder of Coaching Concepts Inc., refers to this stage as “leader in the mirror”.  John Maxwell has written, “[h]e who thinks he leads, but has no followers, is only taking a walk.”

One of the quickest ways to walk alone is to neglect the importance of self-management.  In contrast, leaders who have a solid grounding in self-leadership tend to inspire confidence in those whom they seek to lead.

We all have the opportunity to be the “leader in the mirror,” and those who seek to excel individually or to lead others must manage that first leadership challenge. Self-management underlies individual achievement as well as leadership of others because the two later stages can’t exist (at least not in a mature, lasting form) without some measure of self-leadership.

Think about a talented but undisciplined athlete.  Raw talent and some measure of discipline often allows him to succeed to a point, perhaps through high school or college.  But at some point, the athlete goes down in flames despite his talent and despite a coach or manager or family urging him to do better, thanks to involvement in crime or violence or immature stupidity.  Some of those athletes reform their behavior through self-management, and others become the stereotypical “has been” who revels in past glory but never achieves what he might have.  The road an athlete walks depends not only on his physical talent, but also on the self-discipline he musters when he’s no longer subject to the control of a parent or coach.

Is the same true for lawyers and other professionals whose talent lies in intellectual capacity?  You bet.

One who has mastered self-management has developed a strong capacity to manage his or her beneficial and destructive tendencies. Self-discipline refers to the ability and willingness to buckle down and do what must be done even (perhaps especially) when one would prefer to do something else.  Self-management is a similar attribute, though it also calls for recognition of what must be done in a variety of contexts.

Self-management prompts a professional to recognize that he or she will be more effective if well-rested, properly nourished, and revitalized with physical activity even though he or she might prefer to eat junk food and watch bad TV to “relax” after work.  Self-discipline is what prompts that lawyer to eat a balanced dinner and to go to bed early enough to get adequate rest, and then to get up early enough to take a walk.

A lawyer who knows what research must be done for a client and who completes that research meticulously exhibits self-management. One who relies on doing just enough or on doing it at the 11th hour has room to grow.

Self-leadership also impacts your clients and business development. Some lawyers routinely fail to get work product to clients with enough time for their review and input.  That’s a failure in self-management.  It’s also a leadership failure, because it subtly undermines a client’s confidence in the lawyer’s professionalism and abilities.

The fruit of self-management lies in creating the freedom to achieve to the extent of natural and developed ability, not being held back by a self-sabotaging tendency to cut corners, delay, or burn out.

Must a lawyer exhibit flawless self-management to be an effective leader?  No.  The more developed a leader’s capacity for self-management and self-discipline, the more effective a leader is likely to be. However, each individual is likely to be better in managing certain areas than others.  A leader may be strong in self-management in the use of working hours, but be deficient in setting aside time for his or her own renewal.

How does your self-management rate this week? (What would those whom you seek to lead say?)  What can you do to improve it, thereby improving your productivity and practice?

The Start-Up Of You


The Start-Up of You:  Invest In Yourself And Transform Your Career
By Reid Hoffman and Ben Casnocha

Styled as a career development book, the central thesis of The Start-Up of You is that a successful career requires an entrepreneurial approach.

Authors Hoffman, the co-founder of LinkedIn, and Ben Casnocha, a young serial entrepreneur, assert that career advancement worked like an escalator in years past: you got an entry-level job, you were mentored and groomed, and as long as you did well enough and weren’t unlucky, you could expect steady advancement until roughly age 65, when you’d move off the escalator to enjoy a comfortable retirement funded by a pension and Social Security.

But now, “that elevator is jammed at every level.” Employers now expect their new hires to be ready to do the job right away. No more employer-guided professional development; employees today must train and invest in themselves. If this doesn’t sound familiar in the law firm context, you must have spent the last few years living under a rock. Some firms will train, even train well, but finding real mentors? That’s up to you. You must set your goals, and you must be prepared to invest your own time and money to position yourself to reach them.

Adaptation is the name of the game in this environment, and the entrepreneurial approach is the only one suitably flexible to thrive in today’s economy. As the authors explain,

Entrepreneurs…take stock of their assets, aspirations, and the market realities to develop a competitive advantage. They craft flexible, iterative plans. They build a network of relationships throughout their industry that outlives their start-up. They aggressively seek and create breakout opportunities that involve focused risk, and actively manage that risk. They tap their network for the business intelligence to navigate through tough challenges. And, they do these things from the moment they hatch that nascent idea to every day after that — even as the companies go from being run out of a garage to occupying floors of office space. To succeed professionally in today’s world, you need to adopt these same entrepreneurial strategies.

Follow the ideas, and you’ll likely be quite successful — using the incremental improvements of your Plan A until you can pivot to a more appealing Plan B, if both fall apart, you’ll have a predefined Plan Z that offers a failsafe backup tailored to your needs. The Start-Up of You is a good book for career development.

What I found exciting, though, is the degree to which the strategies for career advancement dovetail with strong approaches for business development. The authors urge you to balance your strengths, your goals, and market realities to develop a brand that sets your apart from your competitors. When you can give a satisfactory answer to the question why someone should retain you rather than others who practice in your field, you’ll have a competitive advantage over the others. This is true whether you’re being hired for a job or hired to represent a client.

The chapter It Takes a Network offers valuable tips on how to build a series of professional relationships that include close allies as well as weaker ties, all designed for mutual benefit. The authors offer tips and observations such as:

  • “Relationship builders, on the other hand, try to help other people first. They don’t keep score. They’re aware that many good deeds get reciprocated, but they’re not calculated about it. And they think about their relationships all the time, not just when they need something.”
  • “Relationship builders start by understanding how their existing relationships constitute a social network, and they meet new people through people they already know.”
  • “[A]s you meet your friends and new people, shift from asking yourself the very natural questions of ‘What’s in it for me?’ and ask instead, ‘What’s in it for us?'”

Not surprisingly, given that Hoffman is the co-founder of LinkedIn, he emphasizes the usefulness of a broad network composed of close allies and weak ties. Hoffman describes the research that led to the theory that we are all connected by six degrees of separation, the offers that it’s important to stick within three degrees of separation so that all introductions are brokered by intermediaries who know at least one of the two individuals being introduced. He makes persuasive points that may have you looking afresh at your LinkedIn account.

While the book’s themes aren’t truly fresh or groundbreaking, their applications may be, and their examples are instructive. If you doubt that your career success is entirely up to you, Hoffman and Casnocha will give you food for thought. If you’re ready to take on an entrepreneurial approach even if you work in a megafirm, the book will offer some useful pointers.

Ultimately, the value of the book depends on your starting point. If you already understand that you need to act as an entrepreneur no matter your professional setting, you’ll pick up some pointers and reminders that will be helpful. If this is a new concept to you, you need to buy the book right away.

How’s Your Water?

There are these two young fish swimming along, and they happen to meet an older fish swimming the other way, who nods at them and says, “Morning, boys, how’s the water?”  And the two young fish swim on for a bit, and then eventually one of them looks over at the other and goes, “What the hell is water?”

I read that little anecdote in a Wall Street Journal adaptation of the commencement speech David Foster Wallace made at Kenyon College. It struck me as amusing at first, but then it struck me as a great teaching story.
Are you living in an environment that you’re not really aware of, just because you don’t know anything could be different? Environment is critical to success, whether it’s success in business or in life.  Want to lose weight?  You’ll have better odds if your pantry is packed with water and oatmeal than if it’s jammed with sugary sodas and potato chips.  Want to know what’s going on in politics?  You might prefer to hang around others who care about politics and read the Wall Street Journal than to spend your time watching E! and talking about Snookie.

When it comes to business development, environment is often an unappreciated factor for success. Let’s look at three examples.

  1. How do your systems support business development activity? Those systems might include where you put business cards you’ve been handed by new contacts — can you find them so that you can follow up?  Do you have a system in place for following up, or is it catch-as-catch can, sometimes great and sometimes nonexistent?  Do you have a system for tracking your business development activity, both so you can see whether you’re keeping the commitments you’ve made and also so that you can track the outcome of your actions?Systems create your personal operating environment. If your systems aren’t strong, you need to realize that and correct it.

    Example: I noticed recently that I’d been swallowed whole by paper at my desk now that I’m managing my own business and personal life along with three other businesses.  I’d always had fairly good systems, but the influx of paper and the associated tasks had overwhelmed those systems.  My office looked as if the post office had thrown up on it, and finding anything in less than ten minutes was unlikely.  And between the busy-ness and the renovations I’ve been doing, my home didn’t look much better.  So I hired a concierge service (for those of you in Atlanta, check out Luxe Arrangements) and a home and office organization specialist (Atlanta folks, see Barbara Mays).  The difference in my physical and mental space is enormous.

  2. How does your leadership support business development activity? What you say and do about business development can have far greater impact than you might realize.What do you do and say about business development? Do your actions reflect what you’d like those you lead to do — especially yourself?  I once worked with a lawyer who encouraged every person he led to take on a variety of business development activities, but he didn’t like to network, was too busy to meet people one-on-one on a regular basis, didn’t consider himself to be a great writer or speaker, and — in short — didn’t do anything he encouraged his team to do.  Guess how their business development worked out?
  3. How does the way you spend money support business development activity? You can certainly build a solid book of business without spending a lot of money, but if you think you can do so without spending any money, you’re kidding yourself.  It’s important to make smart investments in growing your business, whether that means joining appropriate groups, getting subscriptions to key publications, getting marketing training, or retaining a coach or consultant to help you see how to address your obstacles and to build opportunities.  If you’re unwilling to invest in growing your business, you’ll stunt any opportunity that comes your way rather than being able to take advantage of it.

Check yourself on these examples of environment and see what you notice about the environment you’ve created. What do you notice?  And, even more importantly, who serves as your “older fish” to point out the environment that you can’t see?

Quotes of the month

“It is better to take many small steps in the right direction than to make a great leap forward only to stumble backward.”
~Chinese Proverb

“When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps.”
~Confucious

“Nothing is particularly hard if you divide it into small jobs.”
~Henry Ford

“Have a bias toward action — let’s see something happen now.  You can break that big plan into small steps and take the first step right away.”
~Indira Gandhi

The Power of Habit


The Power of Habit:  Why We Do What We Do In Life and Business

by Charles Duhigg

Every single one of my clients faces the need to build new habits at some point. Whether it’s replacing an unhelpful old habit or building a new one from scratch, the process of illuminating automatic behavior and changing it can be quite difficult.  At the same time, building a habit that operates without conscious thought and that supports desired outcomes is a marker for success.

You have to have the right habits.

Especially when it comes to business development, I’m a proponent of building strong habits. Why?
Because habits build a structure that takes over in the face of challenges.  Habits are behaviors that we perform without thoughts.  They just happen.  And when they don’t, we feel so uncomfortable that, for better or worse, we usually revert to the habit.  There’s a lot of power in a habit.

But it isn’t easy to establish a new habit, and it’s often even harder to break an old one. We’ve all heard the “do it for 28 days and you’ll have a habit” advice.  That doesn’t match my experience, though, and too often it doesn’t match my clients’ experience.

Several recently published books explore habit, but Duhigg’s The Power of Habit captured my attention. In an Amazon Q&A, Duhigg shares what sparked his interest in habit:

What sparked your interest in habits?

I first became interested in the science of habits eight years ago, as a newspaper reporter in Baghdad, when I heard about an army major conducting an experiment in a small town named Kufa.

The major had analyzed videotapes of riots and had found that violence was often preceded by a crowd of Iraqis gathering in a plaza and, over the course of hours, growing in size.  Food vendors would show up, as well as spectators.  Then, someone would throw a rock or a bottle.

When the major met with Kufa’s mayor, he made an odd request:  Could they keep the food vendors out of the plazas?  Sure, the mayor said.  A few weeks later, a small crowd gathered near the Great Mosque of Kufa.  It grew in size.  Some people started chanting angry slogans.  At dusk, the crowd started getting restless and hungry.  People looked for the kebab sellers normally filling the plaza, but there were none to be found.  The spectators left.  The chanters became dispirited.  By 8 PM, everyone was gone.

I asked the major how he had figured out that removing food vendors would change peoples’ behavior.

The U.S. military, he told me, is one of the biggest habit-formation experiments in history.  “Understanding habits is the most important thing I’ve learned in the army,” he said.  By the time I got back to the U.S., I was hooked on the topic.

Duhigg’s book is divided into three parts:  The Habits of Individuals, which explores how habit works and how to create and change them, The Habit of Successful Organizations, which describes how various businesses use (and perhaps abuse) habit formation, and The Habit of Societies, which investigates societal habits and related ethical questions. Filled with stories, anecdotes, and tweetable insights, the book is a quick read that seems to be well-grounded in research and experience.

I was surprised to learn that, according to cited Duke University research, more than 40% of actions are habits rather than action motivated by conscious decision. Duhigg defines habits as “the choices that all of us deliberately make at some point, and then stop thinking about but continue doing, often every day.”  That’s when I began to pay close attention to the book.

Habits are based on a three-step process:  a cue that triggers the action, the action itself, and the reward. Using examples such as the habit of checking email (routine) in response to a message waiting alert (cue) to relieve boredom (reward), Duhigg explains why habits are so difficult to change.  When a cue triggers us, we crave a reward, and the habit occurs automatically.

To change a habit, Duhigg teaches, choose a cue and a reward, then focus on the reward until you crave it, and preferably join a group composed of others who believe that change is possible. It sounds easy enough, and Duhigg offers plenty of examples, but he also acknowledges that habits become deeply and often unconsciously engrained, making change difficult.

I was particularly intrigued by Duhigg’s recitation of research that demonstrates the success of those who make specific plans for action well in advance and know how they’ll work around obstacles. We’ve all watched carefully cultivated habits fall apart when work gets unusually busy or a child gets sick, and Duhigg’s recitation of finding after finding serves as a strong prompt to anticipate obstacles.

What’s in it for lawyers?

The Power of Habit offers both conceptual and concrete tips on how to make habit-building more conscious and more successful. As noted above, every single client I’ve worked with in the last six years has bumped into habits at some point.  Bad habits (such as returning to the office with intentions to follow up with a new prospect only to watch days slip by without any movement) have to go, and new ones take their place.  Implementing Duhigg’s suggestions will help.

I wish The Power of Habit had offered more discussion around identifying harmful habits that are not obvious, such as the realization that Iraqi riots wouldn’t occur without food vendors’ presence.  It’s one thing to know what habits are getting in the way, and it’s another entirely to see a pattern of blockages without being able to identify the linchpin that’s creating problems.  (Very often, an outside observer is the best way to spot that habit.)  Once you’ve identified the deleterious habit, Duhigg can help you to change it.

I’m studying The Power of Habit to help my clients find more effective ways to build automatic behaviors. If time is limited, I’d strongly recommend that you read at least the first four chapters.  You’ll get a good grounding in how to create and change habits, and you’ll likely find yourself at least skimming the rest of the book.

In the meantime, ask yourself:  what do I do with little or no thought that’s getting in my way? What reward am I craving?  How can I get that reward without the harmful behavior?  What should I substitute?  Even if your study of habit remains on that relatively surface level, you and your practice will benefit.

Must-see Maxims


I occasionally find an article or resource that’s so helpful I wish I’d written it.
When I do, I pass it along to you.

Twenty Marketing Maxims is probably the best summary of business development best practices that I’ve ever seen. As I wrote when I tweeted the resource:  Print it. Laminate it. Read it daily. Use it. Get business.

Start now.

What’s your number?


There’s an old maxim that 50% of marketing efforts are a complete waste of time.
The problem is, as the punchline holds, that nobody knows which efforts fall into the 50% that succeed.  That’s amusing only if it’s untrue.

I’m quick to climb up on a soapbox and start to rant when a client or a prospective client (or, for that matter, anyone within earshot) bemoans the “fact” that they just can’t bring in new business. Woe is me, it’s hard, the skills don’t come naturally, I may as well quit. I try to quell my irritation (and remember that I once felt similarly), but it’s easy for me to jump into conversation with a prickly request that’s designed to catch the bemoaning would-be rainmaker short:

What’s your ROI on each market effort?


If you don’t know the ROI at least in qualitative terms, you’re operating in the dark.
(You really should know or be able to get quantitative information, as well, but let’s focus on basics for now.)  The truth about marketing is that some of it will fail gloriously, some will succeed wildly, and most of it will just kind of tick along with nothing special resulting.

ROI matters because, in the words of Lord Kelvin, “If you can not measure it, you can not improve it.”

Two key factors help to determine your ROI.

  1. Objective-defined measurement. While it’s great to build relationships through networking, if all of those relationships remain friendly or personal in nature and never cross over into business, your ROI is zero.  (Of course, ROI depends on your objectives:  if your goal is simply to meet colleagues and build professional relationships, your ROI could be stratospheric without your landing a single client.  That isn’t a business development objective.)
  2. Conversion rate. If you’re looking at ROI for business development purposes, conversion and ROI are almost synonymous.  A conversion rate, at its most basic, describes the ratio of new clients (or new business) to consultations with the potential client.  You must know your conversion rate.  Why?  If you don’t have enough business, a conversion rate of 20% suggests one avenue for improvement whereas a 90% conversion rate means that your problem is somewhere upstream of a sales conversation.  Diagnosis leads to solution.

Depending on what kind of marketing activities you’re doing, you should also know conversion rates for your newsletter sign-ups, your follow-ups after making a call to action in the course of a presentation, and for your direct mail marketing, for example. At the very most basic, do you know how each of your clients found you?  And do you keep records over time so that you can track effectiveness?

It’s important that you know your ROI “number” so that you can guide future activity. One of the most dangerous mistakes I see comes to light when someone really, really believes that a marketing effort will succeed and when he maintains that belief despite evidence to the contrary.

If you’re reluctant to evaluate your ROI, consider the possibility that you may be making a conscious decision to engage in unproductive activity. Maybe what you’re doing is comfortable.  Perhaps it pleases someone else.  There’s no sin in continuing unproductive activity when the lack of results is acknowledged, but I see too many people who are willfully blind to the lack of results, and that only keeps them stuck.

If you aren’t tracking your ROI, start today. Ask yourself how ROI should be measured for the activity you’re undertaking.  For example, is new business the right metric, or is it building strong relationships with a particular group?  In some cases, if you’re building your credentials, you can get tremendous ROI simply by writing an article, having it published, and then using the basis of the article for a presentation.

Once you’ve defined the right measurement, track your activity and results and perform an ongoing analysis. After three to six months, you should have enough ROI information to determine whether the activity is producing results.  If you don’t have solid qualitative data, at a minimum, within six months, guess what?  The activity probably isn’t producing.

If you’re one of those who’s very busy with business development activity but unhappy about the outcome, and if you aren’t tracking your ROI, we should talk.  Please contact me to set an appointment for a complimentary consultation.