Leaders: Genuine Inspiration from Sir Richard Branson
Is the UK's wealthiest man also its wisest? If you have about 1/2 hour to sit in on a fascinating conversation with Sir Richard, head over to Adventures in Strategy, my Edge colleague and friend, Robert Millard's blog post: Richard Branson on Life, Succeeding in Business and Everything
(Recorded March 2007 in Monterey, California. Duration: 30:44.)
I am very biased - Richard Branson is one of my heroes - nevertheless I will risk exclaiming that there is no Managing Partner who could experience this discussion and not be inspired.
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Gaining Influence as a law firm CMO
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The September 2007 McKinsey Quarterly has an interesting article called: The Evolving Role of the CMO by David Court who discusses four areas of change for the CMO:
- Changing to reflect new consumer [client?] buying behavior
- Shaping the Company's [Firm's?] public profile
- Managing Complexity
- Building new Marketing Capabilities
- Take time to understand what's really happening with customers [clients?]
- Foster the right connection between the CMO's efforts and those other parts of the organization
- Be a "thought partner" for the CMO as he or she transforms the marketing organization.
Posted In Law Firm Management , Law Firm Marketing , , , ,
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Contemplating advertising? You had better "Nail It"
Greenfield/Belser nails law firm advertising.
Read Larry Bodine's post to see why he liked it so much: A Law Firm Announcement that Clients Will Actually Read
My Opinion: Refreshing!
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Client Satisfaction may be EXTREMELY Profitable
(Click on image to see original enlarged version)
I was fascinated by this piece at the Consumerist: How To Beat The Stock Market: Buy Companies With High Customer Satisfaction Scores
If the same phenomenon occurs in the legal profession, there would be a tremendous return on investment from enhancing client satisfaction.
The story is that a portfolio comprised of “companies at the top 20% of the the American Customer Satisfaction Index (ACSI)... greatly outperformed the stock market, generating a 40% return.
“From 1996-2003, the portfolio outperformed the Dow Jones Industrial Average by 93%, the S&P 500 by 201%, and NASDAQ by 335%.”
How would you like to out perform the average law firm by somewhere between 93% and 335%? More importantly, how much should you invest in order to reap a return of that nature?
Don’t bother disseminating this information to your people in order to encourage them to focus on enhancing client satisfaction. Their consequential improved knowledge on the subject will do little. It takes results (client satisfaction) to get results (improved profitability). SKILLS rather than knowledge with be essential to achieve the desired outcome.
PUNCHLINE: In my opinion, there is an overabundance of information in law firms and a dearth of client-relations training. If you are a Managing Partner, you may want to balance this disparity.
Note: I admit that this post is an act of unbridled extrapolation. I cannot prove that the empirical research referenced would apply to the legal profession per se but my view is that it probably would.
(Thank you to my son, Daniel, for bringing this to my attention. Daniel (Riskin) is a PhD and a renowned expert on bats - he discovered Vampire bats run - check out his site.)
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