ROI: Reality or Illusion

Name OfPresentation

ROI: Reality or IllusionA webinar on measuring the Return on Investment in Law Firms

2013

Timothy B. Corcoran,PrincipalCorcoran Consulting Group, LLC

Chris FritschPresidentCLIENTSFirst Consulting, LLC

W E I S E R M A Z A R S L L P

Since 1921, WeiserMazars LLP has provided accounting, tax and advisory services. Defining features of our firm include:

Over 100 partners and more than 700 professionals in six U.S. offices

Named one of the top accounting firms in the country by Accounting Today (March 2012)

An integrated, customized approach – Our full service platform integrates accounting, auditing, tax and advisory services seamlessly to best address the critical issues our clients face

WeiserMazars is an independent U.S. member firm of the Mazars Group, one of the world’s most prominent international accounting, audit, tax and advisory services organizations with:

• Access to over 14,000 professionals in more than 70 countries on six continents• International reach uncommon in firms with such an intense focus on coordinated, client-centric service• Expertise on global issues, cultures and techniques

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Visit us at: www.weisermazars.com

Timothy B. Corcoran

www.integratedmgt.com © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission

• Over 20 years of expertise in law firm management, marketing, business development and technology, product management and consultative selling

• Advises law firm leaders in business development, legal project management, process improvement. Also advises legal vendors on product development, market strategy and sales force readiness

• Formerly a senior consultant with Altman Weil; Director of Practice Development for a global law firm; CEO of a NASDAQ-traded legal technology company; and a senior executive with both LexisNexis and Thomson Reuters

PrincipalCorcoran ConsultingGroup, LLC

• President-elect, LMA International Board of Directors• Author of Corcoran’s Business of Law blog• Fellow, College of Law Practice Management and Center for International Legal Studies• Columnist, Marketing the Law Firm, PSMG Magazine (UK), Bloomberg Law, CounselLink

Chris Fritsch

www.integratedmgt.com

• Over 12 years working with law firm Clients to help them achieve their business and technology goals. Her focus is on building relationships, exceeding Clients’ expectations, delivering value and providing superlative service.

• As a Business Development Consultant, Chris has worked together with attorneys and business development and marketing professionals to successfully leverage relationships, increase revenue and grow their law firms.

• As a Business Development Technology and CRM Success Consultant, Chris works together with top law firms to help them select and implement the right technology solutions to support their Business Development efforts and maximize their return on investment

President

• Author of CRMSuccess blog• Chris has a J.D. from Emory University School of Law

© 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission

Results Revenue generation Reducing time spent on redundant tasks and

processes Representing new Clients Retention of current Clients and attorneys Reports and analytics to drive business decisions Respect for the marketing department

Putting the ‘R’ in ROI

Don’t try to boil the ocean A couple hours each week on

business development Targeting the right people at

events Improving click rates 1% Tracking business

development touches Personal follow up

The little things count

Pick the low hanging fruit Measure and reward collaboration,

teamwork, client service and satisfaction Conduct Client interviews Focus on top Clients Know which RFPs to spend time on Take younger lawyers on BD calls Focus on expertise / niches

Industries / developments

Do the right things

E-mail and event campaigns Open / Clicks / bounces

Event attendance Business development pipelines RFP responses / successes Marketing expenses

What Gets Measured Gets Done… Better

Who moved my cheese?


ROI = return on investment


ROI = return on investment

ROI is relative, not absolute


ROI by theNumbers…

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Improving efficiencies Outsourcing to reduce costs Technology to automate processes Cross selling to increase revenue from top

Clients Targeting business development opportunities

for better results

Positive Numbers

Negative Numbers

• Opportunity costs– Billable hours wasted– Poor attendance at expensive events – Repetitive and redundant processes– Inability to target and segment and ensure

information gets to the right audiences – Postal mailing costs – Random acts of golf and lunch

• Dollars wasted on non-strategic activities • Sponsorships / Tickets

Targeting


Getting a Little Betterat E-mail Marketing

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Sep. 15 (5067)

Sep. 16 (4908)

Sep. 18 (8642)

Sep. 19 (8643)

Sep. 21 (8658)

Sep. 22 (8664)

Oct. 6 (9805)

Oct. 7 (7936)

Oct. 16 (8847)

Oct. 22 (8658)

0

500

1000

1500

2000

2500

Alerts

Publication management


Should be grown organically over time Never purchased

Should regularly be vetted Allow them to re-opt in

Bigger isn’t necessarily better Smaller, more targeted lists yield better results If a recipient hasn't opened an email in a year, consider

deleting them A 5% reduction in customer defection can boost profit

by over 25%

Marketing List Management

Clients Prospects Alumni Referral sources Job titles Interests Assets Gender Age

Segment to Improve Engagement

Industries Geographies / locations Company size Revenue Practice areas needs Current services utilized Goals Needs

Alerts Changes

Laws, regulations Compliance

Timely subjects Timely updates Education Information to save time, improve professional

and personal lives

E-mails That Get Read

Time of send can affect opens First thing in the morning generates the highest opens Tue, Wed and Thu are the best launch days

If messages are regularly scheduled, Clients begin to expect them and get in the habit of reading them Communications sent out daily (+27.8%, +100.3%) Communications sent out weekly (+27.1%, +50.6%)

Messages shouldn't be scheduled too infrequently Communications sent out “Monthly” (-26.6%, -37.0%)

Sending Schedules

Avoid list fatigue The more often you send, the lower your key metrics will be But infrequent messaging can also affect your key metrics

Test campaigns regularly Validate list recipients Improve subject lines Improve content relevance Use landing pages to give unsubscribe options Consider calling people who unsubscribe

Tips for Improving Return on Campaigns

Some words work better for opens or clicks“Newsletter” has a slight positive effect on opens,

(+0.7%) But a strong negative effect on click rates (-18.7%.)

“Alert,” (+38.1% opens) (+61.8% clicks)“Bulletin” - (+15.8%, +12.7%). “Report” (-23.7%, -54.8%,) “Learn” (-35.5%, -60.8%,) “New” (+17.2%, +38.2%)

Subject Line Analytics

Use about 10% of your list to get good data Test e-mail deliverability and recipient preferences

Subject lines Time of the day or week Which segments respond Content Text vs. graphics Layout of information Unsubscribe wording Surveys

How and What to Test

Open rates can be deceiving due to the way they are tracked Up to 50% of emails are delivered to subscribers unable to

register opens But they can still be valuable benchmarks Open rates of 25%+ are considered good

Highest open rates come from clients and former clients Prospects are the lowest

Click thrus are good metrics of campaign success Demonstrate engagement Are in decline

E-mail Analytics

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5Initial Contact Fact Gathering Needs Analysis Proposal Close

Bay Bank, Joe Reed; Lazlo Mendel et al, BioVate Labs Banco de Espana Tolliver IndustriesCatch up lunch Tony Monte, ptnr Antitrust defense Airport development Patent litigation

Lit co-counsel oppty Ron Keltner - NYC Kent Linert - NYC Steve Testke - ChiMitre Inc, Sue Glade; next mtg 7/23/09Met at ABA CLE Brighton Bank Ltd $725,000 / Aug 09 $110,000 / Jul 09

Stuart Grady - London S'western PowerNoCal Power, Jeff debt restructuring Water filtration plant Ritter CorpLisso; Ref by ASD&R Brent Day - Houston Whistleblower def.

Sun Apparel proposal due 7/20/09 Aimee Mann - AtlantaConvo Destin, Gene Chas. Marin - AtlantaInello; New GC mtg RIF Major Ventures, LLP $275,000 / Jul 09

xchange delistingCity Construction, Ed Quantralis Torango, Silber - NYCFlister; RFP rec'd Silber - NYC meet CFO 7/7/09

option backdatingRaytheon, Lucy Arroz;Webinar attendee AirPeru

Jose Denon - AtlantaClifton Pubs; Neil class action defenseNolan; inbound call

GE Aircraft; Bo Little;Network referral

80% probability of closing within 3 weeks, leading to $100k billables in Q1, $150k in Q2, $50k in Q3

Opportunity management


Resource allocation

Repetitive

Important

Strategic

Repetitive

Repetitive

Supply Rates

There is an inevitable and inexorable migration of products and services from leading edge to common place, whether the provider likes it or not


Submit Articles

Speak at Conferences

Networking & Education

Demonstrating Expertise

Leading ExpertBoard

Committees

Attend Meetings, Educational sessions

Visibility & Credibility

Committees and conferences


Event management


Share of voice


The usual process• Always in a rush• 95% about us• Deal lists, representative matters, bios• Never call to clarify• Last second drop-in of mystical pricing

The usual result• Who cares? We pitch what the partners tell us to pitch!

RFP management


Winning Characteristics• Early• Client prep call/test close• 95% about the client• Clear problem statement

• Potential alternative solutions

• Proposed project plan • Proposed budget

RFP management


Improving Efficiency

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www.integratedmgt.com

AFA profitability


Consider Outsourcing ROI

• Can things be mandated?– If not, can they be automated?

• Integration with other systems • Automated data feeds • SIC or NAICS codes

– Or outsourced• Outsourced data quality

– Enhancing information with company or industry information

– Adding existing CI data to records

Repetitive Repetitive

Client satisfaction


Final Success Tips

• Be patient• Don’t try to do everything• Small wins, communicate successes, repeat • Focus on best practices • Don’t reinvent the wheel • Don’t do it alone - reach out for help

W E I S E R M A Z A R S S E R V I C E S

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Audit & Accounting

• Audits• Reviews• Compilations• Reporting on

Controls of Service Organizations

• Reconciliation Projects

• SEC Filings• International Needs

(inbound, outbound and IFRS)

• Special Purpose Reports

Tax

• Compliance• Consulting• Tax Reporting &

Withholding• FATCA• SALT• GAAP/IFRS

Disclosures • Cost Segregation• Trust and Estate

Planning• High Net Worth

Services• Corporate Structure• International Tax• FBAR Reporting• Pension, Benefits and

Compensation• Personal Financial

Planning

Governance, Risk &

Compliance

• Internal Audit Co-Sourcing and Out-Sourcing

• Risk Management Consulting

• Fraud Assessment Services

• Information Technology Security, Strategy and Solution Selection

• Other Services (SOD analysis, PCI assessment)

• Disaster Recovery/Business Continuity Services

Financial Advisory Services

• Due Diligence• Valuations• Litigation Support• Bankruptcy• Turnarounds• Investor and Lender

Services• Fraud Investigations• Business Advisory and

Recovery• Project Finance and

Financial Modeling Services

Consulting

• Sourcing• Strategy• Finance Process and

Systems• Operations Process

and Systems• Information

Technology• Tax Sensitive Design

Visit us at: www.weisermazars.com

Timothy B. CorcoranPrincipal

Corcoran Consulting Group, LLC

[email protected]

CorcoranLawBizblog.com

Twitter: @tcorcoran


Chris FritschPresident

CLIENTSFirst Consulting, LLC

404.249.9914

[email protected]

ClientsFirstConsulting.com

Twitter: @CRMSuccess

mailto:[email protected]

mailto:[email protected]

ROI: Reality or Illusion

Business

Transcript of ROI: Reality or Illusion