Keep the profitable customers – dropped the customers that aren’t. That was a core theme of Patricia Seybold’s 2001 book titled The Customer Revolution.
Following this week’s posts on Porter’s Five Forces and the Future of Law, it seemed fitting to search for a Friday Share that matched this week’s trend. Digging through the archives on YouTube, we found one in a 2010 ABA Legal Rebel presentation by LexThink.1 founder Matt Homann titled: Building The Service-Centered Firm.
Like Ms. Seybold’s book, Mr. Homann advocates for “building a practice to serve only the best customers,” and he notes it’s not always “just those that pay you on time (but that’s a start).” He uses a fictional law firm client he refers to as “Stacey” to illustrate how to think about building a business in this way.
Mr. Homann said then – and it’s likely still true today – that clients are:
- Facing too many choices in providers
- Active in the online market conversation
- Hyper-connected and subsequently distracted
To identify the clients a law firm wants he suggests developing “client commitments” a firm is willing to keep and identifying clients that find those commitments important.
The full video runs just about seven minutes and Mr. Homann’s energetic speaking style keeps the presentation moving along – LexThink style:
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