80/20 Your Business Development Efforts
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As a lawyer, your time is precious. Between client work, administrative tasks, not to mention personal responsibilities, finding time for business development can feel like squeezing water from a stone. But since effective business development is crucial for long-term success, you have to make it priority. The key is to work smarter, not harder, by applying the 80/20 rule to your business development efforts.
The 80/20 rule, also known as the Pareto Principle, suggests that roughly 80% of effects come from 20% of causes. In business development terms, this means that about 80% of your new business will likely come from 20% of your contacts—and I believe it’s closer to 5%. By identifying and focusing on that critical few, you can maximize your results while minimizing time investment.
Let's break down how to apply this principle to your business development strategy:
1. Prioritize Your Contacts
Start by categorizing your professional contacts into three bands:
Band 1: Current and Past Clients These are your most valuable contacts. They've already shown trust in your services and are most likely to bring you repeat business or referrals.
Band 2: High-Potential Prospects and Referral Sources This group includes decision-makers at ideal client businesses and individuals who can connect you with potential clients. These contacts represent your best opportunities for new business.
Band 3: Broader Network This includes LinkedIn connections, friends, law school classmates, and other lawyers in your community, to name a few. While less likely to bring immediate business, they contribute to your overall professional ecosystem.
2. Focus on High-Priority Contacts (Bands 1 and 2)
Devote the majority of your one-on-one relationship-building time to contacts in Bands 1 and 2. Here's how:
Understand their challenges: Stay informed about their industry and specific business issues.
Add value: Share relevant articles, invite them to events, or offer make helpful introductions.
Be visible and helpful: Respond promptly to their queries, even if it's just to acknowledge receipt and promise a fuller response later.
Be proactive: Don't wait for them to reach out. Schedule regular check-ins, even if it's just a quick email or coffee meeting.
Ask for business: When appropriate, don't be shy about expressing your interest in working together.
Seek introductions: Ask these high-value contacts to introduce you to others in their network who might benefit from your services.
3. Manage Your Broader Network (Band 3)
While you can't devote significant one-on-one time to Band 3 contacts, don’t ignore them entirely. The key is to find efficient ways to stay visible:
Leverage LinkedIn: Regularly post insightful content related to your area of law. Share industry news with your comments, or write short articles showcasing your expertise.
Email newsletters: Consider a monthly or quarterly newsletter (like this one) with legal updates and practical tips relevant to your target clients.
Speak at events: Look for opportunities to present at industry conferences or local business events. This allows you to reach many contacts at once.
Utilize content marketing: Write blog posts or record short video tips that you can share across multiple platforms, maximizing your reach with minimal time investment.
By applying the 80/20 rule to your business development efforts, you can make the most of your limited time. Focus on nurturing relationships with your most valuable contacts while maintaining visibility with your broader network through scalable marketing tactics. This targeted approach will help you generate more high-quality leads and grow your practice more efficiently.
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Jay Harrington is president of our agency, a published author, and nationally-recognized expert in thought-leadership marketing.
From strategic planning to writing, podcasting, video marketing, and design, Jay and his team help lawyers and law firms turn expertise into thought leadership, and thought leadership into new business. Get in touch to learn more about the consulting and coaching services we provide. You can reach Jay at jay@hcommunications.biz.