Let me shake things up a bit! 🙃
If I received a dollar for every time I’ve encountered offers like “pay for an enhanced profile,” “pay to write and publish this article in our guides,” or “we’re pleased to inform you that you won an award, but you need to pay for it,” I would be rolling in cash.
With the overwhelming number of proposals coming your way, how do you decide what to pursue and what to decline?
Oh and these guys (this is not a dig at legal publications and directories, I love them) then go above your head and reach out directly to the partners or lawyers involved because they think they’s be speaking to the decision makers. Laugh in French 😂. In a firm with a proper structure you are just going to end up being redirected to the BD & Marketing team, so please stop doing this, it just makes you look desperate.
Now, let’s say you’ve overcome the hurdle of agreeing to pay for an enhanced profile or an article. When it’s time to renew, do you simply renew without thought?
What is the return on investment (ROI)? ROI doesn’t always have to lead to client acquisition. Personally, I evaluate ROI by asking three key questions:
- Does it make our clients happy and build their trust in us, turning them into raving fans?
- Did we acquire any new clients?
- Did it increase our brand exposure?
If any of our investments yielded positive outcomes in these areas, then it’s a win. But how can you answer these questions without analyzing the data?
In terms of client retention and satisfaction, how many clients actually read the article you paid for? How many clients felt we were exceptional just because we invested in an enhanced profile?
Regarding client acquisition, did the article reach your target audience? How many members of that audience saw it? How many qualified leads emerged from it?
I could go on and on. The bottom line is, the next time you consider spending money from your BD and marketing budget, ask yourself: Are you making this decision based on data that supports the rationale behind the expense? Or are you spending just because it feels good to some people?
Selah!