Cracking the Cola Code: Aligning Your Law Firm's Sales & Marketing for Explosive

Ever since I watched Pepsi, Where's my Jet on Netflix I have been OBSESSED.  

‍

I don't particularly like Pepsi (or really any soda ... but I am a true Southerner so Coke over Pepsi) but I must admit that it's a fascinating company and the impact of the cola wars with Coca-Cola REALLY matches so much of what lawyers deal with on a day to day basis, that I find myself going back to those companies a lot in analogies.

‍

For the purpose of this newsletter, let's get in our DeLorean and go 88 mph back to the 1980s ...

‍

Back then, PepsiCo was losing the cola war to Coca-Cola.  According to the Pepsi challenge, they had a great product, but according to their sales, they were struggling.  

‍

A lot of this can be attributed to their sales and marketing departments not being aligned. The sales team focused on short-term profits, while the marketing team was focused on building the brand for the long term. As a result, PepsiCo was winning the challenge, but losing the war.

‍

But then, Pepsi made a smart move. They brought in a new CEO, Roger Enrico, who understood the importance of aligning sales and marketing. He created a new marketing campaign, "The Choice of a New Generation," that focused on the youth market. The sales team then focused on executing this campaign and building relationships with customers.

‍

The results were impressive. PepsiCo's sales increased by 25% in the first year of the new campaign, and they were able to regain market share from Coca-Cola. 

‍

So, what can law firm owners learn from PepsiCo's story?

‍

Let's look at sales versus marketing.

‍

Are you confused about the difference? You're not alone! It's easy to think they're the same thing, but they're not. 

‍

Marketing is all about creating awareness and interest in your law firm's services. It's about building your reputation and generating leads. Think Don Draper and Mad Men.

‍

On the other hand, sales is about turning those leads into paying clients. It's about building relationships, understanding your client's needs, and closing deals.  Think Jerry McGuire's SHOW ME THE MONEY!!!!!!

‍

In essence, marketing should be putting out the right messaging to bring in the clients that are easy for sales (or intake or whatever you want to call it) to close and turn into clients.

‍

Sales should then share clients' actual concerns and fears with marketing so they can keep targeting the RIGHT clients whom the firm can be the #1 best choice for.

‍

But why does this matter? Well, here are some stats to give you an idea:

Companies with strong alignment between sales and marketing achieve 20% annual revenue growth. (HubSpot)

Businesses with strong marketing and sales alignment achieve a 32% increase in year-over-year revenue growth. (Forrester)

79% of marketing leads never convert into sales. (InsideSales.com)

You can run your business into the ground by marketing poorly OR not being able to close the leads regardless of whose fault it is (jordanostroff.com)

What can you do about it?

‍

1) You can make them the same department - it's not ideal, but it might solve short-term issues

‍

2) Track the RIGHT data - if you're following the methodology I always talk about where you can tell which thing brought in every lead, you can then track which of them hire to see where your issues truly are.

Consistent close rates but not enough opportunities = a marketing problem

Lower than industry standard close rates but with enough leads to support the firm = a marketing problem

Inconsistent close rates based upon who does the consult = at LEAST a sales problem

Low % of leads that are actually QUALIFIED leads (the right legal issue in the right location for you to handle it and can afford to hire the firm (even if they chose not to)) = at LEAST a marketing problem

‍

3) Set a better vision - a lot of times the problems at our firms are because we didn't set the right expectations.  Whether that's a mission statement, a strategic plan, or whatever you want to call it (hopefully not a hope and a prayer)...maybe you haven't conveyed that correctly to your team.

‍

Maybe you haven't been clear on what types of cases you take, what your clients' fears actually are, or why clients should hire YOUR firm (versus the 400,000 other options).  A little info might go a long way toward getting these teams aligned.

‍

4) Keep doing the same thing and expect better results - Einstein would call that insanity, but hey...

‍

Actual 4) Better training - the next step after setting out that vision is making sure your team is empowered to execute it.

‍

Maybe they don't have the right technology, maybe they are overworked, or maybe they don't have (or follow) consistent SOPs, but some reminder training might go a LOOOOOOOOOONG way. 

‍

Bonus points if you don't have to be the one doing the training. E.g. if one of your intake people has a MUCH higher close rate when you look at it ... maybe they can lead the training for the other salespeople.

‍

5) Change the people in the seats - look, this sucks to do. BUT if you've gone through the first 4 things ... take some time to see if MAYBE you have a problem not outlined here (you might), but if nothing is obvious, you might have the wrong people in the seats.

‍

6) Reach out for help - to me or anyone else you trust to help you through this, what have you got to lose?

‍

Next week we are going to write about what you can TODAY (or next week) to save you the MOST time going forward.

‍

Until then, may you not need to fight Lucy Liu, Helen Mirren and a freaking Wood Dragon to save the world with your non Fast & the Furious "family."

‍