Although nearly one-half (41%) of respondents to last week’s online survey said that they are focus on business development during the downturn, just about the same number (42.9%) admitted that they are working “from the seat of their pants.” The vast majority (71.4%) are encouraging their professionals to publish, present, and participate in BV professional activities and also to review current referral lists for reconnection potential (64.3%). Nearly half (42%) are taking clients out and updating their print/web materials. Only a few (14%) are launching (or re-launching) a client newsletter or similar electronic or mail campaign.
“On the whole, I would say the results reflect the ‘feast or famine’ nature of business valuation,” comments John Borrowman (Borrowman Baker LLP), who helped create the survey. “When you’re busy, you’re usually too busy to market. When the phone stops ringing there’s a tendency to get like the proverbial ‘deer-in-the-headlights.’”
Borrowman says. “When times get good again (and they will!), finding time for public presentations may become a lower priority, while on-going marketing efforts like a newsletter or e-alert will continue to reach a larger audience on a regular basis.” And, some of these marketing tasks can be delegated even when your practice becomes too busy.
As one respondent said, “You have to treat marketing like a client. Some one at your firm must keep paying attention to it. Not just in bad times but all of the time.” Given the candid comments and discussion, the survey is still open: To participate, click here.
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