Social media and selling

Boats, by little ol' me. Social media allows you to get your work out to a larger audience.

Last week I got into a spirited discussion with other painters about social media and marketing. As I frequently do, I cited one of my favorite painting students.

In his other life, Brad VanAuken is a brand consultant to Fortune 100 companies and the author of a texton the subject that’s going into its second printing. (In fact it’s his success in his chosen field that somewhat slows down his progress as a painter, since he’s always jetting around the globe instead of coming to class.)

Using photos of myself painting on location helps my audience understand what I do. Standing in creeks will someday also give me pneumonia or a broken ankle, but I try not to focus on that. (Photo courtesy of Mitchell Saler, a painter you'll be hearing about in the future.)

Brad is the person who made me understand an essential truth about social media: it works more like a mesh than an arrow. I can’t cite a particular connection between, say, a Pinterest post on Tuesday and the sale of a painting on Friday, but there is no question that—somehow—it works. I’m completely booked from now until September with invitational paint-outs, shows, and classes.

Sunset in Maine, by little ol' me. I try to be transparent, to let people see my failures as well as my successes, because I want people to understand that painting isn't a question of genius, but of plugging along.

One painter suggested that platforms like Tumblr and Twitter were a waste of time because their target demographic doesn’t buy paintings. This is untrue. I need look no farther than 22-year-old Anna, who not only owns her own home (which contains purchased art) but takes painting lessons from me to boot. And even if it were true, her age cohort is in some ways the arbiter of taste for the rest of us.

I have three openings left for my 2014 workshop in Belfast, ME. Information is available here.

The Future of London and New York As Financial Centers

"Do not write off New York and London," is the title of an article written by Michael Skapinker in the Financial Times (30th of September). According to his opinion he figures that those two cities will remain leaders in Finance despite the negative publicity in the last month.

Three arguments support his idea:

Language. "Lehman brothers may have gone overnight, it takes centuries for a language to disappear." According to his argument, a global generation has invested years learning English which has no ready challenger.

Law. Despite the outrageous fees for lawyers in both cities, no other city would offer defence for corporate rights, at least not credible: Do you believe Moscow or Shanghia would?

Collective brain power. Although this "may seem laughable given where bankers supposed intelligence has landed us now," but he argues that these cities as they are open will also offer the solution.

"The next 30 years will be different," but London and New York will be back, that is ... according to Skapinker.

Looked at it from an other side, the first argument could be inverted: the world has really become global and English is no longer the language of the US (or Canada) and UK (or Australia), but has become a global language. Also in Finance. Why stick to London or New York for financial matters rather than in Geneva, Amsterdam or Madrid?

Law and lawyers. What will globalization do with law? When at last will law change to be more transparent? It is one of the territories that has escaped any critic, whereas lawyers are (more often) the problem rather than the solution. If there ought to be a single-global-currency, I would argue it to be universal (financial) law.

Collective brainpower? Why are medical specialists so intelligent whereas hospitals (as an institute) can be so foolish? Why can a financial specialist be so smart and a bank so stupid? Knowledge management has failed because of specialization. Both London and New York are symbolic for financial stupidity and that will have to change. We need to think different and cooperate between and over specializations. That wisdom will not come from New York, nor from London. I think.

What about networking? Why would two cities dominate, where there is so much knowledge spread around the world. Rather than two monoliths I would argue that the new financial order is divided between a large network of smaller entities...

Law Firm Marketing 101

Law firm marketing is comprised of many different elements. The analysis of your firm in law practice management can be complex, however, lets begin with a key success variable - your current client base. Managing your client base is the most important aspect of your law firm marketing efforts. I suggest you begin with grading your clients.

The ABCD Solution

In looking at your client base for law firm marketing purposes, you can use a time-tested method of analysis. This is the key concept of "ABCD clients". Service professionals of many types use this method to accurately rate and organize their client base. And for effective marketing for law firms, this method is priceless. By the way it is not just about marketing. It is also about serving your clients better than ever.

As you certainly know in schools we use the letter grading system to rank the students in order of how well they perform on papers, tests, quizzes, etc. Similarly we will "grade" our clients. So think of your client grading system for law firm marketing as summing up all the aspects of a good client.

A client who gets an "A" would be one who has reasonable expectations, follows your instructions, is grateful for the work you do as well as courteous and professional in their demeanor with both you and in particular your staff. In fact if you are ever wondering if someone is an "A" client or a "D" client just ask your staff. The "A" client sends you referrals that turn into "A" clients as well. The "A" client is never concerned with the fees you charge since they know your services are worth the cost. They pay their bills on time all the time. And finally, their cases are interesting and substantial matters. Now isn't this the kind of client you are aiming for in your law firm marketing in the first place? Additionally, have you ever heard the old saying "birds of a feather flock together"? This means your "A" clients know a lot of other "A" clients who they can refer to you if you play your cards right.

Of course a client with a "B" grade would have many of the same qualities of the "A" client, but not all. A client with a "C" grade would be closer to a "D" client. A client with a "D" grade is the complete opposite of all the characteristics of an "A" client. They don't have reasonable expectations, they pay their bills late (some not at all), try to negotiate lower fees or retainers, don't follow your instructions (may even think they know better than you do), are rude or unprofessional, they do not send referrals (or if they do they are also "C or D" clients), their matters are not substantial and interesting, and they often complain about normal fees. Not a pretty picture these "D" clients. Let your competitors have them!

In targeting your law firm marketing, "C & D" clients are not the kind of client you want to attract. Most firms find that "C & D" clients take up between sixty to eighty percent of their time and efforts, while only bringing in twenty to forty percent of the firm's revenue. Does it make sense to cultivate this type "C & D" business? Of course not. You need to stop taking "C & D" business and "fire" (ethically of course) any "C & D" business that you can. Even if you only begin with the "Ds" it is a beginning. Quite liberating as well my clients report to fire these folks.

Effective marketing for law firms includes a realistic look at what will bring the best benefit for the best clients. Ridding yourself of clients who are graded a "C or D" is one of the best things you can do for your "A & B" clients. Without spending all your time on the "C & D" problems and concerns, you can pour your attention into your "A & B" clients (moving their matters to conclusion faster thus you can do more of them). Thus the "A & B" clients will be even more satisfied, resulting in more referrals and more business from them. Clearly a "win/win" for all.

Another big, big advantage of spending less or no time on your "C & D" business is you can focus more time on developing your "A & B" referral network. Your increased marketing time and more focused law firm marketing will result in more quality "A & B" business.

What I have found working individually with over 500 attorneys is most of you will need to limit your practice areas to one, two or maybe (and I do mean maybe) three practice areas in order to drop your "C & D" cases. Too many attorneys are practicing "threshold law" that is defined as taking anything that comes across the threshold of your office. In selecting your practice areas try to incorporate cross-salable areas, such as wills and trusts, real estate, and/or estate planning for example. Select the most lucrative practice areas you have and then pour your law firm marketing efforts into those targeted practice areas while focusing on "A & B" clients and referral sources. This may be a bit frightening at first and in the long run you will be extremely glad you did.