August 14, 2009
Do you know how to get the most from your sponsorships? I was interested to see this article from The National Journal, with the headline, “No More ‘Chalets’: Legal Marketing Focuses on Building Business. Good idea, no? Sponsorships can be good avenues for business development, but simply posting a firm name on a tent at a high-priced (or even high-visibility) event is unlikely to accomplish that goal. The article notes that, “Firms are zeroing in on opportunities that allow their attorneys to get out in front of a specific group of potential clients, such as industry conferences.”
But getting in front of a group of potential clients can mean different things to different people. These are some of the considerations I recommend you evaluate if you’re contemplating taking on a sponsorship:
- Who will be present? Potential clients or referral sources are good; the general public is less likely to produce measureable business results.
- What recognition will you receive as a sponsor? Will your firm name be on the signage, on the event website, on bags or t-shirts? Will you be mentioned during the event itself?
- What perks will you receive as a sponsor? Look for opportunities to mingle with attendees at sponsored luncheons, coffee breaks, or cocktail parties. You’re more likely to be able to meet selected participants if the sponsored event is not open to all comers.Â
- Who will attend from the firm, and what is the strategy for making the most of the opportunity? As usual, without a plan, your efforts are likely to produce little. The strategy will depend on your business development goals, the nature of the event, the attendees, and more, but you must be able to identify at least the basic strategy before you commit to sponsorship.
Sponsorships aren’t dead, by any means, but it’s just a waste of money to take on a random sponsorship without a defined objective and a clear plan to reach that objective.
WRA, Resurrected!
Back in January, I launched a new weekly blog feature: the weekly rainmaker activity. I described it this way:
One of the keys to being a successful rainmaker is making a habit of consistent client development activity. I recommend that lawyer doing something designed to increase business every single day, whether it’s writing a 2-minute email, hosting an hour-long lunch, or attending an all-day industry meeting. I’m launching a new blog feature this week: the Weekly Rainmaker Activity. I’ll offer a weekly business development task. Those who choose to accept that challenge will make the time to engage in the activity of the week at least once. If you’re so moved, please post a comment (anonymous is fine, of course) to let me and the other readers know what you’ve done this week. Healthy competition of this sort can benefit everyone.
And then I started writing The Reluctant Rainmaker, thus effectively putting the blog on hiatus. Ooops. But now, it’s time to resurrect the WRA, and the first task will be posted Monday.
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