Vision for Change: Batta Fulkerson is Giving People a Reason to View Personal Injury Law Firms Under a New... Be the Missing Piece: Marketing Your Niche Law Practice: Marketing a niche practice (especially in a small firm) has its challenges. Although a... 20 Traits of the 100%- Capable Rainmaker: What does it take to be a great rainmaker, able to generate millions of dollars in... How Meditation Helped My Law Practice And Why I Think It Could Help Yours: Last year, I made equity partner at my Firm. In this blog, I have promised to tell some... Unlocking the Talents of the Millennial Lawyer: “What can I do to convince you to stay?” - So asked a senior partner during a long... Digital Marketing Trends in 2018 and Beyond: If you have seen a slump in your recent marketing efforts, you need to evaluate what you... 11 “More” SEO Specialists Share Their Best Tips for Lawyers: This is the question we posed to more than 50 SEO specialists who have done SEO for... Community News – July 2018: Seltzer Caplan McMahon Vitek is pleased to announce that Arezoo Jamshidi has been... Riding A Wave of Wage and Hour Class Action Litigation: California’s Leading Wage and Hour Class Action Lawyer, San Diego’s own Bill Turley... An Attorney’s Guide To Closing A Law Firm: Just like any other professional, sometimes lawyers choose to close their practices. The...
Executive Presentations-468x60-1

The “No Budget” Problem

If you’re in the habit of pitching legal services straight out, i.e., “We’re great at real estate finance; let us help you with that,” stop reading. I can’t help you. Nobody can. There’s no market for product-centric pitches. If, instead, you’re bringing fresh thinking to prospects or clients whom you believe would benefit from applying it (with your help, of course), read on.
When you hear “no budget,” you should interpret that as representing one of two problems, each of which can be resolved by shifting your perspective and applying one of a few simple disciplines: (1) You’re talking to the wrong person; (2) The person you’re speaking with perceives the Cost of Doing Nothing as too low (either because you didn’t explore it thoroughly, or it’s actually low).
The first condition usually exists because of the second. Being “the wrong person” doesn’t necessarily reflect the person’s purchasing authority. It reflects their low personal stake in the problem or issue. They have the luxury of delaying action, or eschewing it completely. As a result, they have no reason to embrace the risk associated with taking action or even advocating that others take action. It’s time to shift your goal with this person. They’re no longer a prospective buyer; they’re now an intelligence source and potential referrer. You’re already discussing the problem’s consequences and impact with them. Ask who is most likely experiencing those first-hand.

In either case, you have to identify other stakeholders in this problem who, because they’re living with the problem and its consequences daily, perceive the cost-of-doing-nothing as much higher. It’s not all that difficult to motivate the stakeholder you’re now speaking with to connect the three of you. Even if your current contact is unwilling to make the connection, it’s not all that hard to cold-call those experiencing more acute and concrete consequences.
If you can’t find a stakeholder who perceives the cost of doing nothing as high, it’s time to walk away. People only make the decisions they MUST make. Low cost of doing nothing means they don’t have to make a decision, at least now. Put them in your tickler file and ping them every three months or so, or whenever industry media publishes something that suggests the problem is becoming more widespread. After all, it’s a dynamic world; things change.

Mike O'Horo

Mike O'Horo is a serial innovator in the law business. His current venture, RainmakerVT, is the world's first interactive online rainmaking training for lawyers, by which lawyers learn how to attract the right kind of clients without leaving their desks. For 20 years, Mike has been known by lawyers everywhere as The Coach. He trained more than 7000 of them, generating $1.5 billion in new business. Mike can be reached at mikeohoro@rainmakervt.com

More Posts

Digg This
Reddit This
Stumble Now!
Buzz This
Vote on DZone
Share on Facebook
Bookmark this on Delicious
Kick It on DotNetKicks.com
Shout it
Share on LinkedIn
Bookmark this on Technorati
Post on Twitter
Google Buzz (aka. Google Reader)
PDF24    Send article as PDF   

Filed Under: Featured Stories

About the Author: Mike O'Horo is a serial innovator in the law business. His current venture, RainmakerVT, is the world's first interactive online rainmaking training for lawyers, by which lawyers learn how to attract the right kind of clients without leaving their desks. For 20 years, Mike has been known by lawyers everywhere as The Coach. He trained more than 7000 of them, generating $1.5 billion in new business. Mike can be reached at mikeohoro@rainmakervt.com

RSSComments (0)

Trackback URL

Leave a Reply

  • Polls