tag:blogger.com,1999:blog-362633126498757441.post715469792312863731..comments2024-01-07T02:10:51.388-08:00Comments on Business Development Inc.: The Perils & Opportunities of Generating Revenue Using Chief Business Development Officers and/or Professional Business Developers©Administratorhttp://www.blogger.com/profile/06655528426936191630noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-362633126498757441.post-18252055017250226362009-11-24T16:38:07.145-08:002009-11-24T16:38:07.145-08:00I'm the former BD Director for an AmLaw 100 fi...I'm the former BD Director for an AmLaw 100 firm, recruited out of another organization where I had a very successful, quota-busting services sales career. In any business, the term "business development director" or "BD manager" means that person develops revenue generating opportunities and that's what I thought this progressive law firm wanted. Boy, was I wrong. <br /><br />For my first six months at the law firm, the CMO assigned my BD managers and me to help rewrite website copy. Over the next several months, the CMO ridiculed any efforts by me or my team to create new business opportunities, i.e. set up meetings with prospects etc. and really just wanted us to do internal marketing-type projects like build out the CRM system or gather lists of experience. At one point, he even told me I was spending too much time meeting with accounting firms, and yet they're some of the best referral sources! (Truth is, I averaged one lunch per month with an audit or tax partner and always took a relevant attorney with me.) <br /><br />On another occasion, he adamantly refused to change the date for the BD/marketing team's CRM software training, even though two of my managers were working on a multi-million dollar RFP that was due the same day as the training! The CMO insisted that my managers try to get the attorneys to complete the RFP several days before the deadline. The attorneys said he was in fantasy land. (RFP advice from a CMO who has never sold any professional service!) <br /><br />And without belaboring the point, the BD team really answered to the marketing team at this firm, which the CMO refused to recognize, given the amount of work we had to do on events and various PR tasks. <br /><br />Here's my point. For a CBDO and team to work in a law firm, there must be a clear understanding that the BD function is supported by the marketing function, not the other way around. Second, the BD team is there to help the attorneys gain new clients or expand existing ones. Every moment we're tied up on some internal task is a moment we're not helping to find revenue opportunities. Who wouldn't like new revenue opportunities in today's economy? I can tell you that the attorneys loved our efforts to bring them new opportunities, but they were overruled by the CMO and some members of the BD Committee who just aren't ready for a true BD team.<br /><br />Given the weak national economy, an ultra competitive legal environment with its drive toward convergence, and the diminishing return on marketing tools, I believe the need for sales professionals in law firms grows stronger every day.Anonymousnoreply@blogger.com