Why client favourability matters
Leor Franks
by Leor Franks
In volatile times, making the most of marketing and Business Development (BD) is increasingly important. Insight into how clients perceive you is essential, and the “favourability journey” can help. This article covers four stages: Recognition, Reputation, Relationships, and Revenue. Imagine the following:
Recognition: You go to a bar to meet a contact. Considering what to order, you see 30 bottles on the shelf, none are familiar but ten are from a region you are aware of. You’ve reached the first step of the Favourability Journey – recognition. However, without further data, ten is still too many to pick from.
Reputation: With no barkeeper in sight, you go behind the bar to look more closely at the ten. Without knowledge of their calibre, how do you select? Five bottles show an award logo which provides some reassurance. You’ve reached the second step of the journey – reputation. But five is still too many to choose from.
Relationships: A barkeeper greets you. They ask about your preferences. Once they have some understanding of your taste, they suggest two of the bottles that might suit you best. You’ve reached the third step of the Favourability Journey – relationships. Two is a sensible number to choose from, but what about price?
Revenue: The barkeeper tells you one bottle is $120 and the other only $20. You consider what will look best to your client – the reassuringly pricey option or the unusually cheap choice? You’ve reached the final step of the journey – revenue. Being mindful of bribery rules and perception, you opt for the lower-cost option!
In minutes, you’ve gone from uninformed and uncomfortable, lacking brand recognition, to understanding the reputations of the options available, and with advice based on a relationship, you are now able to make an informed choice to give revenue to one brand.
This type of situation likely feels personally familiar, but it may also resonate with you and your clients as they travel the journey with professional services.
How to audit brand favourability
Before formulating marketing plans, an audit of clients’ favourability to your brand is the first step. Typical questions include:
Recognition: How well is our brand known by our target market?
A market survey can be an effective tool. A digital audit including search engine rankings can supplement this.
Reputation: What does our target market know about us?
Third-party sources, e.g. directory rankings or award providers, can help, as will a media sentiment analysis.
Relationships: What do our existing clients think of us?
If available, customer relationship management (CRM) data will be useful as will client service debriefs and input from fee-earning staff.
Revenue: How do we perform on concrete opportunities?
Evaluation of win/loss rates on pitches should be conducted, and soliciting feedback from clients on service levels is helpful.
Summary
Data from this audit can be used to categorise accounts based on their progress with your brand. This will inform both the marketing objectives and tactics required to encourage specific clients along their Favourability Journey with you, which is particularly important in these challenging times.
Leor Franks is a Board Member and the Chief Business Development & Marketing Officer at 2022 UK Independent Law Firm of The Year Kingsley Napley. He has spent nearly 25 years in professional services, including in chief marketing officer and director roles across accounting, consulting, and law. He is chair of the Managing Partners’ Forum Strategy & Marketing Group and sits on the advisory boards of MPF, Queen Mary Business School, and Metropolitan Police Canons. Contact Leor.
At Kingsley Napley, we provide clients with the best possible service across a wide range of industries and legal disciplines. Our private, corporate, and international clients turn to us because they trust us to always provide the right advice and consistently deliver – when it matters most.
