By Annette Boyle and Jay M. Jaffe
When “sales” was still just a five-letter word in law firms, lawyers found some comfort in the basics of marketing. They could get the name of the firm “out there” without actually having to do much themselves.
In the last five years, though, firms have increasingly looked at activities such as media relations, seminars, brochures and web development as low return activities. Business development, in contrast, offers a much higher return on investment by focusing the money on the prospects most likely to buy.
As a logical extension, a number of firms have shifted their marketing budget largely to business development activities. And, even from the point of view of a strict marketer, this is not all bad.
Many marketing directors reading this article would no doubt cheer if their marketing committee or managing partner said that there would no longer be funds for the holiday-cards-and-presents routine or the season-ticket time sink or sponsorship of events no one attends.
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