By Adrian Dayton and Adam Stock
An entrepreneur who had just sold his business for $20 million explained two fundamental rules of business this way:
“There are really only two things that matter in building a successful business,” he replied. “How much one unit costs and how much you can sell that same unit for.”
He explained that nothing he learned in business school was more important than understanding the cost of goods and pricing. Those two factors more than any other determine the success or failure of a business.
Law firms need to understand a similarly vital calculation when it comes to digital marketing: How much are firms paying for each set of eyeballs that looks at their website? How can knowing this help firms make better strategic decisions in their marketing spend? Read more
Charles Green shared a story about a doctor of more than 25 years’ experience. “In all my years talking to drug representatives,” he quoted the doctor, “I have never heard a single one recommend the drug of a competitor. Therefore, I can never trust them.”
Green, co-author of the management book, The Trusted Advisor, was illustrating a point — that selflessness is the path to earning trust. “The pharmaceutical industry is such a great natural fit to become an adviser to their clients,” he said during an interview. “Yet they are squandering this opportunity.”
We see this same problem in the legal industry, but now, with the proliferation of social media, lawyers have an opportunity to become advisers rather then pitch men. The first step is understanding what it means to be a trusted adviser. Read more
This post is by Samantha Collier. Every Monday she will profile a law firm that does social media right. This week it’s Goodwin Procter, one of the nation’s leading law firms with offices all over the world including Boston, Hong Kong, Los Angeles and London. Goodwin Proccter LLP is also number 35 on the AmLaw 100 list for 2010.
Goodwin Procter’s website is simple yet impressive. Read more