In the first arm you are competing with the other wolves, foxes and ferrets with the underlying understanding that if you let up on your competitive game you will be bested by them. Competing demands that you take great effort to understand the clients you wish to serve as well as you can so that you know where your services will be sold. Is it corporate leasing? Joint venture with foreign entities or government work?
Then, how is your ability to actually do the work in the market you have chosen? You are up to speed on the trends, you have a basic understanding of the said industry and you think about it clearly making connections to its needs and how your law firm can assist.
Now to the second arm, keeping what you have profitably, is really where the fruits of all your wooing will come out. This is because it is a fact in marketing that the best clients you have are your existing clients because you can add and receive more value by properly tending to your existing clients, it costs about seven times more in resources to woo a new client than to woo your current clients. And woo them you must.
It is more about making the best use of what you have access to than acquiring more or you may find your self in a situation where you have 300 marginally profitable clients or high working capital ratio where you spend too much in money and other resources to process the work.
One reason why wooing current clients may be difficult may be because you do not see them for the deep mine that they are or the fact that going after new business is rather exciting and cultivating your current clients is rather difficult work that you must regularly justify doing.
A conjugal analogy would be wooing the lady, getting her to say yes to the marriage proposal and then staying happily, productively married.
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