Traditionally Key Client Programs were created to maintain focus on law firms’ key clients, which are clients who generate the most revenue and clients who have strong growth potential. Overtime the importance of Key Client Programs (or Strategic Account Management (SAM) programs as we like to say it) has grown exponentially.
In this blog we speak about:
1 – What is a Key Client Program?
2 – Why is it crucial for law firms to have Key Client Programs?
3 – How can Nexl help your law firm get more from their Key Client Programs?
What is a Key Client Program?
A Key Client Program comes in many different forms which are dependent on the size and nature of the individual law firm. It is important that when designing a Key Client Program, it is articulated alongside other strategic business development programs and initiatives such as, cross-selling initiatives. If you would like to learn more about cross-selling initiatives click here to read.
Why is it crucial for law firms to have Key Client Programs?
Law firms are heavily reliant on these Key Client Programs to create stronger client relationships with the end of seeing increases in their revenues.
However, a Key Client Program is a necessary step to achieving an aligned and shared vision between lawyers and their clients, which then builds these stronger relationships on both an individual and institutional level. By creating internal alignment law firms increase the efficiency of their cross-practice collaboration which then betters their clients’ overall experience with the law firm.
An aligned law firm is viewed as an open and transparent firm that prides itself in taking accountability and ownership. By successfully achieving all these factors, the law firm will gain a sound commercial, proactive approach to their client development.
How can Nexl help your law firm get more from their Key Client Programs?
Nexl’s platform has features specifically designed to run Key Client Programs. Here’s how; if we investigate Key Client Programs, it’s found that the goal for law firms is to gain a birds-eye-view of the overall trend in their key relationships to understand where there might be opportunities for cross-serving or expanding their relationships. Law firms NEEDto collaborate and align their Key Clients!
That is a big ask, right? Fortunately, Nexl allows you to manage your Key Client Programs efficiently and effectively.
Here’s how law firms can run their Key Client Programs with Nexl:
Step 1: Name Your Project & Link it to MS Teams
Here you are able to name, describe and link your project to Microsoft Teams for seamless integration. Importantly, the description field should be used to describe the overall client strategy and explain how the program will be governed and evaluated.
Step 2: Build your Key Client Management Team
Next you are able to assign the project a team thereby creating ownership and collaboration for the management of your Key Client Program.
Step 3: Set SMART Objectives & Actionable Tasks
An important function for any project is setting the SMART objectives necessary to keep your team on track and focused. Thereafter, each objective can be assigned actionable tasks which are given an individual owner to ensures transparency and accountability.
Step 4: Track Referrals & Opportunities Resulting from your Key Clients
Here you can stay on top of your opportunities by adding them from within the Project module. Thereafter, opportunities will automatically be added to each lawyers’ individual opportunity board as well as to the firm-wide list of opportunities.
Step 5: Create Key Client Lists
In Projects on Nexl you are able to create all kinds on lists for each project. These can be contact lists, company lists, and any other type of list that you want to track.
Step 6: Gain Rich & Interactive Client Insights
Nexl’s company records offer a wealth of information on all Key Clients such as any key contacts within a company and the recent engagement of each client. You can also track the overall trend of each relationship and the marketing/business development activities that have taken place.
Step 7: Grow Your Revenues
On top of all these incredible functions, your law firm can work on the Key Client Program directly from your inbox thus, growing your firm’s revenues from the comfort of your couch.
To understand exactly how you can use Nexl to manage/run your Key Client Program, click here to read the Project Use Case and click on the “Request Demo” button below.