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The Fives of Fives
Written by: Donald F. PooleyArticle Overview: The secret skill of top earners is prospecting. The highest earners in law firms, accountancies, consultancies, etc. are not the partners with the most technical know-how, but those who can bring in the most clients.
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The Fives of Fives
The secret skill of top earners is prospecting. The highest earners in law firms, accountancies, consultancies, etc. are not the partners with the most technical know-how, but those who can bring in the most clients.
So if we knew the practice-building techniques the highest earners in our survey, (the 5's), gave their highest rating, (5), to, we might learn more of their secret skill.
24% of our survey's participants were in the highest income level, earning over $200,000 annually. The percentages of them awarding top marks (5s) to their favourite techniques are:
1. Referrals from clients and non-clients..................... 82.6
2. Contacting clients by phone or in person................ 30.4
3. Participation in organizations composed of clients.. 13.0
4. Printed newsletter, mailed or hand-delivered.......... 13.0
5. Seminars, teaching classes.................................... 13.0
6. Speeches, talks to civic, trade, select audiences..... 8.7
7. Cold e-mailing, faxing, mailing brochures, etc........... 4.3
8. Electronic newsletter, faxed, e-mailed, or website... 4.3
9. Working with the media.............................................. 4.3
10. Writing articles for papers, magazines or books....... 4.3
There are only 10 techniques in this list, so none of the rest earned a top rating by any of our highest earners.
So, I recalculated using 3s or higher ratings, and got these percentages:
1. Referrals from clients and non-clients...................100.0
2. Contacting clients by phone or in person................ 69.6
3. Seminars, teaching classes.................................... 60.9
4. Speeches, talks to civic, trade, select audiences.. 60.9
5. Participation in organizations composed of clients. 56.5
6. Printed newsletter, mailed or hand-delivered......... 47.8
7. E-newsletter, faxed, e-mailed, or website............. 43.5
8. Writing articles for papers, magazines or books.....43.5
9. Professional public relations................................... 34.8
10. Cold e-lmailing, faxing, or mailing brochures, etc. ..26.1
11. Working with the media.......................................... 21.7
12. Cold calling, by phone, or in person....................... 17.4
13. Website focussing on you, and your business..... 17.4
14. Directory listings...................................................... 8.7
15. Advertising in newspapers, magazines.................. 4.3
The top 7 techniques are the same as in the Effectiveness/Usage list in the last issue, but with their order changed slightly.
A h3 disappointment to me was to see one of my favourites, Website, drop from 8th to 13th place. Which means the other participants gave it better marks than the highest earners.
I am also surprised that any of our highest earners are using "Cold e-mailing, faxing, or mailing brochures, etc." at all in view of the low rating it earned in Effectiveness.
In deciding which techniques to focus on, the best bet is to pick those in the upper parts of all the high earner lists.
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