Industry team leaders should manage the process of selecting the team’s highest-priority targets. The number of “Priority 1” targets should be manageable (10 to 20) and include prospects and current clients with potential for cross-selling. Smaller “target teams” can consist of one or two partners leading the charge and other team members who could be managers through directors. The team should also identify Priority 2 and 3 targets. Priority 3 targets should be monitored by marketing personnel, where available.
Integrate team efforts with marketing and your firm’s strategy and programs
Marketing should facilitate the targeting process and develop programs to help drive the progress of Priority 1 to 3 targets. When available, business developers can help with targeting and facilitating concrete plans to develop each Priority 1 target and drive the pursuit of some Priority 2 accounts. Industry teams should leverage other firmwide strategies, such as experts in other aligned industries, lines of business growth tactics, client experience programs and innovative pricing strategies. Industry team leaders and other partners should leverage sales skills development programs by mentoring team members who have less experience.
Accountability and “tone at the top” is critical
Regional and office managing partners and line of business leaders, are best positioned to create an accountability culture. These leaders control hiring, firing, performance feedback, bonuses and salary increases. Partners, and those who report to partners, are usually well aware of these leaders’ expectations. Industry leaders should report results to their respective leaders, either quarterly or at a minimum of three times per year.
Leadership must establish clearly defined, measured, and monitored success metrics for each team. Using the firm’s KPI (key performance indicators) data, viewed through an industry practice lens, allows each industry practice group to look back to determine period-over-period growth, and whether growth rate goals were met.
Other metrics should measure forward-looking or “leading” indicators, which are activity and behavior based. The industry teams should track and measure the quality and quantity of thought leadership it produces and the number of public relations opportunities ⎼ being quoted in news and trade publications or participating in media interviews. Other market-facing activities − providing industry insights through virtual webcasts or in-person speaking slots at industry conferences or firm-sponsored tent-pole events − are high priorities and measures of accomplishments for industry teams.
Who should be accountable for the industry team’s success? Everyone involved, from team members through team leaders and local or regional leadership.
