Marietta, Ga. (July 12, 2004) -- Other than a lack of time, motivating partners to be more active marketers is the greatest challenge in marketing a firm, according to more than a third of 34 managing partners surveyed by Capstone Marketing.
When asked how their firm's partners are held accountable for their marketing activities, 35 percent of respondents revealed that their partners aren't held accountable, 26 percent reward partners monetarily for marketing activities, and 29 percent reduce partner compensation and bonuses for a lack of marketing activities, Capstone reported.
"Consider developing an accountability mechanism with teeth," says Jean Marie Caragher, president of Capstone. She also recommends establishing a "mission, vision and goals. Your partners are more likely to become excited about your marketing program when they know what they're working towards. Continually educate them about the role marketing plays in goal achievement."
Caragher recommends establishing personal marketing plans and setting marketing expectations for each partner. "Capitalize on their strengths," she said. Caragher noted that firms are doing "an abysmal job" in providing marketing and sales training to their partners and staff. "Managing partners and marketing professionals should allocate time to mentor partners in specific marketing opportunities," she says.
-- Jeff Stimpson
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