This is Part 1 of 4 in a series of Marketing Tips. While this article was written with a law practice in mind, it can easily be used for any type of business.
Tips for Marketing Your Law Practice in a Tight Economy
By Terrie S. Wheeler, MBC, founder and president of MarketYourLawPractice.com
During a tight economy, attorneys feel the pinch as much as anyone else in business. Whether you are a solo practitioner or working in a small law firm, you face the dilemma of reaching revenue goals in an economy that is less than friendly. However, you can rest assured that by "getting back to the basics," you will be putting your energy in the right place.
This article, based on the Four Pillars of Marketing, is meant to remind the seasoned attorney - - and focus the newer attorney - - on what to do to develop business-even when the economy is not on your side. The Four Pillars of Marketing refer to marketing best practices you should focus your efforts around:
I. Retain and Grow Relationships with your Existing Clients and Contacts
II. Attract New Clients and Develop New Business
III. Increase Name Recognition and Awareness
IV. Create Targeted and Effective Communications
A balanced marketing strategy will contain tactics from each of the Four Pillars of Marketing. Consider the following tips below as you plan for 2009:
Pillar I - Retain and Grow Relationships with Existing Contacts
Tip #1 - Keep Your Eye on the Ball
Develop a strategy that allows you to set realistic goals-and to support those goals with cost-effective marketing and communications strategies. Take the opportunity to step
back from your day-to-day practice and reassess what has made you successful to date. Take an in-depth look at last year's revenue. How does it compare to past years? From what types of matters or cases did your revenue come? What services are most profitable for you? What industries are you serving? Build your 2009 marketing strategies around the best of what has worked for you in the past.
Tip #2 - Focus on Relationship Building
The vast majority of your clients have likely come from referrals. Past clients, other professionals, industry associations, friends, family, and business associates have all contributed to your current success. How often do you touch base with these people? Make a list of everyone with whom you'd like to reconnect in 2009, and call a few people each week just to say "hello" and to check in to see how they are doing. Meet for breakfast, coffee, or lunch. Staying connected to the great people you have met throughout your career will lead to opportunities you may never have imagined.
Tip #3 - When in Doubt, Ask Your Clients
Before moving forward on a new marketing campaign, expanding into another market, or launching a new service, consult with your clients. Many lawyers and law firms have benefited from conducting client surveys or interviews. Particularly in a tight economy, you need to know your clients' perceptions and what is important to them..
Tip #4 - Be a Stickler for Responsiveness
If a client or contact calls you, call them back. If they send you an email, respond-the same day. Even if you have no news to report to an existing client, call them back. A tight economy generally creates more competition. One variable you have complete control of - - even in a tight economy - - is the service-oriented focus you provide your clients and contacts each day.
Tip #5 - Clarify, Then Exceed Your Clients' Expectations
Early in the relationship, clarify what clients expect from you as their lawyer. Find out how they want you to communicate with them, how much detail they want in their invoices, how they want you to provide updates in the laws that affect them. You should even find out what frustrates them about having to deal with lawyers. Every client will have different expectations (and baggage from past relationships they have had with attorneys). It is your job as a service provider to clarify expectations with a goal of exceeding them. |
