Measuring Your Marketing ROI: Part II
By Terrie S. Wheeler, MBC
www.MarketYourLawPractice.com
TWheeler@marketyourlawpractice.com
Our last blog post focused on ways to measure marketing return on investment under the first pillar of marketing—Retaining and Growing Relationships With Existing Clients. This week’s blog focuses on measuring marketing ROI under the second pillar of marketing, Attracting New Clients and Developing New Business. Below are listed Pillar II marketing strategies and their corresponding ROI measurement techniques.
Networking
While it would be nice if all of your networking efforts resulted in a new client, networking doesn’t always work that way. However, if you are networking successfully, you should begin to notice other benefits, including having a loyal base of friends and contacts who will always return your calls and who begin sending you more referrals for A-level clients.
Successful networking means that you have two to three networking meetings each week, you always make time to meet with someone who was referred to you, and you look for ways to open doors for others on a regular basis. As you increase your networking activities, you will notice that you actually start to enjoy staying connected to great people. Remember, effective networking is more about looking for ways to help others (versus what’s in it for you)!
To learn more about successful networking, see my blog post on Effective Networking Strategies for Solo Practitioners Part I and Part II.
Targeted Business Development
How can you tell if your time spent on targeted business development has been successful? First, do you have a written list of your top ten prospective clients, with a plan for each prospective client on what your next steps are to land their business? A written plan is an important investment in your marketing success that will
lead to results as you put your plan in place.
Look at the number of proposals you have submitted to A-level clients each year, as well as the number of new clients you actually attract to help you determine if your targeted business development efforts have been successful. You can also measure your success by looking at the amount of revenue generated by the new clients you have attracted. Make sure you remain focused on business development by developing a strong sales pipeline with dates, action items, and next steps.
Proposal Development
Proposal development is an important place to spend some time focusing your marketing efforts because of the direct correlation it has with securing new clients. One way to measure your ROI is to look at the number of proposals you submit to A-level clients each year. Strong proposals that lead to a client selecting you and your firm over the competition during a competitive bidding/RFP process are a great way to measure your marketing ROI.
Another important measure of your ROI is the existence of a proposal archive at your firm, so you don’t have to reinvent the wheel each time. A strong proposal will contain current examples of representative experience for everyone in the firm and should begin with a summary of the client’s situation and your approach to meeting the client’s needs (not with firm history and bios).
Market Research
Market research is an important tool that lawyers can use to understand more about their clients and prospects. Time spent conducting market research prior to meeting with a contact can lead to increased business, a new client, or a new referral source. Your contacts will be impressed by the time and effort you take in understanding their company or industry.
To ensure your market research yields positive results, make a point of taking the time to research a new client or prospect before your first meeting. Keep an electronic file or “dossier” on your top prospective clients and review and update the files periodically. Track the activities of key clients or prospective clients using Google Alerts or other web-based research tools.
Trade and Professional Association Involvement
Involvement in trade and professional associations is a great way to network, build name recognition, and generate new clients. The most important way to ensure a strong ROI in is to measure your actual involvement with the association. Look at the number of years you or your firm has been involved with the association. Trade association involvement requires a long-term investment to the association and its members. Make sure you regularly attend meetings—belonging to the association without participating will not build trust with other members.
You can also measure your ROI by looking at the strength of your network of contacts within the industry. Does a member of your firm serve in a high profile position within the organization? Do you or your firm have regular speaking engagements for the group or regularly contribute articles to the association’s publication? Do you have clients who have who hired the firm because of its perceived industry expertise?
While attending association events, speaking to association members, and writing for association publications can be time consuming, measuring your ROI can make you feel more secure in knowing that your time is well spent.
Learn more about maximizing trade association involvement by reading my blog post, Be Where your Clients Are: Tips for Maximizing Trade Association Involvement.
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Measuring Your Marketing ROI: Part I
Lawyers are results-oriented and often have questions about how to quantitatively measure marketing success. Determining return on investment of marketing initiatives can be challenging because not every marketing initiative will directly result in a new client. However, in addition to attracting new clients, marketing success can be measured in a number of ways. This blog post will address ways in which to measure marketing ROI under the first pillar of marketing—Retaining and Growing Relationships With Existing Clients. Below are listed a number of Pillar I marketing strategies and some corresponding ROI measurement techniques.
Client Satisfaction and Retention
How can you tell if your clients are truly satisfied, and how can you tell if your marketing related efforts to increase client satisfaction are working? One key measure of marketing success is to look at the duration of your client relationships. Long-term relationships with clients are a strong indication of client satisfaction.
In addition, clients who have increased the amount of work with your firm, either through working with other practice groups or increased workflow specific to you, are expressing their satisfaction with your client service. Clients also show that they enjoy working with you by referring you and your firm to others. Maintaining strong relationships with clients is the best return on investment you can get for your marketing efforts!
See my blog post on Low Cost, High Impact Strategies to Market Your Law Practice: Part II to learn more about keeping your clients satisfied.
Client Service
Measuring your return on investment in your client service efforts can be tricky because most clients only let you know if something is wrong—not if you’re doing everything right. Because
of this, one easy way to measure your client service is to measure the number of client complaints you receive. Very few client complaints likely means clients are satisfied with your service.
Clients also demonstrate their satisfaction with your services by paying their bills on time and by referring you to others. You can also gauge how well you are serving clients by honestly evaluating your responsiveness to client phone calls and emails. A great way to increase and ensure client satisfaction is to develop client service guidelines that are followed by everyone in your firm.
Read my post on Client Service Reminders: What Lawyers Can Learn from Toyota.
Cross Marketing
The best way to measure your ROI on your cross-marketing efforts is to track how many of your clients utilize more than one service of your firm. Clients who are satisfied with your work and are aware of you and/or your firm’s depth and breadth of expertise are likely to increase their work with your firm.
To ensure that you have a strong ROI on cross-marketing efforts, create a firm culture that supports cross-marketing. Consider implementing a compensation system that rewards growing existing relationships. Host firm events where clients can meet other attorneys at your firm, and work to actively introduce your clients to others at the firm.
Referral Source Development
Finally, it is important to measure your ROI on your referral source development efforts. Taking time to build relationships with referral sources can seem like a frustrating waste of time when you consider that your time could be spent developing new clients. However, developing your referral sources pays off and it’s important to remember that by tracking your marketing success in this area.
To measure your ROI, keep track of how your new clients found you. A strong base of people who regularly refer business to you is a great ROI for your efforts. Look at who your best referral sources are and determine what they have in common—are they from a particular industry or profession, do they have common personality traits? Knowing who your best referral sources are makes it easier to spot and develop relationships with other potential referral sources. Make it easy for your referral sources to refer business to you by providing them with concise marketing materials and messages that they can pass along to their contacts. Maintain strong relationships with your referral sources by scheduling coffees or lunches with them to stay in touch and by providing them with referrals where appropriate.
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Gender and Business Development: 6 Predictors of High Originations for Women Lawyers – Part II
By
Terrie S. Wheeler, MBC, Founder
Vanessa K. Townsend, Esq.
Part I of this post covered predictors including years of legal experience as well as time spent actually pursuing business development activities. This post picks up where the previous post left off, covering the four final predictors for high originations for women lawyers.
3) Using a targeted approach to business development
Women who have a business development plan in place and follow it are more likely to have high originations. The busier you are as an attorney, the more important it is to take time to create a marketing plan. By focusing your energy on activities proven to generate origination dollars, you can make the most of your limited time.
Create a detailed business development plan for 2010 in as little as 10 minutes per day: http://esqcoach.com/2009/11/29/create-your-2010-marketing-plan-in-one-month-ten-minutes-per-day
4) Participation in pitch groups
While participation in pitch groups was a predictor of high origination, many women in the study reported that opportunities to participate in pitch groups were not as available to them as to their male counterparts. Participation in pitch groups is especially important because it is a great learning environment, where senior partners can mentor younger partners and associates and demonstrate marketing and selling skills. Moreover, pitch groups often provide an opportunity to meet lawyers from other practice groups and can foster cross-department relationships and cross-selling opportunities.
To become involved in your firm’s pitch groups, ask! Discuss your desire to learn more about business development with the partners you work with and with your firm’s marketing professional. Offer to do background research on the potential client’s industry or the pricing of competitor’s services.
5) Cross-selling other firm services
Another predictor of high-origination for women lawyers is an ability to cross-sell other firm services. It is likely that 80% of your firm’s revenue this year will come from existing clients. Don’t overlook current firm clients– it is far more efficient to deliver more services to current clients than it is to go out into the marketplace to attract new clients with whom you have not yet worked.
Cross-selling is a process that not only seeks to attract new business from existing clients but also to provide referrals of current clients to others in your firm that may deliver complementary services. Many times clients will work with other lawyers or law firms in areas you or your firm have expertise in, simply because they did not realize you offered the service.
Here are some ideas on how to cross-sell your legal services:
- Identify and communicate your services. A simple mailing or email newsletter listing the services you and your firm provide can help educate clients as to the breadth of your services.
- Meet with Colleagues. Sit down with your colleagues and brainstorm lists of clients that could be better and more fully served by the firm. Learn more about their practice and tell them about your practice and your ideal clients.
- Identify colleagues’ clients. Identify those clients where you could add value with legal knowledge – - and approach your colleague asking for an introduction to the client.
6) Asking clients for introductions to others who may need legal services
The study also found that women lawyers with high originations know how to ask for referrals. Learn to tap into the willingness of your clients to refer you to others to ensure you maximize your income and earning potential.
Many professionals do not actively ask their clients and contacts to refer them to others. They “assume” everyone knows they are looking for more business – which is just not the case. Learning to ask for referrals will allow you to tap into more work from people who already know you, like you, trust you, and respect you – a logical place to focus a large percentage of your marketing efforts.
Calling all Lawyers!
Participate in Dr. Keshet’s current research study on how attorney specialty and diversity effects business generation. The measures of diversity include gender, race, ethnicity (Asian American, Hispanic American and others) and sexual orientation.
We are seeking your assistance in informing attorneys at your firm. Our online questionnaire takes less than 15 minutes to complete. You and the participants from your firm will receive an executive summary of the study results. The study is completely confidential. To take our questionnaire click here: http://www.zoomerang.com/Survey/WEB22AEMFKQWU5
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Client Service Reminders: What Lawyers Can Learn From Toyota
By ESQCoach, Terrie S. Wheeler
Web: www.MarketYourLawPractice.com
Email: Twheeler@MarketYourLawPractice.com
Toyota was the most admired car manufacturing company in the world. However, the recent recalls, manufacturing defects, and Congressional hearings have undeniably tarnished its reputation, cost it valuable customers, and reduced its market share. While Toyota is a manufacturing company, there are valuable lessons lawyers can learn about managing client expectations, communicating with clients (good news and bad), and providing the highest possible level of client service.
Accept Responsibility
Toyota’s Approach – Toyota first blamed the brake problem on floor mats that jammed the accelerator and issued only two small recalls in 2005 and 2007. They simply refused to believe that there was a mechanical error. By the time they finally issued a major recall of 2.3 million cars in late January 2010, their reputation was suffering and the government became involved. Worse, Toyota’s President remained silent for days after news of the recall broke.
Lessons for Lawyers – It is important to own up to mistakes quickly and to remedy the situation as soon as possible. As a lawyer, if you notice there have been billing errors or a mistake made in litigation, or a deadline missed, it is critical to address the issue head on with the client. Accept responsibility. Discuss what went wrong, how you will remedy the situation, and how you will prevent future errors. Proactively addressing problems with your clients builds trust and can help you preserve a client relationship that may otherwise have been lost.
Focus on the Client
Toyota’s Approach – Experts say that one of Toyota’s problems was corporate arrogance. They had become so accustomed to success that they were unable to adequately address problems and had lost their focus on their customers. They have been accused of “resting on their laurels” and failing to keep pace with customer expectations.
Lessons for Lawyers – For lawyers and law firms, this can be a serious problem. Experienced lawyers and successful f
irms often take their clients for granted and can become out of touch with client concerns. Toyota was so successful for so many years because it did not just meet customer expectations—it exceeded them. To exceed client expectations as a lawyer, you must focus on what clients want consistently over time.
Develop a superior knowledge base in an area of law, be solutions oriented, follow-through on commitments, manage client expectations, and be proactive in anticipating and meeting client needs.
A client-focused law firm relies on the opinions and impressions of its clients to deliver service and drive future business decisions. Consider developing and conducting annual client surveys, focus groups, or interviews to stay focused on your clients and their needs. Soliciting client feedback will allow you to:
- Expand and Strengthen Client Relationships – Asking for feedback and suggestions lets your clients know you care about what they want and are committed to making changes in order to retain their business
- Identify Service Offering Gaps – Ensure you are delivering all of the services your firm is capable of delivering and that you choose to selectively expand to deliver more services your clients need
- Cross Market your Services – Understand client awareness of the services you offer and reveal cross-marketing opportunities
- Uncover Client Needs – that might now be delivered by your competitors
- Grade your Marketing Efforts – by identifying what marketing efforts resonate and have a positive impact on your clients’ and those that don’t
- Determine How Often and on what Topics your Clients are Interested In – Discover the most effective and appreciated forms of communication with your clients as well as the topics of greatest interest to them.
Manage your Growth
Toyota’s Approach – Toyota developed its reputation for quality due, in large part, to its widely admired Toyota Production System—a manufacturing system that focused on continuous improvement, shared learning across plants, and employee empowerment. Experts blame the recalls on Toyota’s rapid growth over the past 10 years, from 58 production facilities in 2000 to 75 in 2009. This rapid expansion meant that Toyota was not able to effectively share corporate culture, technology, and know-how between all of its plants.
Lessons for Lawyers – While growth in a law firm is generally not rapid or widespread, law firms opening new offices, expanding practice areas, or adding new associates can learn a lesson from Toyota. Don’t sacrifice client service or your firm’s reputation simply to expand your market share. It is important to ensure that the level of growth is matched by a commitment to quality service. New lawyers and lateral hires need mentoring both to learn substantive law and also to learn the firm culture and understand client needs. New offices should be opened only where and when they can be used most efficiently and effectively to serve client needs.
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Why do Lawyers Procrastinate Marketing? Get yourself back into the game TODAY!
by Terrie Wheeler
twheeler@MarketYourLawPractice.com
In this economy, figuring out how to retain clients, attract new ones, effectively communicate, and build name recognition can be an onerous task at best, and one which is thoroughly procrastinated at worst. I believe lawyers procrastinate on marketing for many reasons:
· Lawyers didn’t go to law school to be salespeople
· Marketing pulls lawyers out of their comfort zones because…..
· Most lawyers are more introverted than extroverted (gaining energy from inward pursuits, versus from interactions with people)
· Lawyers generally learned nothing about effective and ethical marketing strategies in law school
· Lawyers truly hope word of their expertise and knowledge will spread across the galaxy – - and that clients will call (the “If I build it – - they will come” approach)
· They are just too darn busy cranking out billable hours
· They are the fortunate benefactor of a senior partner providing more work than one human could ever do in a year
· Marketing requires a long-term approach to relationship building; lawyers want to see results: NOW!
Many times I have reminded lawyers that if they wait until they have TIME to market, it will likely be too late. It takes years to build and nurture the relationships that will ultimately become your best clients and referral sources. So why do so many lawyers put off until tomorrow what they should be doing today? How can we boil marketing best practices for lawyers down into easy, bite-sized, manageable tasks so the process isn’t so daunting? Here are ten things you can do today – - ok this week – - that will help you weave marketing into the very fabric of your practice – - because marketing is not just something to do if and when you have the time:
1. Call your best client (or two) just to talk about how their business is doing in this economy and to brainstorm ideas
2. Set up a coffee meeting with one of your best referral sources (a banker, CPA, consultant, therapist, lawyer in another firm) JUST to reconnect and hear more about how they’re doing
3. Create some representative experience to augment your professional biography (client type, client issue, your approach/solution, the result)
4. Update your professional biography since it’s likely been years (or at least months) since the last update
5. Project your revenue by creating a simple list of current clients and what you project they will generate in revenue this year (this may scare you into pursuing 1-4 and 6-10)
6. Reconnect with a law school classmate to find out what they are doing these days
7. Outline an article you could have published which would showcase your expertise as a lawyer, and be read by prospective clients and referral sources
8. Make a list of the top three issues facing your clients and send an email putting it all in perspective, reassuring them, and offering to serve as a resource for them to bounce ideas off
9. Join a trade or professional association which attracts prospective clients and referral sources and make a commitment to attend each monthly meeting (also offer to write and speak)
10. Create your profile on LinkedIn which has become one of the premier services for professional social networking. Don’t get left in the dust on this – - it will only take a few minutes – - www.LinkedIn.com
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Lost Clients – Reduced Legal Budgets – - Don’t Panic – Talk to your Clients!
By Terrie Wheeler
twheeler@MarketYourLawPractice.com
Over the past couple of weeks some of my coaching clients have expressed a sense of borderline panic due to their clients’ reduced legal budgets and, sadly, a few going out of business; particularly lawyers serving clients in industries that have been hardest hit by the economic downturn – - clients in real estate, land development, contracting, engineering, manufacturing, and others. How can a hard working, smart lawyer like you develop new business in this market?
The fist and most important step on this path is to talk to your clients. Following are some practical tips you can implement NOW to reposition your service offerings based not upon what you have to “sell,” but on the legal services your clients are buying right now. Here are some practical steps you can take. Price tag: $Your time.00
Choose Your Clients – Review your client list from the past two to three years. Select 10 – 12 whose work with you has tapered off. Schedule appointments with each letting them know you would like to better understand how the economy is affecting them, and that you would like to meet with them for an hour, and provide a written follow up with ideas you have – - all at NO COST to them.
Develop Your Questions – Create a list of questions designed to help you understand the pain your clients could be experiencing in this economy. Take copious notes during the meeting. Ask each client the same questions so you can summarize responses across the board. Remember one of THE most powerful marketing strategies is to ask good questions, and listen. Ask more questions, then listen more… Put your consultant’s hat on and consider the following. Add questions based on the specific knowledge you have of your clients, their industry, and your expertise:
· How is the economy affecting your industry?
· In what ways has the economy negatively (or positively) impacted your business?
· What are you hearing from your customers, suppliers, vendors, referral sources, employees?
· What are the biggest business concerns you have for 2009?
· Are there any legal issues you are concerned about right now (foreclosure, being sued, liens, judgments, banking relationship)?
· What are your staffing plans for 2009? Any plans to reduce or add staff?
· What are your accounts receivable balances and have they increased; are your customers paying you in a timely fashion?
· Have declining property values impacted your business? If so, how?
· Do you have the desire to expand parts of your business, but can’t secure financing?
· Where do you see your business in five years?
· …..Add others to augment the questions above as you put your client-focused hat on and think more about issues they may be facing
Garner Your (referral source) Forces – As a solo practitioner, you likely work with and refer business to many other professionals. Make a list and reconnect with those who have referred business to you in the past (and those you refer to) including bankers, accountants, consultants, brokers, realtors, appraisers, engineers, financial advisors, etc. Let them know of your plans to interview your clients, a process that will likely result in you uncovering needs that require their areas of expertise. You might want to consider offering to interview a select list of their clients.
Schedule Your Interviews – There is no better marketing than having face time with clients and contacts. Your clients will be amazed and thankful for your magnanimous gesture to meet, provide your recommendations, and introduce them to others who can help them – - all without billing them. Remember the interview is not an opportunity to turn the meeting in to a sales pitch for you or your firm (I know this disappoints you….) Rather, it is focused exclusively on the client you are meeting with. Your mission is to uncover creative ways in which you and your colleagues can help the client through this challenging economy.
What’s in it for You? The benefits to you will be profound. Consider the following:
· Face time with a select list of your best clients (THE best marketing strategy regardless..)
· Good will with your clients for your willingness to help them – - really help them – -without billing them
· Stronger relationships with the referral sources in your network and a subtle reminder of your client-focused approach to developing new business in this economy
· Thankful referral sources who will appreciate you including them in your proposed solutions for the client
· The objective ability for you to reposition your legal services to actually fill a need clients have right now for your services (see post on making your services “Must Have” with clients)
· Ability to summarize your findings into an article for a local business or industry-specific publication (your data will be timely and relevant which means it is newsworthy)
· Ability to jointly offer (with a bank, accounting firm or consulting firm) a seminar for businesses wrestling with the same issues
· Billable work. I am convinced that if you implement this idea, you WILL generate paying work both from your clients, and from your referral sources.
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Marketing Your Law Practice in a Tight Economy – - Part IV
By Terrie S. Wheeler
TWheeler@MarketYourLawPractice.com
Pillar IV – Communicate in a Targeted Fashion
Tip #12 – Continue Communicating with Your Clients
Look at the target audiences you have identified above and again consult your Top Ten lists. Identify information that is timely and relevant to each group, and create audience-specific communications. Don’t succumb to the “firm newsletter” approach. Make sure your communications with clients, contacts and referral sources are targeted to their unique needs, and are personalized to each individual. This is one of the only ways to rise above being perceived as junk mail (email or US mail!). Communicate regularly with fewer groups, but make your communications extremely relevant to each.
Tip #13 – Use Your Invoices as a Marketing Tool
Each month you have the opportunity to communicate the value you deliver to clients through the invoices you send. Take the extra time to provide a detailed summary of time spent on your client’s behalf. Make sure the process and outcome justify the fees. Prepare your invoices from a client’s perspective. If you received an invoice “for services rendered” or for “meeting with Joe,” would you feel good about paying the bill? Probably not. Show your clients through your detailed time reporting that everything you do is well thought out, and part of the broader whole – - to help them achieve the results they hired you for.
Tip #14 – Don’t Just Tell Them, Show Them!
How convincing are your marketing materials? Do you simply convey a long list of legal services you offer? Would you hire a doctor based on his or her list of services? It’s unlikely you would. Clients are no different. They want to see you have done what they need. Focus on providing representative examples of your expertise. Don’t just create a list of services, show prospective clients and referral sources that you have the breadth and depth of experience required to work with them based largely on your past successes. Create representative experience that summarizes the client’s situation, your approach to the problem, and the solution. Results sell!
Tip #15 – How Is Your Website?
One of the most cost-effective communication tools you have is your website. Through your website you provide clients and referral sources access to information they need to know about you and your practice. You can also tie your website into the other targeted communications you have with your clients by posting relevant legal updates on your website, then sending an email to select clients and contacts with a link to that information on your site. No need to budget for glitzy glossy brochures – - put your time and energy into building a website that showcases your expertise.
Which communication strategies have worked for you?
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Marketing Your Law Practice in a Tight Economy – Part III
By Terrie S. Wheeler
twheeler@MarketYourLawPractice.com
Pillar III – Increase your Name Recognition
Tip #9 – Stay Involved in Your Community
If you’re not already involved in your local community, consider becoming active in the Chamber of Commerce or the Rotary. Also remember that nonprofit organizations—especially during tough times—want and need dedicated volunteers. What organization in your community interests you? Is it a local food shelf, your place or worship, or an arts organization? Ask colleagues and clients about volunteer and nonprofit board opportunities they might suggest. You will be happily surprised at the number of other professionals who also take an interest in their community. Being an exceptional volunteer translates in the eyes of your fellow board members as, “Joe/Janice must also be an excellent lawyer!”
Tip #10 – Focus on the Media, Not on Advertising
Have you asked your clients how they originally found you? More than likely it will not be because of an ad you placed in the local paper. When the economy is tight, a much more credible and cost-effective way to increase your name recognition is through public relations. Pay attention to the news media and reporters covering the industries you represent. Four concepts to keep in mind:
1. Keep members of the media current on happenings at your firm (through regular news releases)
2. Talk to editors and reporters about being a knowledgeable source they can consult when covering stories involving your highest-level expertise
3. Develop a timely and relevant story angle and “pitch” editors and reporters to interview you
4. Identify specific ideas for articles you believe their readers, viewers or listeners need to know, contact the editors, and tell them why you are the best attorney to write an article or to be interviewed on the given topic.
Tip #11 – Join a Trade Association and Be Active
Based on your Top Ten lists, ask your clients, contacts and referral sources what trade and/or professional associations they belong to. Join one and make a point of attending the events and meeting other members. Offer to write for their publication, and speak at their events. Become THE legal resource for their members. Perception is reality and if members of an industry group perceive you have more knowledge of their business because of your involvement in their industry group, they will hire you over other lawyers they do not perceive know their industry.
What has worked for you to increase your name recognition?
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Marketing Your Law Practice in a Tight Economy – Part II
By Terrie S. Wheeler
Twheeler@MarketYourLawPractice.com
Pillar II – Develop New Business
Tip #6 – Know the Criteria for Your “Ideal” Client
When building a law practice, it is important to attract the right kind of clients—not just clients who can pay your fees. Think for a moment about your very best clients. Now think of clients you wish you weren’t working with. Create a list of attributes of your best clients. What characteristics do they have in common? How were they attracted to you? Why do you like working with them over other clients? Make it a goal to grow your practice by selectively adding clients you know are a good fit – - those who meet the criteria you have established for your “A-level clients”.
Tip # 7 – Target Your Audience and Your Message
Based on the results of your A-level client criteria, identify types of clients who utilize the best and highest use of your knowledge and experience when you work with them. What characteristics do they have in common (age, geographic location, company type, industry affiliation, who referred them to you, results you generated for them)? For each audience group, develop messages that answer the question, “Why should I hire YOU?” Focus your key “hire me” messages around the value you bring to your clients, the proven experience you have developed in certain areas, your client’s satisfaction with your work, the results you generate, and other specific proof supporting why you are the best choice for this type of client to hire.
Tip #8 – Focus on your Top Ten Lists
Track the logical flow of developing new business by making the process manageable. First, identify the top ten prospective clients you would like to attract. Next, identify your top ten current clients. Finally, identify your top ten referral sources. You now have 30 individuals and/or companies to focus on in 2009. Spend a few minutes putting a plan in place to connect with each person over the next 12 months. Think of those you know in your network who might introduce you to a key prospective client. Plan to attend an industry event with a client or with one of your best referral sources. Spend time with these people and focus on asking great questions, and listening to their responses. You have to listen for opportunities in order to turn those opportunities into new business.
Have you identified the criteria for your A-level clients?
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Tips for Marketing Your Law Practice in a Tight Economy – Part I
By Terrie S. Wheeler
TWheeler@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 post, based on the Four Pillars of Marketing(sm), 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 on to:
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.
Have any of these ideas worked for you?
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About MYLP
Unique Web-Based Tool to Help Lawyers Develop New Business
ESQCoach, Terrie Wheeler has been helping lawyers attract new clients for more than 24 years. In 1996, she founded Professional Services Marketing, Inc. (PSM), helping professionals develop Targeted Strategies for Business Growth. In January 2011 Terrie merged PSM with Ingenuity Marketing Group in Saint Paul, MN.
Launched in 2007, www.MarketYourLawPractice.com (MYLP), is an innovative web-based marketing coaching tool for lawyers which replicates ESQCoach Terrie Wheeler’s individual marketing coaching process. Today, MYLP is helping lawyers across the US and in the UK develop new business, retain and grow current client relationships, increase their name recognition and more effectively communicate with clients.
Numerous bar associations across the country, including New York, California, New Jersey, Ohio, Vermont, Massachusetts, Wisconsin, and others, have recognized MYLP as a cost-effective marketing coaching and training tool for lawyers and have partnered with MYLP to offer the tool as a valuable member benefit.
MYLP was recently launched internationally in England, Wales, Scotland, and Ireland. Visit www.MarketYourLawPractice.co.uk, developed with our UK business partner, James Dunning of Geotrupes Consulting.
Join our Linkedin Group: The Legal Network - created just for lawyers and in-house marketing professionals to compare best marketing practices.
We have also launched a sister product for financial advisors, www.MarketYourFinancialPractice.com, and are marketing the site nationally to financial advisory firms.
For more information, contact Terrie: ESQCoach@MarketYourLawPractice.com
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