Your law firm is a business; therefore, it’s good to include marketing strategies to make it grow like one. It doesn’t have to become an empire or function like a billion-dollar company. But don't we want to outperform our competitors in the same communities. After all, aren’t you the best law firm around in your area? So, let’s ensure proper marketing for that.
Ideally, there are already marketing strategies in place. As the law firm grows, so does the importance of gaining new clients for the ever-growing practice. Hence, the marketing strategies in place need to continue to evolve and grow with the firm.
Innovation is Key
Keeping pace with the latest marketing trends and technologies, including in and out of the legal field, can promote legal practice. Create unique service offerings based on market research.
Dollar Shave Club, for example, entered the landscape with the message “buying razors is a pain,” and stuck with it. Their company revolutionized the ideas of subscription products we see in today’s market. As DSC became more recognizable, they shifted their media planning to keep customer retention and their subscriptions. DSC realized they had to evolve their marketing strategy to maintain a steady flow of customers.
Create an overview of the current market. This will include client demographics, locations, and any other factors that affect the type of clients you attract.
Companies that virtually rely on market research are Starbucks, McDonald’s, LEGO, Apple, etc. Starbucks relies on customer feedback platforms, in-store product testing, and tracking trends. McDonald’s marketing team asks important questions: which products or services are performing well? Which prices are most affordable to customers without sacrificing profit? What are customers reading and watching?
Each of these companies has TWO key aspects in common: a desire to eliminate competition and strive to satisfy customer’s needs and high expectations
Create plans centered around goals on how to expand your law firm. Expansions mean a desire to advertise the new and improved law firm to attract new customers. Will these new clients be the same as current clients? Similar demographics in a new location or the same location? The goal of attracting new clients through new demographics and new locations could be a part of the firm’s expansion growth.
While law firms and companies may target their customer base slightly differently, law firms can still employ the same strategies as business companies. This can include improving your website or promoting your expertise by attending panel discussions or online webinars.
Are there other law firms in your area where you are located? Figure out the similarities and differences between your firm and your competitors. With that data, determine what makes your firm unique from other competitors, and learn to market that quality to allure clients.
Create a chart in a few steps. Use Google to compile a list of competitors in your area. Then continue using Google and their websites to divulge their services and marketing strategies. Finally, create a graph with the most potential to outperform your firm. The example below should give an idea on how to approach competitor research.
With the demographics and competitors. Now it’s time to figure out the market share. Calculate the percentage of potential clients you can capture for your firm. With the projected figure, create pricing plans that can be profitable enough to support your firm’s expansions and growth while remaining competitive. Market share is taking your profit divided by the industry’s profit. For example:
Charlie sold $500 worth of apples. The apple industry made $10,000. $500/$10,000= .05 = 5%