by: Stephen Fairley,
CEO, The Rainmaker
Institute
There's
no doubt that in the competitive field of law firm marketing
today it's important that attorneys and law firms be able
to quickly establish a name for themselves in order to
reap the benefits of a successful practice. One of the
simplest ways of doing that is creating a law firm
marketing plan, which is something that most every
attorney has at least thought of doing, but one that most
never seem to take the time to actually write down their
plan and put it into action.
Having
worked with more than 6,000 attorneys all over the United
States throughout the years I've had the opportunity see and
hear some of the best, and worst, strategies for building a
financially successful law practice. I can tell you that
developing a concrete law firm marketing plan is the best
way to ensure your success.
Your law
firm marketing plan doesn't have to entail countless pages of
thoughts, future plans and strategies, but rather a few pages
of step-by-step plans that succinctly break down the
process and clearly outline your goals.
Step #1: Identifying Your Target
Market
Identifying your target market is the very first key
step in creating a successful and profitable law firm
marketing plan, regardless of how many years you've been
practicing. Your target market are those people or companies
who are most likely to hire you initially, repeatedly, and
at the highest profit margin.
Step #2: Conducting the SWOT
Analysis
The term SWOT refers to Strengths, Weaknesses,
Opportunities, and Threats. Conducting a true and realistic
analysis of these four key areas provides a rather powerful
tool that enables lawyers to have a realistic perspective
of their law firm and how to start crafting a unique
competitive advantage.
Step #3: Creating a Competitive
Advantage
The information you've already gleaned from the SWOT
analysis will help you to create a unique angle that will
set you apart from the other law firms. Delve deeper than
the years of experience you have or the "quality service" that
your firm provides, both of which are important, but are seen
by consumers as generic bits of information that do nothing to
emphasize the true value you can offer potential clients.
Step #4: Developing Effective
Marketing Strategies
Referrals: As with any business, referrals
are imperative, whether they're from previous or current
clients or from what are known as Strategic Referral
Partners SRPs), which are companies or people who already have
a relationship with your potential clients. You must learn
how to connect with SRPs and build relationships with them to
generate more and better referrals
Presentations and Seminars: Public
presentations and seminars are an excellent way to
establish your credibility and expertise. Giving
educational seminars will position you as a respected leader
in the law community.
Utilizing the Benefits of Direct
Communication: Ezines, newsletters, email campaigns
and internet marketing through websites are just a few of the
ways of utilizing the many benefits of direct communication to
attract clients and build a known presence.
Promotional Events: Participating in trade
shows, having open houses, and holding free seminars are
helpful for developing your marketing skills, provided you are
targeting the right groups and are offering something of
noticeable value.
Step #5: Having a Successful
Financial Plan
Having a financial plan or budget is an integral part of
any law firm marketing plan. Consider your available cash
for expenses, your current monthly revenue as well as your
expected revenue for the following month, and a complete list
of all expenses, including marketing costs.
Having an actual written law firm marketing plan in place
as a guideline that includes how to create a name for yourself
making use of networking, referrals, direct communication, as
well as advertising and internet marketing, are all keys to
becoming a success.
