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.
