When it comes to marketing your law firm, identifying your target market is job #1. If you don’t do that, nothing else you do will matter.
Many attorneys may struggle with developing a concise, detailed description of their target market, but it is vital that you do this or your marketing efforts will fall flat.
Ask yourself these 10 questions when trying to determine your target market:
1. Who would pay for my service? People that have legal issues need attorneys, so what specific problems do you solve and who is willing and able to pay for that solution?
2. Who has already purchased my legal services? Take a look at your current client base and search for commonalities.
3. What is the extent of my reach? What geographic area can you realistically serve? Based on the type of law you practice, you may need to restrict or expand your area of service. For example, a divorce attorney will probably have a smaller geographic area than an IP attorney.
4. Am I making the right assumptions? As I have said many times, you are not your client. You need to talk to your existing clients or prospects to see what resonates.
5. What do people who know me think? Check in with your network peers to get feedback on who they think is your ideal client. They may give you some ideas you might never have considered.
6. How am I going to make money? Are you charging by the hour or by the case? This can determine who will be best able to afford your services.
7. How am I going to sell my services? Different marketing methods appeal to different demographics. If your target skews young, social media will probably be a top priority for you.
8. What are my competitors doing? Looking at what your competitors are doing can help you define your target market – and then you can develop strategies for differentiating yourself.
9. How will I find clients? Once you have started identifying your target market, you will need to determine how you can market to them efficiently. If you plan to use a website and social media as a key strategy, you will need to understand their online behavior patterns. If you plan to get referrals, you will need a strategy to build a good referral partner base.
10. Are there options to expand my target market? This will largely depend on your practice area, but one way to expand your target market is by creating a niche within your practice area. For example, if you are an estate planning attorney, you may want to develop a sub-specialty in asset protection for wealthy professionals.
FREE Webinar Friday: 6 Key Numbers Every Attorney Must Know
Join Rainmaker Institute CEO Stephen Fairley and Brooke Lively, who directs the outsourced CFO services program for How to Manage A Small Law Firm, on Friday, Jan. 23 at 1 p.m. ET/10 a.m. PT for a free one-hour webinar on the 6 Key Numbers Every Attorney Must Know, where you will learn:
- The 6 key financial numbers you need to track
- How to determine your cash flow position so you can plan for future growth
- Core components of a solid chart of accounts
- The true cost of Accounts Receivables and how to collect more of them
- How to set up and live by a monthly business budget
- What a budget variance report is and why you need one
- The importance of your balance sheet and how to create one
Brooke consults with solos and small firms to help them make the strategic financial decisions necessary to grow their businesses. She has an MBA with a double concentration in investments and corporate finance from Texas Christian University in Fort Worth, Texas, and is a Chartered Financial Analyst. Her insights and real-world experience are invaluable, and available to you for free during this one-hour webinar.
If you can’t attend the live webinar, be sure to register anyway to receive a recording to watch at your convenience.
Register online now for the free one-hour webinar on the 6 Key Numbers Every Attorney Must Know on Friday, Jan. 23 at 1 p.m. ET/10 a.m. PT.