5 Easy Steps to Create Your Law Firm Marketing Plan, Step 1 Part C
Previously, I described how to develop a targeted marketing plan and how to create and service a niche market. This post continues those thoughts.
Here are 4 examples of Ideal Target Markets:
Business Attorney for Small, Privately Held Business Owners
- CEOs, Presidents, VPs, General Managers
- $2M—$100M in annual revenues
- Privately held companies with 20—1,000 employees
- In the hi-tech, telecommunications or software development industry
- Are headquartered within 20 miles of my office
- Are challenged with protecting their IP, want to grow nationally or internationally, looking to joint venture with or license their IP to larger companies
Commercial Real Estate Purchase & Development
- Owner, General Manager, President or CEO
- Involved in a minimum of 3 projects per year
- Average deal is worth at least $5M up to $500M
- Projects are either Retail, Office space, Malls, Land use, require special Zoning, Industrial, or Multi-family
- Have many legal needs including: initial and extended contracts, negotiation with larger companies, tenant leasing, employment contracts, zoning laws, lending laws, dispute negotiation, etc
Business/Corporate Litigation
- CEOs, Presidents, Owners, General Managers
- At least $2M—$100M in annual revenues
- Privately held companies with usually 20-1,000 employees
- Often my client’s businesses are growing 10-20% faster than average
- Open to any business, but most clients are in manufacturing, technology, or transportation field
- Most clients run a business that has an international component to it, is based largely on their IP, is very employee intensive, or contracts with much larger companies
- Can be located anywhere within the state, but usually within 20 miles of a major city (manufacturing & technology employees) or along a major interstate (transportation)
- Have a litigation matter where the “problem” is worth at least $100,000
Family Law/Divorce Attorney
- Have an estate worth at least $500,000-$1MM in assets
- White collar professional or service professional (doctor, chiropractor, accountant, etc)
- Not interested in a “scorch and burn” attorney, willing to work with the other party
- Located within 20-30 miles of my office or a direct referral
- Able and willing to pay a $7,500 to $10,000 retainer
- Service Niche: labor/employment, complex litigation, immigration, healthcare, IP, etc
- Industry Niche: transportation, construction, energy, real estate development
- Geographic Niche: LA-based, southern California, region around Chicago, Mexico
- Specialty-Market Niche: privately held companies, Fortune 500, physicians, white collar executives, blue collar construction workers, Spanish-only speaking, developers, commercial lenders
ACTION STEP – Describe your primary Target Market and then consider the 4 areas and create a profile of your primary Target Market.
- Description of your primary Target Market:
- Can they afford your services? What are their alternatives?
- How can you position your practice to be more valuable to them?
- What are their major issues, challenges, pains?
- Current & Potential Referral Sources for this market:
- Who is NOT in your ideal target market?
If you need more detailed information, you may find the Target Market Inventory very useful.
It is a comprehensive questionnaire covering all the major areas attorneys need to consider when creating a profile of an ideal target market. ***********************************************************************************************************
I want to wish each of you a Happy Holiday season. May you find joy, peace and love as you spend time with your family and loved ones.
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