This venn diagram from Matt Homann’s the [non]billable hour blog got me thinking again about perception and reality when it comes to law firm marketing:
If you ask most attorneys whom they are marketing to with their websites, they’ll tell you potential clients. That’s their perception. But the sad reality is, most attorneys are marketing to other attorneys and, yes, themselves.
How profitable is that?
Maybe it’s time to take a good long look at that Ideal Target Market and be sure your website – and all your marketing efforts – are speaking directly to them.
Your Ideal Target Market (ITM) is the person or company who is most likely to retain you initially, repeatedly, and at the highest profit margin. There are 3 key parts here:
Initially—your ITM will retain your services faster than others and present fewer obstacles for you to overcome.
Repeatedly—the most expensive thing a law firm can have is a 1-time client. On average, it will cost your firm 10 times as much to obtain a new client as it does to service an existing one.
At the highest profit margin—your ITM is not the price-conscious consumer. Research tells us that 15% of any market, regardless of what product or service you are selling, will always and only buy on price. Your responsibility as a law firm marketing professional is to quickly identify those “15 percenters” and move them out of your pipeline so you can focus on selling to the other 85%.
Identifying and targeting the right market is absolutely critical to the success of your law firm marketing plan. If you don’t target the right market, nothing else you do will matter. To be successful as a legal marketer and attorney, you have to start with a clear picture of your ITM.
On-Demand Webinar: Lessons From Dewey & LeBoeuf: 5 Biggest Reasons Why Law Firms Fail
With the spectacular announcement of the biggest bankruptcy in law firm history, Dewey & LeBoeuf stunned the legal community. Now comes the work of dissecting what went wrong and how their competitors can avoid a similar fate.
When you order this new on-demand webinar, you will watch nationally recognized law firm marketing expert Stephen Fairley interview Donald Scarinci, Managing Partner of Scarinci Hollenbeck, one of the fastest growing mid-sized law firms on the East Coast and a nationally recognized thought leader on law firm management. They discuss:
- The 5 biggest reasons why law firms fail and how you can avoid a similar fate
- How fast growing firms can avoid the pitfalls that brought Dewey & LeBoeuf to its knees
- How Scarinci Hollenbeck went from relying almost entirely on “word of mouth” marketing to being featured in the Wall Street Journal for their cutting edge approach to social media in less than 6 months
- What Managing Partners and law firm administrators need to know now to compete
- Marketing and managing your firm in today’s roller coaster economy
- A “behind the scenes” case study of how Scarinci Hollenbeck has adapted to the new realities
- Effective tools multi-attorney firms can use to market a variety of partners and practice areas
Order the on-demand webinar on Lessons From Dewey & LeBoeuf: 5 Biggest Reasons Why Law Firms Fail , watch it at your convenience and share it with your partners and associates.