How frustrating is it when you realise that your law firm’s growth has stalled, or worse, other firms you use to outperform are growing at your expense?
It’s important to appreciate that growth isn’t guaranteed; you don’t naturally earn it through hard work or dedication. It has little to do with education or experience, especially in today’s marketplace.To grow, you must design a strategy, implement your plans, know what works and repeat it consistently.
Today, I’d like to talk about marketing as a driver of business growth.
Three growth stages define every law firm.
I call them: Constricted, Accelerator and Profit.
Law firms typically operate in this zone in the first few years of operation.
They rely on the accessibility of their physical location to attract clients. Sadly, the web is slowly strangling this traditional model, rendering such firms less effective.
The family and friends’ network that got them started needs less help.
Their few professional connections cannot be relied on with confidence.
Commonly, money is tight, and every dollar counts. Investing in marketing is not a priority. Pricing is in line with or below industry standards, stifling profit.
Most potential clients would describe these law firms as Plain Jane, offering nothing special or unique. These law firms get work when other firms are too busy to take on clients.
Attracting new clients in the constricted stage is tough.
The acceleration phase begins when partners take their marketing seriously. Lawyers see value in investing time and energy into developing a brand that propels them past their Plain Jane competitors.
They begin by identifying and appreciating their ideal client. No longer do they welcome just anyone who makes contact? They pursue their ideal clients. While this strategy shuts doors, it opens roofs. Importantly new profitable opportunities are created.
They accept that their digital billboard website needs to produce more positive results. They value content in various forms as an investment in connecting with their ideal clients.
They understand that Search Engine Optimisation drives people to their website and produces good-quality leads. They build a digital marketing strategy encouraging new clients to know, like and trust them.
They build and strengthen professional relationships to create a constant flow of qualified referrals.
The acceleration phase could be called the action stage. Acceleration requires Law Firms to take ownership of their marketing efforts. Once they have done so, their positive action is rewarded.
Many Firms need to be more consistent. Typically, good periods of steady growth are followed by a fall as leads evaporate. They rush to generate leads when quiet but, sadly, lack the discipline to continue when busy. Their profit and loss statements resemble a game of snakes and ladders. I like to think of it as marketing like a farmer. Farmers don't expect to plant one day and harvest the next. They accept that it takes time to grow.
Unfortunately, many lawyers I’ve met think marketing is a tap you can turn on. I often ask what you did six months ago to bring on leads today. Usually, after a blank stare, they understand my point.
To break through to the profit zone, you must own your strategy and commit to running the Business as much, if not more, than practising law.
Your brand (including your reputation) becomes your most valuable asset. Your marketing plan functions consistently. Clients value the quality of your work. Price is no longer the driver of choice. You’ve found your niche and have clients who proudly boast that you represent them.
Many firms reach this pinnacle, but few firms truly master this stage.
Which of the three zones is your law firm are you in today? Which one would you like to be in six months?