The legal industry is a stalwart and venerated profession. It has stood the test of time for centuries and will continue to flourish well into the foreseeable future. But something has begun to change. Technology is disrupting all aspects of this industry: from changes in regulations relating to E-Discovery and the subsequent technological solutions developed to address this change, to the establishment of Legal Process Outsourcing entities; the landscape is dynamically shifting. However, all this change can be considered a double-edge sword. On the one hand these technological innovations help improve the operational aspects of doing business as a solo attorney or large firm, but on the other hand they have also democratized legal resources, thus rendering them more available and more inexpensive to the public at large. This is particularly a complex challenge to business development and marketing efforts.
The revolution brought about by social media, SEO, and other front-facing internet solutions, is making it increasingly difficult to acquire and maintain a robust client network. In just seconds, a prospective buyer can quickly search out a huge variety of alternatives for any type of legal engagement. They can even effectively “de-bundle” legal services and shop around for the best priced solution for all their legal needs. Often times, what used to be the exclusive realm of attorney work, is now streamlined and delivered online. So an ever stronger focus on marketing, business development, and client retention is critical to ensure a steady flow of files.
Many large firms are quickly adapting to this change. In a study conducted by Citi Private Bank’s law firm group, it was discovered that spending on client marketing and promotion rose by 11.5% last year, triple the rate of any other expense increase. So the market is reacting in force to these new challenges.
One such business development strategy that is ideally adapted to the legal industry is focusing marketing spend on creating loyalty within one’s own professional network. It costs substantially more to obtain a new client via outbound marketing programs than it does to obtain one through a simple referral. Thus creating loyalty and staying top-of-mind with the professional network surrounding your practice is highly effective with generating business.
But creating loyalty isn’t as simple as closing a deal with someone and sending them a Christmas gift. One has to stay in front of their WHOLE network, throughout the year, in an effective and non-intrusive way. One such method is via loyalty marketing . This form of marketing is highly visible, appreciated, and sure to generate new business. Loyalty marketing should never be used to bribe or persuade. Rather it should be used as a subtle way to show your business contacts that they are appreciated and mean more to your practice than just a transaction. So having the right partner who can make relationship marketing convenient, easy, and cost effective for your practice is absolutely critical.
When you can generate this type of goodwill throughout your network, your pipeline will never be empty!
By:
Mark Mancini
The revolution brought about by social media, SEO, and other front-facing internet solutions, is making it increasingly difficult to acquire and maintain a robust client network. In just seconds, a prospective buyer can quickly search out a huge variety of alternatives for any type of legal engagement. They can even effectively “de-bundle” legal services and shop around for the best priced solution for all their legal needs. Often times, what used to be the exclusive realm of attorney work, is now streamlined and delivered online. So an ever stronger focus on marketing, business development, and client retention is critical to ensure a steady flow of files.
Many large firms are quickly adapting to this change. In a study conducted by Citi Private Bank’s law firm group, it was discovered that spending on client marketing and promotion rose by 11.5% last year, triple the rate of any other expense increase. So the market is reacting in force to these new challenges.
One such business development strategy that is ideally adapted to the legal industry is focusing marketing spend on creating loyalty within one’s own professional network. It costs substantially more to obtain a new client via outbound marketing programs than it does to obtain one through a simple referral. Thus creating loyalty and staying top-of-mind with the professional network surrounding your practice is highly effective with generating business.
But creating loyalty isn’t as simple as closing a deal with someone and sending them a Christmas gift. One has to stay in front of their WHOLE network, throughout the year, in an effective and non-intrusive way. One such method is via loyalty marketing . This form of marketing is highly visible, appreciated, and sure to generate new business. Loyalty marketing should never be used to bribe or persuade. Rather it should be used as a subtle way to show your business contacts that they are appreciated and mean more to your practice than just a transaction. So having the right partner who can make relationship marketing convenient, easy, and cost effective for your practice is absolutely critical.
When you can generate this type of goodwill throughout your network, your pipeline will never be empty!
By:
Mark Mancini
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