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Inside Out: Fitting the firm with the client (August 2010)
Law firm marketing can seem overwhelming at first glance. If, however, it is broken down into clear, manageable steps, it is actually quite simple. The starting point for most attorneys is to identify the people who make up their ideal target market (ITM).
Here are three key points to keep in mind when identifying your ITM:
1. Which persons or companies are most likely to buy from you initially?
2. Which persons or companies are likely to buy from you repeatedly?
3. Which persons or companies are most likely to buy from you at the highest profit margin?
How to determine which prospects are likely to buy initially: Your ideal client will present fewer obstacles and buy from you rather quickly. If you find yourself spending week after week, or month after month trying to land a new account, you are probably not reaching your ideal target market. Successful law firm marketing should not be that much of a struggle.
Creating a financially successful law firm is based on repeat business. Ideally you want clients who will hire you repeatedly and often. The most expensive thing you can have is a one-time client? A one-time client is so very expensive because you will need to expend 10 times the energy, time and money trying to find new clients than service existing ones. Every business that is highly successful builds and works hard to maintain recurring revenue streams. This should be a crucial part of your legal marketing too. Do all that you possibly can to build your firm's foundation by working with clients who need you on a regular basis. If that is not a practical goal because of your practice area, consider developing a secondary area which can support this goal.
It is the responsibility of every attorney to give back to their community. Many attorneys, once they're earning enough to pay the bills and put food on the table, find great satisfaction in practicing pro bono. However, before you can give back anything, you must first employ legal marketing strategies to operate at the highest profit margin. It stands to reason; you must first find a way to stay in business in order to give back to your community.
The importance of targeting the right market can't be overemphasized. The success of your law firm marketing efforts relies on how well you practice this important principle. Even if you provide top-notch services at inexpensive rates it will not matter if you are not targeting the right market.
Remember: Don't try to tackle all of your legal marketing strategies at once. By breaking the process down into small steps, you'll succeed and do so more quickly.
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