Think of marketing as a game. A game in which the open flow of information – the constant exchange of ideas and exchange small gestures with those in your social network –add up to business success.
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Whether or not you agree that the country is in a recession, there’s no denying that we’re experiencing a downturn in the economy.While the economy has some effect on all law firms, it’s often solo and small firm practitioners who feel the pinch of tough economy more acutely than larger firms. So, how do you find the silver lining in the economic rain cloud hanging over our heads? We offer a few suggestions.
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Hands down, the single best way to get clients is to have them referred. Word-of-mouth marketing brings a potential client to an attorney, because someone he trusts has given him that lawyer’s name.
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In client development seminars and workshops I am often asked whether the most successful rainmakers are effective because of their personality and natural ability– or whether something else is at play.
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Do you react to the announcement of the yearly firm retreat with less than excitement? Kind of like, “Oh no, not another one!” Worse still, do you usually leave the retreat feeling that you’ve just wasted a perfectly good day or two?
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Do you find yourself at the end of your workweek thinking “Where has all my time gone?” If I’m working this hard, why am I not making more money?” The answer can be found in your utilization rate: the number of hours you billed divided by the number of hours you worked (including nights and weekends) over a set time period (weekly or monthly).
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You are what you charge for. A business is defined by little else. Your price speaks volumes about your value proposition, more so than any other component of your firm’s marketing. Yet law firms seem to believe they are defined by their “hourly rates.”
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See if you recognize your own marketing approach in the following description: When business is good,you’re scrambling to keep up with your caseload and not marketing at all. Some of these marketing efforts pay off, the panic dies down, and the work begins to come in again. So you stop marketing…until the next time.
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Some people don’t need a personal trainer to get in shape or a counselor from Weight Watchers to help them shed those extra pounds – and some lawyers don’t need a coach to tone their rainmaking skills. Learn about a coaching program that teaches the art Of attracting quality clients.
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The Double Your Revenue workshop was featured in Lawyers USA. The following links will take you to the articles in the three part series.
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