Why a Marketing Strategy Can Keep Your Firm's Revenue Constant - Law Firm Mentor

When you decided to become a lawyer, you probably didn’t imagine that marketing would be part of your job description. But you probably noticed that it’s difficult to find new clients for your firm without a good marketing strategy, especially as more lawyers are competing for the same leads. In the digital age, a traditional marketing strategy that includes word of mouth, outdoor, TV and radio ads isn’t the way most people start searching for legal advice.

Today your marketing strategy has to consider that the majority of your potential clients are starting their searches on Google. And, they’re looking for more than a generic pitch about how you’re the lawyer to win their case. By developing a marketing strategy that targets your ideal leads with a unique, appealing message, you can create a more steady stream of revenue.

What Does a Marketing Strategy Consist Of?

A thorough marketing strategy includes:

• Research about your ideal and existing client base, including lifestyle preferences, demographics such as age and education level, and needs.
• Research and analysis of your direct and indirect competitors. This includes other law firms in your area that practice in the same areas, as well as alternatives such as prepaid legal services.
• An analysis of your firm’s strengths, weaknesses, opportunities, and threats (SWOT). Strengths and weaknesses are attributes internal to your firm, while opportunities and threats are external environmental factors not related to your firm. However, these factors can and do have an impact on your marketing strategy.
• Identifying the features and benefits of your firm’s services. What type of services do you offer clients and what do they gain from those services?
• A unique brand identity or positioning statement. Is there a unique feature or benefit you as a lawyer offers clients? Does your firm have expertise that your competitors do not?
• Developing a media plan and schedule that includes types of traditional advertising and promotional materials, as well as when and how often ads will run.
• Social media, online content, and website strategies.
• Events.

How Does a Marketing Strategy Bring Me More Clients?

Marketing creates awareness and lets your potential clients know that your law firm exists. While you may be a brilliant and capable lawyer, clients can’t find you if you don’t have a voice. Marketing is all about communication and that means not only letting people know you exist but why. A critical part of that is also letting people know how your firm can be the best solution for their legal needs.

Besides creating awareness, a marketing strategy creates an ongoing conversation between your law firm and those who are interested in legal services. You’re tapping into demand, but you’re also reaching out to potential leads and current clients. By nurturing relationships with your leads and clients, you’ll keep awareness of your firm in their minds and be able to demonstrate that you can provide them with useful information.

Posting content like blog posts and polls on social media encourages engagement and creates a two-way feedback system. Your leads find information about legal services and advice and you gain insight about your leads and clients. Online content and social media are also great tools to educate your audience on what your law firm does, why your potential clients need your services, and why they should choose your firm.

Building a Revenue Pipeline

Although a marketing strategy can’t guarantee your firm will generate a certain amount of revenue, what it can do is help build future sources of income. A combination of traditional and digital marketing can keep creating awareness, generating interest, nurturing leads towards desire, and ultimately leading potential clients to take action. And, you want to be able to keep attracting leads and turn them into actual clients.

By attracting leads and moving them through the sales process, you’re also in a better position to forecast your firm’s revenue. However, keep in mind that a more accurate forecast will only include a smaller portion of your revenue pipeline. This smaller portion consists of leads that are close to taking action or have a high probability of becoming an actual client.

There’s no guarantee that the clients you have today will be the clients you have tomorrow. That’s why you need a marketing strategy to reach those that need your services but aren’t aware that your firm is one of their options.

Are you ready to start learning how to design and implement a great marketing strategy for your law firm? 

If so, then my 6-Module Online Course is the perfect solution to help inspire and get you motivated to start taking action on defining your firm’s marketing strategy.