November 21, 2014
November 20, 2014
November 19, 2014
Law Firm Marketing: Are You Reaching Your Ideal Target Market?
This venn diagram from Matt Homann’s the [non]billable hour blog got me thinking again about perception and reality when it comes to law firm marketing:
If you ask most attorneys whom they are marketing to with their websites, they’ll tell you potential clients. That’s their perception. But the sad reality is, most attorneys are marketing to other attorneys and, yes, themselves.
How profitable is that?
Maybe it’s time to take a good long look at that Ideal Target Market and be sure your website – and all your marketing efforts – are speaking directly to them.
Your Ideal Target Market (ITM) is the person or company who is most likely to retain you initially, repeatedly, and at the highest profit margin. There are 3 key parts here:
Initially—your ITM will retain your services faster than others and present fewer obstacles for you to overcome.
Repeatedly—the most expensive thing a law firm can have is a 1-time client. On average, it will cost your firm 10 times as much to obtain a new client as it does to service an existing one.
At the highest profit margin—your ITM is not the price-conscious consumer. Research tells us that 15% of any market, regardless of what product or service you are selling, will always and only buy on price. Your responsibility as a law firm marketing professional is to quickly identify those “15 percenters” and move them out of your pipeline so you can focus on selling to the other 85%.
Identifying and targeting the right market is absolutely critical to the success of your law firm marketing plan. If you don’t target the right market, nothing else you do will matter. To be successful as a legal marketer and attorney, you have to start with a clear picture of your ITM.