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7111 W. 151st St.
Overland Park, KS 66223
Common Mistakes Cost Money
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This Kansas City-based law firm needed a creative marketing strategy to break-through the advertising clutter and reach business owners with a hard-hitting litigation defense message. Jeff Siegel, the principal attorney, and a Princeton-educated New Yorker, was concerned that his overbearing physical appearance, combined with his New York accent, might be off-putting to the more "refined" sensibilities of a Midwestern client. So, we decided not to downplay this perceived market weakness, but rather use it as a positive, differentiating factor. Further, Jeff decided to offer his clients a unique value proposition -- flat-fee billing for litigation -- a powerful cost-control measure for business owners concerned about the bottom-line impact of litigation. To launch the campaign, we avoided the overcrowded yellow pages where it would be virtually impossible to cut through more than two-inches of screaming full-page, full-color messages; and chose, instead, an integrated marketing communications plan to include: 1. Website located at www.bulldoglawfirm.com for easy name recognition; 2. Geographically-specific pay-per-click advertising with Google; 3. Search engine optimization. 3. Targeted direct-mail to select business sectors, pulling to the website; 4. Rifle-shot b2b radio campaign on KC's #1 talk station, pulling to the website; and 5. Public relations campaign focusing on ways businesses can control spiraling legal costs.
The bulldog's approach is not right for everyone, but therein
lies the strategy. If you are looking for a creative, affordable
solution to your marketing challenges, please call 1-877-352-2021, |
CONTACT US
Toll-Free
Phone: 1-877-352-2021
Fax: 1-877-352-2021
Email: bsi@carolnet.com
Snail Mail:
Integrity
Marketing Solutions
7111 W. 151st St., Ste 216
Overland Park, KS 66223
Copyright © 2004 IMS.
The Quill & Column
Law Firm Marketing & Practice Development
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Practice Management |
Monitor collegial discussions among attorneys and one topic you will find often repeated is the question of revenue: specifically how to generate more of it. The discussions usually revolve around questions of fees: hourly fees, flat-fees, value-billing fees, blended fees, etc. What is often overlooked in these discussions, however, is the true measure of success: profitability.
My good friend Jonathan Blattmachr, who often sends me cutting-edge writings and research, sent me an article supporting the theory that attorneys chase revenues, while paying too little attention to profits. In fact, researchers estimate than less than 30 percent of firms track their profit margin (revenue, less expenses, divided by revenue.)
There is a simple key to profitability that attorneys often overlook as unnecessary, or perhaps unsavory -- a marketing plan. Only an estimated 13 percent of law firms have a marketing plan. Yet, research shows that firms with marketing plans generate nearly DOUBLE the profits of firms without plans.
Where do you stand in terms of profitability? If you're like most
attorneys, you probably don't know. Not only do attorneys fail to track
their profitability, research shows that 45 percent do not know what
their operating profit is, and less than 15 percent of firms compare
their expenses with the average expenses for other firms.
While many attorneys seek assistance in setting
revenue goals, and often ask what their colleagues are generating, few
ask for assistance in setting goals for profitability, or inquire
as to the profitability of their colleagues.
So, if you are beginning this process, where
should you place the benchmark for profitability? You may be surprised
to learn that while the average firm's profit margin is 30 percent
before partner draws, small firms often can generate in excess of 60
or 70 percent profit!
Beginning the process of boosting profitability starts with data
collection. You won't know where to go until you first know where you
are. Once you know where you are, its time to start planning where to
go. A strategic marketing plan is vital to your success -- remember
research shows that firms with marketing plans generate nearly DOUBLE
the profits of firms without plans. The last step in the process is to
focus on generating revenue ... with your data firmly in hand and a
solid grasp of your profitability. It is easy to generate revenue.
Generating PROFITABILITY, on the other hand, is a bit more tricky.
Identifying your most profitable work, then marketing and positioning
yourself to garner more of it is key. On the flip-side, it also is
important to identify your least profitable work and decide
whether to continue ... or to revise your systems and reduce expenses to
improve your profit margin.
One fundamental truth about margin: if you lose
five-cents on every client, you cannot make it up with volume!
If you are ready to begin the strategic planning process in your firm, consider enrolling in our IMS Academy, an intense, three-month course suitable for solo-practitioners, boutique firms, and marketing directors.
Program graduates will
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have a thorough understanding of their firm's strengths, weaknesses and opportunities;
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a set of realistic short- and long-term practice development goals;
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and a comprehensive marketing communications plan to achieve those goals.
Call to discuss options and fee arrangements. 1-877-352-2021
Click here to learn about the IMS Academy
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Marketing Tips |
Avoiding Six Common Marketing Mistakes
Here are six common marketing mistakes. If you are committing any (or all) of these, don't despair. We'll show you have to avoid (or correct) them.
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Failing to identify the target audience; not clearly identifying who it is you are trying to serve.
SOLUTION:
One of the key aspects of developing a marketing plan is to create a Target Audience Decision Grid, which takes you through the process of identifying your target audience(s), when, where and why they make buying decisions, and the key influencers. -
Responding to media promotions for short-term campaigns that are not part of a comprehensive marketing plan.
SOLUTION:
As part of the planning process, you should complete an Integrated Marketing Communications grid, outlining your target audience(s), the decision stage(s) your communications will address, your communications tasks for each stage, and the media options that would best suit those needs. The grid is used as a standard by which ALL media options are judged for appropriateness. -
No clear follow-up system to capture revenue from lead-generating activities.
SOLUTION:
Before implementing ANY communications program to generate leads, establish a follow-up protocol within your firm, AND a tracking system. You should be tracking the leads generated, the conversion ratios, revenue and profits generated (measured against costs). Additionally, implement a means of oversight so you can be assured that follow-up is appropriately executed. -
Poorly-focused marketing communications that do not "connect" with the target audience or clearly communicate the firm's value proposition.
SOLUTION:
An essential step in the planning process is creation of a Creative Brief -- a simple, one-page document that outlines the firm's primary (and secondary if necessary) marketing messages, and how these messages should be conveyed across integrated media. Using this brief as a guideline will help you avoid inconsistencies in your communications. -
"Follow-the-Leader" marketing that, rather than differentiating your firm, tells the public that you are just as good as (read: the same as) other firms.
SOLUTION:
Be willing to be different. This seems particularly difficult for law firms, who tend to function with a "precedent" mentality. Lawyers seem to find their comfort zone in the knowledge that others have done, or are doing the same thing. This may be fine in the courtroom, but is death for a marketing plan! -
Overlooking creative marketing strategies that are both effective and inexpensive.
SOLUTION:
Create a strategic marketing plan. Part of the process includes brainstorming your communications strategy. Everything goes on the table first. Then, by evaluating strategies against your goals, your resources, and your deadlines, you select the most effective strategies. Compare this to the haphazard approach many firms take toward marketing and you can see how creativity is effectively squashed.
Integrity Marketing Solutions can help you avoid these, and many other, marketing mistakes with strategic marketing planning. For more information, call toll-free: 1-877-352-2021.
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Internet Marketing |
Is Your Website Driving People AWAY?
The average web site can lose about one-third of its potential customers due to poor design, according to a recent study conducted by Jakob Nielsen, Ph.D., of the Nielsen Norman Group. Nielsen's study found that individuals exit web sites in under two minutes if they can't find the information they want. Despite investing hundreds, or thousands, of dollars into website design, many attorneys report negligible results from their investments. Much of that disappointment can be attributed to poor design.
Here are some of the basic guidelines to make your website more user-friendly for clients, and more valuable to your practice:
Home Page: Your home page is the most important page on your website. Make sure your home page:
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Loads very quickly and contains no barriers. Remember, if visitors cannot find what they want quickly, they will move on. That means most have little patience for graphics or animation that loads slowly. Animation should be used only to the extent that it ENHANCES your message, not obscures it! Your job on the home page is not to impress users with your webmaster's design capabilities, but to invite people into your site. Large graphics and animations are like a huge locked gate separating you from your potential client.
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Helps users navigate your site. Include clear menu titles, such as "About Us" for a link to firm information. Don't get too fancy here and make your visitors decode obscure messages written in legalese, or search for tiny navigation buttons at the bottom of the page.
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Includes contact information. Your website is supposed to help people do business with you. Don't make them search for your phone number or address. We suggest you put this essential information on every page. Make it easy for people to contact you.
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Uses TEXT to describe your services. Remember that search engines do not index graphics. So, if your firm's name appears only as a graphic logo, or if you design a beautiful swirling globe to demonstrate your global presence -- search engines will never find you. Use lots of text to define your products and services to improve your search engine ranking, and to ensure that visitors whose browsers may not display graphics very well can still READ about you.
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Has been tested on a variety of browsers and machines. Remember, there is no "standard" in the internet-viewing world. Visitors may come to your site with a blazingly-fast connection, or they may be using a 26k modem and dial-up. They may have the latest and greatest version of Internet Explorer, or they may be using a five-year-old edition of Netscape. Or WebTV. Some users have text displays set to very large, or they may have an older, limited graphics display. (This is another reason not to get too fancy with your graphics, especially on your home page.) You don't have to go to 15 different computers to test your site, your webmaster should know how to do it.
Content. It's impossible to overestimate the value of content on a website. Including USEFUL content for your visitors is the single most overlooked way to market your site. Content-rich sites attract more visitors, and keep them longer. They rank higher on the search engines (all that rich text gets indexed). Another content secret -- UPDATE your content frequently. Each time you update or add content, you are boosting your search engine ranking. Stale content causes your site to slump in the rankings. Also, fresh content keeps your visitors returning. Finally, avoid using adobe acrobat files to add content to your site. First, most search engines will not index them, so they won't help your rankings. Second, remember the barrier issues cited above? Don't make visitors download useful content. And don't just retype it for internet use. Edit and design it for online viewing. Then, offer an optional download for the whole article or brochure.
Integrity Marketing Solutions specializes in designing content-rich websites for lawyers and law firms. For more information, or a price quote, contact us toll-free at 1-877-352-2021; or send an email to Jennifer Campbell, bsi@carolnet.com.
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Service Spotlight |
The IMS Academy provides a comprehensive marketing and practice development curricula for attorneys and law firms. Educational opportunities include conferences, coaching and consulting, on-site workshops and retreats, and guidance in the strategic planning process.
Our two most popular options are the Fundamentals of Marketing course for solo practitioners, small firms, and/or marketing directors at larger firms; and the Strategic Planning Process for small to mid-size firms. The Strategic Planning Process includes a minimum of three on-site visits, and an optional marketing retreat for partners, associates and staff.