www.IMSLegalMarketing.com

Toll-Free: 1-877-352-2021

7111 W. 151st St.

Overland Park, KS  66223

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     Integrity Marketing Solutions
      7111 W. 151st St., Ste 216
      Overland Park, KS  66223

Copyright © 2004 IMS.

The Quill & Column

Law Firm Marketing & Practice Development 

What Your Accountant Forgot to Tell You

What return-on-investment should you expect from your marketing dollars? Should you raise your fees ... or lower them? With which referral sources should you be focusing your efforts ... or should you be ramping up a new marketing program?

These -- and many others -- are common marketing and management decisions that must be made every day. Unfortunately, most attorneys will make these decisions based on little more than a "gut feeling." Despite the proliferation of accounting software programs, information on the internet, and accounting expertise provided by CPAs, few attorneys have ready access to the information necessary to help them make intelligent marketing and management decisions. 

Your CPA (or CFO) plays an important role in your business ... but too many business people fail to understand exactly what that role is. Accountants tend to be expense-oriented. They track expenses, with the goals of maintaining profit margins, and minimizing taxes. This is an important role. However, while there are some tasks at which accountants are very good, there are other tasks at which they may not excel. Accountants tend to be the recorders of events, with an historical view of your business.

When it comes to sales and marketing, however, look to someone who is an instigator of events, with an outlook toward the future. The information you need to manage these activities -- the ones which look toward the future and plan ways to grow your business -- is not the same information your accountant requires.

In a nut shell, your accountant asks, "How much will it cost?"

Your marketing manager should ask, "How much will it pay?"

You need both of these viewpoints to make a sound decision. Only by tracking, recording, reporting and analyzing the proper information will you have the tools to make sound marketing and sales decisions.

Necessary Reports

Some of the reports that you should be seeing in your practice on a regular basis include:

• Pending Sales: Analysis of this report guides you in determining what actions, if any, should be taken to facilitate "closing" the business. This report also guides you in determining actual Closing Ratio. 

• Referral Activity: Guides you in evaluating the value of various referral relationships, and the scope of the referral base. Guides your marketing manager in directing future marketing efforts.

• Monthly Sales: Shows monthly revenue, and whether revenue goals were attained. Also shows the source of the revenue and the average fees. Analysis guides your marketing manager to adjust the focus of future marketing efforts.

• Sales Cycle: Shows the maximum, minimum, and average length of the sales cycle. Analysis guides you in predicting cash flow, and implementing strategic follow-up activities to compress the sales cycle to maximize revenues.

• Closing Ratio: Analysis of this report guides you to review sales and presentation skills, marketing positioning, and fee schedule.

• Profit & Loss: Shows whether firm is on-track to meet revenue & profitability goals. Helps in determination of return-on-investment for various expenditures.

• Budget & Budget Variance: Analysis of a budget report should include a budget variance report, which simply explains WHY actual income and expenses are not equal to those budgeted. Understanding variances is essential to effective planning.

Information is Power -- Get It!

You need this kind of information -- you need it frequently, systematically, automatically, and accurately. Anyone who tries to sell you a "marketing system" without reviewing this type of information is doing you a great disservice -- if you are trying to implement a marketing system without reviewing this type of information, you are doing yourself a great disservice! 

How can you get this information, review it regularly, and make informed practice development decisions? If you are not already doing this, consider one of our IMS Academy courses.

IMS Academy
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. 

Click here to learn about the IMS Academy

Five Marketing Myths Dispelled

Some marketing myths have been around for so long that it seems everyone believes them ... usually to the detriment of their marketing campaigns! Here are five common myths to avoid in your marketing planning.

• Bad Publicity is Better Than No Publicity
  Wrong. Bad news spreads fast and it is bad for your business. Work to manage your public relations or suffer the consequences.

• Change Marketing Materials Frequently
  Wrong again. In fact, research shows that the longer you use quality marketing materials, the more effective they become.

• White Space is a Good Thing
  No, it's not. Your readers want information. They aren't as interested in the "look" of your brochure, ad, or website as they are in the information packed in it.

• Keep Marketing Copy Short
  Another "myth" based on a grain of truth. While you have, on average, only two seconds to grab your reader's attention with a powerful headline or graphic, the point is to pull them into your copy where they will become informed. If they are interested, and the material is well-written, they will read it. 

• Marketing Should Be Entertaining
  Not necessarily. Marketing should be effective. People may LIKE marketing that entertains them ... but that doesn't mean they will react to it. Highly effective marketing offers solutions to problems.

Now What?
After debunking those myths, how will you incorporate a powerful marketing plan into your own practice development plan? Weaving through the maze of professional ethics regulations, while implementing effective strategies that bring qualified prospects into your office on a regular basis, is no easy task. We can accomplish this for your firm with a targeted approach:

• IMS Academy & Consulting Services:  We can work with you to develop a strategic marketing plan, helping to ensure that we utilize multiple marketing strategies and tactics in tandem to achieve clearly defined objectives.

• Newsletters: Newsletters frequently serve as the "core" around which to develop a synergistic, relationship marketing program. We achieve consistency and frequency in the nature and delivery of our message.

• Internet/Website Marketing: An integrated website program repeats and reinforces your newsletter marketing message with an interactive website supported by direct mail and email marketing.

• Power Point Presentations: Each time you make a public presentation, you can reinforce your marketing message with presentation slides and materials that mirror the look and feel of your newsletter, and related marketing materials.

• Targeted Public Relations: By adding targeted public relations to your consulting services, you can reach into the public media with a powerful, and familiar message.

Using the Internet to Cultivate Strong Relationships

One of the most valuable things you can do for the future (and the present) of your practice is to build solid relationships with your clients. Do you want to enjoy frequent, qualified referrals that result in new business? Firms that focus on client relations report 40 percent or MORE of their new business is referred in from their current clients -- whether from referrals to friends and family members; additional work with clients as their lives, the law and their plans change; or estate administration. Start building strong relationships today, and you will enjoy the fruits of your labor for many years to come.

Relationships Require Repetition
Commit that phrase to memory, and live by it. Relationships Require Repetition. Did you tell your wife you loved her only once ... or only once every few years? (That was your ex-wife, right?) Of course not, you tell her every day. The activities that we repeat, almost in ritual, within our families are the glue that binds our family relationships ... family dinners, family vacations, family holidays ... even the routine television show that we always manage to gather together to watch. So it is with client relationships. Frequent communication and repetitive themes result in strong relationships -- and referrals.

eNewsletters Build Client Relations

Now it's easier than ever to implement a client relations program. With e-newsletters from Integrity Marketing Solutions you can:

1. Communicate monthly with all of your clients for one low, flat fee (no per-piece printing or postage charges)

2. Invite clients to your website with fresh, rich content monthly, to learn more about your firm, upcoming events, or advanced planning options.

3. Customize your message: Choose your "look" from one of our cost-effective design templates, utilize our custom design services, or have a newsletter created to coordinate with your existing website. Build your message from our content library, utilize our monthly service, or submit your own articles. Very specialized applications, ask about our legal writing services (see this month's client spotlight for an example).

eNewsletters

An integrated e-newsletter program will ENERGIZE your marketing with a powerful SYSTEM to build your firm's reputation, referrals, and REVENUE.

Pricing
Prices start at $275 to set-up a template program, and run as low as $250 per month. Fees include monthly formatting with fresh content, e-mailing to your list, and tracking open-rates. Please call for a quote on your specific needs: 1-877-352-2021.

Click here to learn more and view samples.