5 Law Firm Marketing Tips to Turn Prospects into Clients

Attorneys are famous for wasting their time following up on bad leads. These are prospects who are not a good fit or who are not likely to hire your law firm. Another big mistake lawyers make is targeting the wrong market, usually too large of a market. What percentage of the people you follow up with come to your office for an official interview? And of those, how many actually sign on as clients?

Successful law firm marketing includes determining which people and businesses are not currently interested in your service and which are just not good prospects. Remove these dead ends from your contact lists and don't waste your time trying to win them over.

You probably have a very low percentage of prospects turned clients. And with the limited hours in your day to get everything done, you simply can't afford to waste this kind of time! These 5 simple steps will help you turn more prospects into clients. Incorporate these into your law firm marketing strategy and watch your conversion rate grow.

1. Separate Your Contacts from Your Prospects

Learn to identify people who are genuinely interested versus those who simply are not saying "no" out of politeness. Listen for the signals that distinguish a real prospect from someone who is simply price shopping or worse (using you to obtain a lower fee from another lawyer).

Create a list of questions to disqualify contacts focusing on the criteria of "need, want, afford." Remove those contacts who don't meet these qualifications, and focus your energy on solid prospects.

2. Interview Your Qualified Prospects Directly.

Are you consistently talking directly to your prospects (versus their gatekeepers and time-wasters) and pitching them your services? What's your closing ratio? What percentage of people come to the interview versus become clients? Make sure you are speaking to the real decision-maker.

3. Strengthen Your Presentation Skills

Improving your presentation skills will go a long way toward winning over new clients. Strengthen your phone skills and develop better phone scripts. Learn to recognize "buy questions." Be prepared to ask for the sale at the end of the presentation. Take a presentation skills seminar and focus on benefits and results more than services and features. Work harder at identifying your target's points of pain and using them clearly and consistently to demonstrate the value of your services. Become more fluent at speaking their language. Develop a list of critical questions to ask prospects you present to. Don't talk as much: listen more.

4. Give Prospects a Call to Action

After an interview, do you actually ask your prospect to commit to the sale? How soon do you follow up with people after the interview? What do you send them to encourage them to buy from you versus the competitor and buy from you now versus waiting?

Make sure each prospect receives one clear call to action. Make it easy for them to follow. Ask for their business!

5. Follow Up After Your Presentation

Follow up with a thank you letter or e-mail within 24 hours of the interview. Be sure to end every interview with action steps (e.g., what each party agrees to do as next steps and when they will do it by). If you agree to do something, be sure to do it before the deadline. (This may be a way they are testing you to see if you will respond to their needs). If you are a business lawyer, have a process for writing successful proposals. Immediately set a reminder to yourself to contact the hot prospect in a timely manner.

Add these five simple steps into your law firm marketing plan now. You'll see

About the Author

Stephen Fairley is CEO of The Rainmaker Institute is the nation's largest law firm marketing company that specializes in helping small law firms generate more and better referrals and create a 7 figure law practice. Over 6,000 attorneys have benefited from our proven Rainmaker Marketing System. Attorneys: claim your FREE legal marketing CD '7 Keys to a 7 Figure Law Practice' at www.toplawfirmmarketingtips.com

Recession Data On The Value of Marketing Through Economic Downturn

We know the anxiety is rising for many of you as the economy falters.We know it is tempting to begin the slashing process of your expenses.And, we know that marketing is one of those areas that typical gets the brunt of those budget cuts.We understand...but you must resist!

Sure, you should always be doing everything you can to maximize your marketing resources.That's true, even in a good economy.But history shows us that now is just not the time to curb your marketing efforts.

Here are some of the facts from past recessions:

1970 recession year -- American Business Press (ABP) and Meldrum & Fewsmith study showed that "sales and profits can be maintained and increased in recession years and [in the years] immediately following by those who are willing to maintain an aggressive marketing posture, while others adopt the philosophy of cutting back on promotional efforts when sales appear to be harder to get.

" 1

1974-1975 recession years -- ABP/Meldurm & Fewsmith 1979 study covering 1974/1975 and its post-recession years found that "Companies which did not cut marketing expenditures experienced higher sales and net income during those two years and the two years following than those companies which cut in either or both recession years.

" 2

1981-1982 recession years

McGraw-Hill Research's Laboratory of Advertising Performance studied recessions in the United States.

Following the 1981-1982 recessions, it analyzed the performance of some 600 industrial companies during that economic downturn.It found that "business-to-business firms that maintained or increased their marketing expenditures during the 1981-1982 recession averaged significantly higher sales growth both during the recession and for the following three years than those which eliminated or decreased marketing." 3

Cahners and Strategic Planning Institute (SPI) produced their report, "Media Advertising When Your Market Is In a Recession.

" It disclosed, "During a recessionary period, average businesses do experience a slightly lower rate of return relative to normal times.However, expansion times do not generate a higher level of profits than normal periods as might be expected." This phenomenon was explained by an analysis of changes in market share.

"During recessionary periods," said the Cahners/SPI report, "these businesses tended to gain a greater share of market.The underlying reason is that competitors, especially smaller marginal ones, are less willing or able to defend against the aggressive firms." The study then pointed out that businesses that increased media advertising expenditures during the recessionary period "gained an average of 1.5 points of market share." 4

1990-1991 recession years "Management Review asked AMA member firms about spending during the 1990-1991 recession.

"Fortune follows the brave," it announced, noting that the data showed that most firms that raised their marketing budgets enjoyed gains in market share.Among the magazine's sample, 15 percent reported "greatly decreased" ad budgets.Advertising was "somewhat cut" by 29 percent."The keys to gaining market share in a recession," concluded Management Review "seem to be spending money and adding to staff.Firms that increased their budgets and took on new people were twice as likely to pick up market share." 5

Beyond the statistics, why might it be more important than ever to market despite economic downturn?

Strong consideration should be given to the idea that marketing plays a more critical role now than it did during previous recessions.While marketing's role was once more informational than brand identity building, and considering that never more than today has the clutter factor been so great, relationships between customers and brands are critical.Relationship marketing has surged to the top of effective marketing campaigns as a means to keep an appropriate level of share of mind for purchase loyalty.Marketing serves to foster and maintain consumer-brand relationships.6

The effect on profits.

From the Harvard Business Review, "Advertising as an anti recession tool," comes the effect of cutting advertising on the bottom line."The rationale that a company can afford a cutback in advertising because everybody else is cutting back [is fallacious].Rather than wait for business to return to normal, top executives should cash in on the opportunity that the rival companies are creating for them.The company courageous enough to stay in the fight when everyone else is playing safe can bring about a dramatic change in market position." In addition, the article points out "Advertising should be regarded not as a drain on profits but as a contributor to profits, not as an unavoidable expense but as a means of achieving objectives.Ad budgets should be related to the company's goals instead of to last year's sales or to next year's promises." 7

What are you waiting for?

Get marketing!

REFERENCES:

1 "How Advertising in Recession Periods Affects Sales," American Business Press, Inc.

, 1979

2 ABP/Meldrum & Fewsmith study, 1979

3 McGraw-Hill Research.

Laboratory of Advertising Performance Report 5262 New York: McGraw-Hill, 1986.

4 Kijewski, Dr.Valerie."Media Advertising When Your Market Is in a Recession," Cahners Advertising Research Report.The Strategic Planning Institute, 1982

5 Greenburg, Eric Rolfe.

"Fortune Follows the Brave," Management Review, January 1993

6 Khermouch, Gerry.

"Why Advertising Matters More Than Ever," Business Week, August 2001

7 Dhalla, Nairman K.

"Advertising as an anti recession tool," Harvard Business Review, Jan.-Feb.1980

This data was compiled for you by our friends at Demand.

Demand works with clients to help them attract new customers, retain existing customers, increase marketing effectiveness and reduce marketing, operational and administrative costs.

About the Author

Go-To-Market Strategies is a resource center for sales and marketing professionals and business leaders that offers relevant online resources, training, and coaching services.

When you need to achieve big aspirations with limited budgets, choose www.gtms-inc.com!

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