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Building your Law Firm Marketing and Business Development Strategy

Post by Admin , Jul 12, 2019.
Business Consultancy

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When did your business last take the ‘time out’ to figure out how it will retain and/or increase its new business and build a strategy to ensure you receive maximum return on your marketing and advertising spend, and that your business development strategy meets your future goals and objectives through effective marketing for law firms?

Essential for every business is to look forward and map out its strategy using the past to assess what has worked and what has not worked and where your opportunities exist to improve performance and what you need to do to eradicate poor performance.

The answers and solutions you need to secure future success are all around you and seeking the information and understanding the data is critical to planning your future.

So where should you look? Some of the areas to consider are: -

The Past - The starting point is your past performance. Your business will have data which is available to review to establish what has worked and what has not. Be honest in your appraisal of the past, if the results are what expected, decide if it is a question of continuing or improving. If you have not achieved expectation ask why and find out the answers. You will only be able to address what has gone wrong when you have understanding of the reasons for it. They will be there - you just have to find them.

Your Competitors – The competition is a good place to look to see how your business should be operating and functioning. Every business is different and each business will have its own approach, even when selling the same products or services. Looking at your competition is not about copying them. It is about identifying the differences and establishing best methods of operating and processing your operations. If they are doing something better and more efficient than you, work out what it is and how you can beat them!

Your Systems and Processes – Can you improve the way you do things, from the basic operational tasks through to the more complex. Has history allowed cluttering of processes that can be refined through reviewing and adapting? It is often the case that new technology and different ways of working can improve what you do. Assess what you do now and challenge if adapting and changing would deliver competitive advantage. Ensure any change management process implemented is done so properly to avoid getting it wrong (see our separate white papers and blogs on effective change management)

Your Target Market – Who are your target market and have they changed. As your business matures and changes, so will your customer base. You may find that your marketing strategy is targeting the wrong demographic of people, or adjustment is needed to ensure you are not missing opportunities. People behaviours and buying habits change through time and you must recognise and keep pace with this. Do not be afraid to change or expand your brand messaging and profile to meet the needs of your customers and potential customers.

Your Products and Services – Are your products and services standing the test of time. Has the market over taken you and does this require you do adjust what you are doing or what you are selling. It does not have to be a dramatic change, but if you are struggling to sell or gain engagement in a product or service, you have to ask whether the service or products remain relevant in the current market. If not then make the changes needed to keep up with the changing demands of your customer base. In every sector there is always something new, it is for you to assess if updated products are to change to keep pace or they do not impact on your business. Declining new business will often lead to one answer!

Objectives –Review and set your objectives to meet the future needs of your company. Whether you build a plan from top down or bottom up you need to look not only what the business needs to achieve to reach the intended profit but also if it is realistic for your staff to deliver. All involved in the running of your business will have a part to play in the achievement of your objectives and often will be inter dependent on each other. Be clear on what your business targets are and be clear to your staff on what elements they are responsible for and what you expect them to achieve. Then measure and interact with your staff on an ongoing basis, providing feedback on performance and taking action as necessary.

Marketing and Advertising – An effective marketing and advertising strategy is essential to continually monitor and adapt. Your business should be able to quickly recognise what is and what is not working by reviewing new enquiries, conversions and sales. Set your budget, set out your strategy and ensure that you understand what you’re expecting in return for the money you are spending. Often, when a marketing or advertising strategy is not working, it requires adapting rather than abandoning and you need to review and assess each of the component elements are right to achieve success. Review your expertise (in house and external), your budget, your target market, your message and the forums on which you are driving your strategy. Linking budget back to targets and objectives will lead you in the right direction and enable you to identify and challenge what is and what is not working for you to update your strategy and spending.

Fundamentally this is about understanding and planning – commit your plans to writing and share them with those who you need to help you. A written plan with clear objectives will enable you to truly assess where you are on your path to achieving them and what you may need to change and adapt to reach them.

Your marketing and business development strategy should be driven by your overall company strategy. You will know how much you are spending and how much income you need to generate to achieve the desired profit. This is achieved by either increasing income, reducing expenses and probably a combination of the two. Your marketing and business development strategy will be intrinsically linked to the achievement of your objectives.

At Mr Green Consultancy, our legal marketing consultants work across a range of law firms and sectors helping to build sensible robust plans that help you realise your return on investment and achieve your overall objectives through effective marketing for law firms.

For more information on how our legal marketing services can assist in your future planning and marketing plans you can make an online enquiry, call us on 0207 842 1825 or email us info@mrgreenconsultancy.com and we will call you.