Having a strong marketing strategy is an important aspect for any law firm that specializes in bankruptcy. Too often, though, lawyers are so consumed with helping their clients, that marketing the business falls by the wayside. Unfortunately, that can result in lost business. If you do not want to get stuck in the trap of losing out on new business for the sake of current business, here are some innovative yet easy strategies to get you going in the right direction.
The Four “Ps” of Marketing
Marketing goes beyond simply advertising your law firm. A truly strong marketing strategy includes the four “Ps”: product, pricing, promotion and place. These four elements combine to help you show the value of the service you provide to your clients and also differentiates you from your competition.
Your product or service is the element that creates value for your clients. The product you are selling or the service you are offering should be the focal point of all of your marketing efforts. Here are some guidelines to help you determine the value of your law firm:
- Make a list of the benefits you provide for your clients.
- Determine how you can enhance your service.
- What do you offer that makes you unique?
- Do you specialize in any services?
- Are there additional services you can offer?
Once you know how valuable your service is, you can determine a fair price for it. When you determine your pricing for your service, keep these factors in mind:
- Your cost in terms of time and resources
- The type of profit margin you want for each case
- How many cases you want to file each month
- How much work you want to do yourself vs how much you want to outsource to paralegals and other staff members.
Once you determine the price you want to set for your service, you can adjust it based on the following factors:
The location of your law firm can be a matter if ease and convenience for your clients. Although it is not the end of the world if your office is not in a convenient location, it can be immensely helpful when it is. When you consider a location for your bankruptcy law office, think about the following factors first:
- Is it inconvenient for your clients to get to?
- How will your clients benefit from going to your location?
- Can you work with your clients via phone or email to minimize the trips to your location?
Once the other aspects are in place, you can begin promoting your law firm. Your best bet is to get the word out about your firm through a variety of channels. While you put together your promotional materials and establish a game plan, keep the following questions in mind:
- What media will you use to communicate with current and potential clients?
- What message do you want to use in your marketing?
- How will your marketing message be different from your competitors?
- How will you use personal selling to convert leads to clients over time?
Even if marketing is not your strong suit, you can still create an incredible marketing strategy that not only brings in new leads, but also converts them into clients. All you need to do is consider the four Ps of marketing and you will be well on your way to growing your business as you continue to service your current client base.