What might these firms be doing wrong? Statistics from ALPMA in 2019 suggest that 43% of legal practices in Australia do not believe their firm has the ability and business development (BD) programs in place to adapt to a changing industry. Consequently, their lawyers are unable to establish lasting, genuine relationships with prospective clients, and some of them may not even have clear-cut leads-to-sales processes.
Firms need to make some strategic adjustments to their marketing and BD plans in order to thrive. Here are 5 suggestions that can help:
Spend More Time on Promising Leads
How much time do you spend on clients that are unlikely to convert? Your law firm can only grow if you're committing your marketing resources, including time, money, and expertise, to leads that are going somewhere. Usually, failure to establish close relationships with prospects makes it difficult for law firms to figure out when an opportunity is ripe.
Effective sales teams in legal practices always have the right tools to track the "client journey" and move in swiftly to make an offer or close a deal at the opportune time. When a prospect shows interest by inquiring on the phone, the practices won't hesitate to follow up. They'll not give up on a potential client prematurely.
Train Lawyers in Marketing and Business Development
A small or new law firm may not always have a lawyer whose reputation precedes them. In many such cases, each lawyer has to give a great first impression when they meet or talk to a prospect during preliminary consultations, or they will not get hired. However, potential clients don't usually enlist legal representatives based on their technical expertise and experience alone. That's why successful legal practitioners always possess BD and marketing skills on top of their mastery of law.
For example, people tend to enlist lawyers that are likeable, confidence-inspiring, and persuasive. These skills are critical conversion factors, and lawyers who apply them when prospecting to clients close deals faster most of the time. Be sure to train your legal teams if they're not doing well in those areas.
Design Appropriate Marketing and BD Plans for Each Practice Group
Multi-practice law firms need to develop specific marketing and BD manuals for particular practice groups, rather than stick to a one-size-fits-all strategy. Especially with isolation measures in place, it might be time to shake up how you market your firm to diffreent segments of your potential client base. Unique client segments barely have the same objectives when they approach lawyers for representation. It, therefore, makes sense for the different practice groups in a law firm to tailor their marketing approaches to the nature of their legal speciality and the specific needs of their clients.
Track Performance Metrics
Measuring the performance of your various marketing and BD strategies can help distinguish between what's working and what's not. You may want to analyse each marketing method, channel, and media you're using, from social networking sites and search engine optimisation (SEO) to email and Pay per Click (PPC) campaigns.
To track ROI, focus on both quantitative measurements (such as revenue and conversions) as well as qualitative indicators like professional ratings and client feedback. If you're getitng good client feedback, don't be afraid to ask for testimonials to be featured on your website and social platforms. Based on the analysis, you may boost results and business development by increasing the budget and time for marketing programs with the highest potential for ROI growth.
Entrench Technology in Marketing and BD Programs
Technology that enhances client connectivity, such as cloud-based Software-as-a-Service (SaaS), can help law firms grow relatively fast. Legal practices using these solutions usually handle pressures emanating from the ever-evolving client requirements, changing judicial and regulatory environments, and shifting employee preferences.
Have you tried leveraging the LawMaster legal practice management software to streamline your firm's "leads-to-sales" processes? The solution helps law firms manage and accelerate client acquisition and retention rates, which are essential business growth factors. With the system, you can track your current and potential clients with ease. Essential software features include new client enquiries, electronic milarooms with Outlook integration and performance dashboards so you can see how many enquiries you're receiving and what marketing campaigns are effective.
When a potential client approaches you with questions, you may record their information and concerns in LawMaster. The system lets you assign tasks related to pursuing leads to a specific representative or team. You may use it to create follow-up appointments with prospects and keep engagements alive. Likewise, automated reminders ensure a representative won't miss critical tasks or stages of a deal thereby losing potential business. With the streamlined workflows, you can bring the best out of your marketing and business development teams.
Contact us today for more insight into how to upgrade your firms performance.