Legal Marketing for Lawyers Daily TV Show
As many of my regular readers know, the demand for information an effective, ethical, legal marketing strategy is significant. A while ago we did some experimentation with legal marketing video tips and we posted them here. Our first foray into this area was with a video on planning a law firm marketing campaign. Next we discussed the difference between sales and marketing for law firms. We also covered the numbers you need to know in law firm marketing.
The reaction from our readers was beyond positive. It was enthusiastic. Lawyers wanted more video on legal marketing.
I am proud to announce that we have answered the call to action. In mid-February 2010 we launched The Legal Marketing for Lawyers Daily video show.
It took us a while to figure out how to do this correctly without taking up the time and expense of a full blown television production. Each day we record a short video on legal marketing. Each of these videos is less than four minutes in length and they feature me speaking directly to you about legal marketing.
Our friends at Justia have been kind enough to provide us with a terrific website where you can see each of the videos from the past week (as well as the achieves of past video shows). The plan is to post one new video each day. So I need you to visit often.
You can find this new video resource at: http://www.LegalMarketingForLawyers.com
I welcome your feedback on this new legal marketing resource. I am enjoying recording the shows (although it is difficult to fit a topic into less than four minutes). We may at some point “take the show on the road” so if you have ideas for a location or for a topic please send them our way.
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EmailNew Video: Niche Marketing Secrets for Law Firms
Video Notes:
How Niche Marketing Helps Attorneys Thrive in an Economic Downturn
What is a niche market?
A niche market is a focused portion (subset) of a market.
The benefits of niche marketing:
In a difficult economy an attorney with a specific niche will always command more value.
Example:
- Real Estate attorney who specializes in loan modification.
- Affluent investor specialist – Immigration Attorney.
- Bankruptcy attorney who specializes in small businesses.
- Employment attorney who has deep knowledge of restructuring executive compensation packages.
Niche marketing is always a good business strategy but in difficult economic times it is one that can have you flourishing while other attorneys struggle.
Video: Law Firm Marketing Numbers You Need to Know
Video Notes: These are the notes for the video titled: Law Firm Marketing Numbers You Need to Know
Law firms of all sizes need to look at three numbers to determine the overall health of the firm’s marketing efforts. Those numbers are:
1). The client lifetime value for each client that works with the firm.
2). The return on investment of the firm’s marketing dollars
3). The average cost of acquisition of a new client.
Here’s how you calculate those numbers:
Client Lifetime Value
Calculate the total amount of dollars you have billed to the client. Add in the referral business this client has brought to your firm over the years.
Divide the total dollar amount by the number of years they have worked with your law firm.
Return on Investment
Take the amount you have made as a result of a particular marketing tactic or campaign and divide it by the amount of money you invested in employing that marketing tactic.
Return on Investment (ROI) is calculated at the tactic/campaign level.
Client Acquisition Cost
Client Acquisition Cost is calculated at the enterprise level. In other words, you should track the overall client acquisition cost for your entire law firm. To calculate the client acquisition cost you take the amount you invest in marketing and divide it by the number of clients.
For a BONUS tip on marketing measurement and management please click continue reading.
Video: Effective Marketing with a Law Firm Website
Video Notes: These are the notes for the video titled: Effective Marketing with a Law Firm Website
Your law firm website should help you do 4 things:
1). Increase your visibility in your target market
2). Build credibility with your prospective client base
3). Differentiate your law firm from the competition
4). Generate leads for your law firm
What should you do to make certain that your website has met each of these key objectives?
Please click continue reading for the rest of the notes to the video: Effective Marketing with a Law Firm Website
Video: How to Plan a Law Firm Marketing Camaign
Video Notes: These are the notes for the video titled: How to Plan a Law Firm Marketing Campaign
Planning an effective marketing campaign is essential to the success of a law firm.
There are four essential components to successful marketing campaign. They can be summed up using the acronym: TARP
T = Target
A = Action
R= Response Device
P = Process
Please click continue reading for the rest of the notes to the video: How to Plan a Law Firm Marketing Campaign
Video: The Difference Between Sales and Marketing for Attorneys
Video Notes: The Difference Between Sales and Marketing
Sales is NOT a dirty word!
Although attorneys cannot aggressively solicit new business, they do sell.
Marketing and sales are the two different aspects of business development.
Marketing Drives traffic to your Law Firm while Sales is the process of converting interested prospects into paying clients.
The marketing process should deliver qualified prospective clients to your door. This means that your marketing should attract clients who are ready, willing and able to pay your fees.
For more of the notes to the video: The Difference Between Sales and Marketing, please click continue reading.
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