Wisconsin Lawyer
Vol. 82, No. 2, February 2009
The marketing budget is one expense that many law firms will consider reducing or eliminating entirely in a time of cutbacks. But studies have shown that this is the wrong move. An economic decline actually offers new opportunities and advantages for firms that embrace smart marketing opportunities. Rather than cutting their marketing budget, proactive law firms will carefully consider their marketing activities, pursue a mix of solutions, track the results, and redirect resources toward the marketing efforts that yield the best returns.
Why spend money on marketing in a down economy? Marketing your services will give your firm an advantage over firms that scale back on their marketing efforts, or eliminate them entirely, during an economic downturn. In addition, certain practice areas are recession-proof or are likely to experience an increase in business in a down economy. During a downturn, lawyers can still expect to see significant work in litigation, bankruptcy, restructuring, intellectual property, trusts, personal injury, and products liability. Adjust your marketing to emphasize practice areas that remain profitable.
You may have an opportunity to stretch your marketing budget during a recession. Consider how much you’re spending on marketing overhead versus marketing activities, and trim spending that isn’t producing direct, measurable results.
Evaluate your current marketing efforts. Analyze each marketing activity in terms of value and ROI (return on investment). Focus your budget on investments that have low risk and high reward. To map a marketing strategy assess the current situation, identify opportunities, set objectives, determine a marketing strategy, and identify the marketing mix.
What types of marketing efforts should you consider? A 2008 LexisNexis/Harris Interactive Survey of Solo Practitioners and Small Law Firms asked respondents to rate the perceived value of various marketing tactics. The two most popular types of marketing were law firm Web sites (89% of respondents) and legal directories (82%).
Web sites. Law firms spend about 19 percent of their marketing budget on their Web site. Make sure that your Web site is working for you.
If your site is intended as a lead-generation source: Does your Web site generate enough leads? Will people come across your Web site if they don’t know your firm’s name? If they type your city and area of practice into a search engine, does your Web site appear among the top listings? Consider using search-engine optimization techniques or paid search-engine listings to ensure your firm’s maximum visibility and to increase leads via your Web site. Paying for placements on search-engine results is a quick and efficient way to increase leads to your Web site.
If your site is intended as an information source for existing clients: Strong Web sites include frequently updated content, creating a reason for users to visit regularly, and use different types of media, such as videos and podcasts, that appeal to different types of visitors.
Online legal directories. Prospective clients use the Internet to research lawyers’ credentials. Martindale.com® is the top online legal destination for corporate counsel, and Lawyers.comSM is the top online legal destination for small businesses and consumers who are seeking legal representation. In a 2007 survey, 70 percent of users surveyed said they planned to hire a lawyer they found through Lawyers.com within one week. If you spend your marketing budget on only one activity, spend it on inclusion in an online legal directory. You’ll get a high ROI and detailed tracking reports.
Create original content. Closely tied to your Web site efforts is creating custom content for newsletters, Web sites, blogs, email blasts, and print publications. Each time you can impress a prospective client with your knowledge and expertise, you’re giving that prospect another reason to hire you.
In conclusion, analyze your marketing efforts. Strategic investments in marketing your law firm will help to generate revenue in the short-term and to build your firm’s market share into the future.
Wisconsin Lawyer
