I was having a chat with a start-up law firm recently and listening to their plans for growing their practice. They had asked for one of my More Clients Now Strategy sessions where I spend 20 minutes on the telephone listening to their challenges and advising them of the best way forward from a marketing perspective.
Once they had explained their ambitions they asked me how they should proceed.
I said that they had two options open to them.
If they were happy to grow organically, they could do that. They could prepare a website, write blog posts regularly, seek out referrals from non-competing local solicitors, and in time they might reach a steady if not exciting turnover. This is the slow option for law firm marketing, and if I am honest, it is the one that I see most new and established law firms use when they look to grow their practices. It is definitely not the one I would choose if I was marketing my own law firm.
The other option is to go for fast growth law firm marketing. This involves spending something on marketing, but when you consider that my advice is to always expect a return on investment from every one of your marketing activities, it will ensure that you get more money back into your firm in a very short period of time.
Within two or three months for most legal services, the work generated from your marketing will start to put regular profit costs and cash flow back into your practice. A practice with a positive cash flow is very much more fun to be a part of than one in which you are scrambling around looking for money to keep the practice trading.
It gives you so many more options in every aspect of the business.
When I talk about funding fast law firm marketing, I am not talking about thousands of pounds every month. Usually, £1000 a month is enough to get a new start up law firm off the ground, or to start the marketing for a more established law firm that has been resting on its laurels.
I have run my law firm marketing consultancy since 2003 now, and I find that my clients are much happier when things happen more quickly. As a results orientated man myself, I am much happier too when they see the rewards from their marketing endeavours coming back to them relatively quickly.
You can do slow law firm marketing, but why would you? Really, if you cannot put £1,000 a month into growing your practice, why are you in business? And it is not as if I am suggesting that you have to put this money in each and every month without expecting anything in return for months or years on end. By month two or three your marketing should be paying for itself, and putting more into your bank account than it is taking out. So, if all goes to plan, you actually will only need around £2-3,000 to fund the first few months of your fast law firm marketing growth plan.
If you cannot justify investing that sort of some in your legal practice, you really have to ask the question whether you should be running a law firm at all, as that is a very small amount of risk but has the potential to provide a very real return on investment, very quickly.
It can make your practice a viable, profitable, self-funding business that can grow in line with your hopes and expectations.
If you want to know how to spend that £1,000 a month for your fast law firm marketing growth, why not schedule your own More Clients Now Strategy call with me?
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