Strategic Plan Development

The creation of strategic marketing and business development plans is the best way to ensure that a law firm is clear in its objectives, that all stakeholders are on the same page, that it is properly positioned in the legal market place, allocating its marketing dollars wisely, and communicating to disparate audiences in the most effective manner possible.

Marketing plan development involves creating a thorough and sophisticated blueprint for the growth of the firm covering, but not limited to, those issues noted below.

Budget Setting

There are two basic ways to lose money in marketing. The first is to spend too little, thus ensuring target markets are not exposed to a message a threshold number of times. The second is to spend too much. That can be due to inefficient/wasteful spending or because there exists a saturation point beyond which a message becomes exponentially less effective. It is important to understand the different methodologies used for budget setting in order to ensure that dollars earmarked for marketing are allocated in the wisest manner possible.

Target Audience Definition

It is critical that law firms carefully define their target market(s). That may be a singular group of individuals or businesses or it may be a blend of several such audiences, depending on the firm’s mix of service offerings. Often, just as important, are secondary targets that can serve as referral sources. Finally, marketing efforts need not only be directed toward prospects, but can target current clients as well, typically for cross-selling or retention purposes.

Competitive intelligence

Today’s technology allows access to information on industries, target prospects andcompetitors to be accessed more readily and faster than ever before. Organizations and services such as A L M Research, atVantage, BoardEx, Hoover’s, Monitor Suite, Mergermarket, Plunkett and Securities Mosaic, among many others, can provide data related to:

Law firm revenue, billing rates, and finances
Targets for acquisition and merger
Potential bankruptcies
Corporate board member and key executive contact information, (including relationships these executives have with other law firms, companies and other individuals)
Industry trends
Annual report information
Litigation activity by law firm and/or by corporation
Transaction activity by law firm and/or by corporation
Information from SEC filings

With the breadth and depth of intelligence sources available, the difficult part of gathering intelligence is not the “gathering” per se, but a) understanding what the firm is seeking to learn/uncover, b) knowing where to look, c) astutely analyzing the data and d) taking action on the information obtained.

Firm “Positioning”

In order for any firm to be truly successful in its marketing endeavors, it should first determine what makes it unique among its competitors and then develop a “positioning" that leverages that uniqueness. Examples of some positionings include being a law firm that is innovative, the large(st), client-friendly, cutting edge, traditional, etc. The best positionings are those that leverage unique elements of the firm, thereby offering particular benefits which the target audience would be hard-pressed to find elsewhere.

Marketing Mix Optimization

Understanding the strengths and weaknesses of specific marketing “tools” is a critical element in the development of any promotional and/or branding program. Whether that “tool” be media relations, seminars, print or broadcast advertising, direct mail, the internet, or collateral materials, there are inherent characteristics that make each more or less appropriate for a specific short or long term objective. Alternative marketing tools can also work together in different ways to make the conveyance of a message even more effective and efficient. Utilizing such tools together is the essence of Integrated Marketing.

Compare the benefits and drawbacks of the many different legal marketing tools.

Click here for articles on legal marketing issues, written by members of the A.L.T. staff.