Marketing For Solicitors Firms - It's Rocket Science isn't it?
Whenever we talk to our solicitor firm clients about their marketing efforts, usually as part of a Business Planning Strategy, there is normally some fundamental information that they don't have; New Matter Starts and Source of Work.
If we take a moment to consider how competitive it is in the UK market for most services, then surely these should be treated as vital measures? In a lot of cases they are not, and this usually stems from poor data capture at file opening, where a fee earner ignores the box that asks "Where did this client hear about us?"
So, the firm doesn't know where the work came from. Another problem is usually there isn't any analysis of actual New Matter Starts on a monthly basis. This means the firm doesn't know which fee earner has had the most new matters, and which categories of work received the most new matters.
Now, if work is flowing through the door at the firm, this drives the priority on obtaining and analysing this information even lower; fee earners like to fee earn, and after all, solicitors aren't marketers, are they?
But in point of fact, they are. As is everyone else in the firm...
Remember that Marketing is telling people what you do, over and over and over...
How can that be accomplished if the people who know what the firm does best aren't engaged in the process of telling people what you do?
And there are lots of ways to accomplish that, some relatively easy and low cost, and others requiring a bit more investment. But knowing where your New Matter Starts come from will tell a firm what works for them and what doesn't, and only by doing that can the firm be effective at marketing.
If we examine the graph above for example, then we can see that "Existing Client" was the largest amount of New Matter Starts. That would suggest that the firm may want to send out a letter to its client base updating them on its current services if it wants to increase its New Matters.
The next largest category in the example is for "Radio Advertisement." This would suggest that the firm may want to continue with a current radio advertising campaign, dependant on the costs of extending it versus the profitability of the work it is bringing in.
Then we have the third largest as Estate Agents. It may be useful to break that down as well if the data is available, to see if any one Estate Agent is sending more work the firm's way than another; if it is, then they are a "key" referrer, and the relationship with them should be carefully managed.
Marketing can be a complex subject with multiple media used to reach as many potential clients as possible, but if the fundamental questions of "how many new client do we have this month, and from where?" can't be answered then the answer to the question at the start of this article is "Yes, it is Rocket Science!"
But it really isn't if you have the right information.