Know-How Exchange : Strategy

Interesting questions/statements.

A key word you mention is "value". I would concentrate on how you differ and/or provide a better service than the $400 "Trust Chasers" and utilize your uniqueness to develop a better perception of the value of having your affairs in order prior to death.

In addition, I would target the emotions of prospective clients..."Do you want your possessions to go to the state or a loved one?".

I'm sure you've already thought of and/or utilized some of the above mentioned strategies as they are quite obvious for your line of work. The question is, HOW are you getting the message out?

Unfortunately, you probably are stuck with the fact there is little to no repeat business. Perhaps you can try to "squeeze" out a little more from your current clients by contacting them on a regular basis for updating. Many people create wills etc., then acquire new property, get in family feuds etc. and forget all about how they have previously designated the distribution of their estate.

One of the fastest growing techniques to remain in frequent contact with clients is through newsletters. Email newsletters are booming bigtime! A good source and service for such can be found at https://www.pepperblue.com.

If you do not have client's email addresses, start out with physical, "snail mail" correspondance via their current mailing address. IN the future, you can start requesting email addresses in order to wean into a virtual newsletter/follow-up.

Another tool that comes to mind is a consumer survey. My firm can provide a customized survey with comprhensive reports to help you get an idea of what people are thinking. Email me at jett_enterprises@cox.net for more info.

I hope that helps!

Good Luck!!

Jetts comments are spot on, and if I may, I'll look at things from another perspective. See if as free consultancy :-)

I am based in UK and been fortunate to have discussed marketing issues with UK Professional services companies, its interesting (in the UK) that law firms are behind Accountancy firms when it comes to marketing.

Law firms are now starting to analyse their performance, and look at how marketing can help them, and slowly absorbing marketing principles, and writing a marketing plan.

I guess traditionally law firms get their work from referrals, and its still often seen that they will get work from the 'recommendation of clients' this now isn't the case, as you have seen, your potential clients can pick up these services much cheaper, and in the UK supermarkets are starting to offer basic legal services for virtually nothing!

Its time for professional service business to start to brand themselves, if you are in a commodity market (which by your definition you are, and the UK is going the same way), you MUST brand yourselves and get your name known as a company that is good to do business with.

Use advertorials in the press.

One other thing I would advice is using sometime on the telephone. Look into buying a suitable list and do some telemarketing. Phone the potential clients, determine their need, and sell them something ... its sound tacky I know, but that IS the way the market is going, you need to be proactive to get new clients.

Technology is posing a huge threat in your marketplace, and we are starting self-service law on the internet! I am not saying you should do this, but get yourself on the internet. You need a nice looking website, that shows off your values and brand.

I know you say that you provide a one off service, but look into creating a relationship with your existing clients (a mailing at least once a year as a newsletter, a Christmas Card etc), these small and inexpensive things will keep you in front of their mind if they ever need additional services.

Finally as a practice, think more of a team rather than individuals (if you do not already), and be proactive.

SUMMARY:
Do what Jett suggests
Look into completing a marketing plan (this will make you look at your business and market in a different way)
Look into telemarketing
Get a web presence (you may find this your key marketing tool)
Remember customer retention and regular communications with existing clients

Good Luck

It can be a sensitive issue, but are you involving/targeting the beneficiaries as much if not more than the "client"?

Especially if the client is a senior and has or hopefully will be soon turning financial matters of knowledge of them over to a child etc.

I've been through this process with an estate planning attorney and the approach he took was not so much that it was going to benefit my mother, but that it was going to benefit me and my siblings from having everything tied up in probate and paying avoidable taxes by setting it up "the right way" the first time and before it was needed.

This was we all split the bill so it wasn’t $1500, it was $400 per family member.

It sure made a lot of sense to us. Pay $400 now, have it done reputable and right the first time and save a lot of time and money in the future.

You have a boatload of probate horror stories, pull them out and use them as case examples.

Also, and you have heard this multiple times in this thread is to develop your relationships over time. The key here is staying in frequent and constant contact with your prospects and when you do so provide them with content that has real value, something that will make them glad they have a relationship with you, something that will make anticipate and look forward to hearing from you.

For the money and effectiveness you can't beat newsletters, either electronic or snail mail, as long as you make them relevant and consistent. This typically takes some time and is constantly evolving, but the rewards will be there because over time assets typically increase also which means opportunities for added fees.

And always include that “Forward to a Friend” link in the electronic versions and consider giving some kind of spiff for doing so.

I’ve worked with a lot of attorneys and the way they all marketed was to sit by the phone waiting for it to ring, or for a senior partner to funnel work their way, so I commend you on your marketing initiatives.