ALA Marketing Presentation

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Four best marketing strategies employed by law firms in 2009 to attract and retain the clients they want.

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ALA Marketing Presentation

  1. 1. Marketing Initiatives That Have Legs in the New Economy Amy L. Knapp, Knapp Marketing October 23, 2009
  2. 2. Have Legs? <ul><li>From Tradingmarkets.com </li></ul><ul><li>Gold Rally Has Legs: Mining Industry Leaders Agree </li></ul><ul><li>Some believe $1,000 will be the new base for the next major upside movement </li></ul><ul><li>Posted:  Tuesday , 22 Sep 2009 </li></ul><ul><li>From CBS Moneywatch </li></ul><ul><li>This Bull Market Has Legs </li></ul><ul><li>By Bruce McCain | Jun 1, 2009 </li></ul><ul><li>In my view, the markets are in the early stages of a significant rally that could last for several months … </li></ul>
  3. 3. Presentation Overview <ul><li>1. Being Client Centric </li></ul><ul><li>2. Focusing on Business Development and ROI </li></ul><ul><li>3. Recycle, Reuse, Repurpose </li></ul><ul><li>4. Web Innovations </li></ul>
  4. 4. #1 Be Client Centric <ul><li>Realize and be empathetic to client pressures </li></ul><ul><li>Get and stay up-to-speed on their industry/challenges </li></ul><ul><li>Convey your support: Listen, Visit, Help </li></ul><ul><li>Proactively provide advice and solutions (non-billable) </li></ul><ul><li>Consider free advice an investment in your future relationship </li></ul><ul><li>Client service interviews – conducted by someone other than relationship partner </li></ul>
  5. 5. Case Study 1.1 <ul><li>AMLAW 200 firm whose big client was Lehman Brothers </li></ul><ul><ul><li>First the law firm took a huge hit </li></ul></ul><ul><ul><li>MP made firm-wide mandate that helping individuals feel supported land on their feet was a top priority. </li></ul></ul><ul><ul><li>Subsequently, many former Lehman employees landed elsewhere and brought business to the firm. </li></ul></ul>
  6. 6. Case Study 1.2 <ul><li>Thompson Hine in the late 1920s </li></ul><ul><ul><li>Serving the financial industry, MP foresaw crisis and stockpiled money </li></ul></ul><ul><ul><li>After ’29 crash and the deepening recession in ’31, the made the commitment to work for clients for free and in some cases to lend them money. </li></ul></ul><ul><ul><li>Built great loyalty and upon recovery, the firm retained those clients and gained strength until it is now on the AMLAW 200 </li></ul></ul>
  7. 7. #2 Business Development and ROI <ul><li>Create Business Development Plans </li></ul><ul><li>Coaching and support (mind highly-valued lawyers and support under-producers) </li></ul><ul><li>Scrutinize/Be prepared with ROI on all activities </li></ul><ul><li>Cross-Sell </li></ul>
  8. 8. Case Study 2.1 <ul><li>Mid-sized Midwest firm had solid client base but declining new matters/clients in late ’08, ’09 </li></ul><ul><ul><li>implemented a training and coaching program for 20 partners and soon to be partners ; </li></ul></ul><ul><ul><li>Two-day training and individual coaching </li></ul></ul><ul><ul><li>By 4 th coaching session, 3 major opportunities closed (not just individual matters) </li></ul></ul>
  9. 9. Case Study 2.2 <ul><li>The same firm also identified and pursued low-hanging fruit: </li></ul><ul><ul><li>Client base study to identify top clients (by volume, length of relationship, company size and/or marquee value). </li></ul></ul><ul><ul><li>Survey relationship attorneys: Could this client use practice areas other than those they are using now? </li></ul></ul><ul><ul><li>ID top 10 cross-selling opportunities and devise tailored strategies for approaching them. </li></ul></ul><ul><ul><li>Add clients with cross-sell opportunities (the appropriate contact) to receive alerts, newsletters and invitations for the new potential practice areas. </li></ul></ul><ul><ul><li>Realized first success (regional contract) within 4 months. </li></ul></ul>
  10. 10. #3 Recycle, Reuse, Repurpose <ul><li>Get the most mileage out of every business development effort </li></ul><ul><li>Support this effort with marketing or staff </li></ul><ul><li>Create a repurposing “plan” that spells out the details and assigns duties to a team of people </li></ul>
  11. 11. Examples You Can Use <ul><li>Web reprint options for wider distribution: </li></ul><ul><ul><ul><li>DRI and bar publications; </li></ul></ul></ul><ul><ul><ul><li>JDSupra.com </li></ul></ul></ul><ul><ul><ul><li>ABA website e-zines </li></ul></ul></ul><ul><ul><ul><li>FindLaw </li></ul></ul></ul><ul><ul><ul><li>MyCorporateResource.com </li></ul></ul></ul><ul><ul><ul><li>Litilaw.lexbe.com </li></ul></ul></ul><ul><ul><ul><li>IP Frontline </li></ul></ul></ul><ul><ul><ul><li>Traditionallaborlaw.blogspot.com </li></ul></ul></ul><ul><ul><ul><li>Workinglife.org </li></ul></ul></ul><ul><ul><ul><li>Calaborlaw.com </li></ul></ul></ul><ul><ul><ul><li>Laborandemploymentlawblog.com </li></ul></ul></ul>
  12. 12. Further Repurposing Options <ul><li>Client Newsletters & Publications </li></ul><ul><li>Client blogs </li></ul><ul><li>Blogs that cover your practice area, geographic area, industry niche </li></ul><ul><li>Your own blog (!) </li></ul><ul><li>Local business/trade publications (if they print previously published material) </li></ul>
  13. 13. Case Studies 3.1 & 3.2 <ul><li>Make the most of a presentation </li></ul><ul><li>Amy Knapp & this ALA presentation </li></ul><ul><li>An on-going ‘expert’ strategy </li></ul><ul><li>Attorney Kevin Houchin </li></ul><ul><li>(more on this tomorrow morning!) </li></ul>
  14. 14. Amy’s ALA Presentation <ul><li>1. Post PP on LinkedIn Page and website </li></ul><ul><li>2. Publish as article. </li></ul><ul><li>3. Post article on my website. </li></ul><ul><li>4. Link to the article on email signature </li></ul><ul><li>5. Post/link on Linked In Page. </li></ul><ul><li>6. Do one blog post per each section (4) </li></ul><ul><li>7. Post it on JD Supra and Legal OnRamp </li></ul><ul><li>8. Twitter/FB links to the article </li></ul><ul><li>9. Offer to guest blog </li></ul>
  15. 15. #4 Web Innovations <ul><li>Using available hours to maximize “free” web tools </li></ul><ul><li>Social Networking to drive visibility and create relationships </li></ul><ul><li>Podcasting, Webinars </li></ul>
  16. 16. Blogs
  17. 17. Facebook
  18. 18. LinkedIn Groups
  19. 19. Twitter
  20. 20. JD Supra
  21. 21. Legal OnRamp
  22. 22. #4 Web Innovations <ul><li>Free: </li></ul><ul><li>Educate thyself </li></ul><ul><li>Create Listening Posts for clients, competitors, industry commentators </li></ul><ul><li>Beef up what you have: your LinkedIn Page & Contacts </li></ul><ul><li>Good profiles: Jeremy Epstein http://bit.ly/l15Nw </li></ul><ul><li>Eric Litman http://bit.ly/3eNW00 </li></ul><ul><li>Go for it: Blog, Tweet, Legal OnRamp, Martindale Online, Facebook </li></ul><ul><li>Drive it: Twitter, Facebook, comments, blogger outreach/crosslinking </li></ul><ul><li>Not Free: </li></ul><ul><li>Podcasts </li></ul><ul><li>Webinars </li></ul>
  23. 23. LinkedIn Profile: Jeremy Epstein
  24. 24. Case Studies 4.1, 4.2, 4.3 <ul><li>Tomorrow morning at 8:30 a.m.! </li></ul>

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