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Grow Your Bankruptcy Practice: Start Creating A Marketing Budget

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If you are creating a marketing budget for your bankruptcy law practice make sure you read these 4 things NOT to do. Setting money aside for marketing is the easy part. Deciding where to spend that money is where some companies make big mistakes. Whether you are handling your own marketing or you've hired a local internet marketing services company, make sure you avoid these 4 marketing budget mistakes.

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Grow Your Bankruptcy Practice: Start Creating A Marketing Budget

  1. 1. Grow Your BankruptcyPractice: Start Creating AMarketing Budget
  2. 2. Grow Your Bankruptcy PracticeDo you want to grow your bankruptcy practice?Creating a marketing budget is a good first step to initiating growth.However, carving out a budget does not mean that anything you spendthis budget on is going to guarantee you growth for your bankruptcypractice.In fact, there are a lot of decisions you can make that would waste yourmarketing budget.If you are interested in growing your bankruptcy practice, here are 4things NOT to do with your marketing budget.
  3. 3. 1. Don’t assign an arbitrary number tomarketing.When creating a marketing budget you need to consider the value of anew customer. Calculate your cost per acquisition and use this amountto determine how much you are willing to spend to get a newcustomer.In the consumer bankruptcy legal industry it is important to understandthat you will probably need to spend at least $100 to obtain a newcustomer in a competitive market.Local marketing professionals can help you find out what yourcompetitors are spending to acquire new customers and help youcreate a plan to achieve the growth you are working towards.
  4. 4. 2. Focus on building brand awarenessBranding ads are very popular with big name businesses. They have thekind of budget that allows them to spend money making sure they area household name. For a local business this is not a realistic approach.Local bankruptcy legal services help customers solve big problems.If you want a potential customer to click on your ad you have to givethem a reason to.
  5. 5. 3. Spend big money in Yellow Pages adsYellow Pages ads can work well for some companies. However it’simportant to understand their limitations. These ads are pricey andrequire a lot of specific details in order to be successful.If your budget allows for it, invest in a small Yellow Pages ad but if youhave a small budget you need to be more thoughtful about where youinvest your money.
  6. 6. 4. Don’t expect your marketing efforts todo all the workIt’s true that creating a marketing budget is going to help you grow yourbusiness but there is no better tool for business growth than getting out inyour local community and meeting people.Attending local events and joining the chamber of commerce is a great placeto start. Building relationships in your community will increase referrals andalso grow awareness of your local bankruptcy law firmThis is why so many bankruptcy practices make the decision to hire aprofessional team that provides local internet marketing services to handletheir marketing efforts.You can’t do it all so know your limits and bring in the professionals if it willhelp you get out and meet people and utilize other tactics to grow yourbusiness.
  7. 7. What now?While creating your marketing budget think long and hard about whoyou want to reach and what the best avenues are to do so.It is possible to tackle some online marketing initiatives yourself whilerunning a bankruptcy law practice but sometimes it just makes moresense to reduce stress and call in the professionals.Sign up for our exclusive webinar: 5 Reasons Why Your BankruptcyPractice Is Not Growing.This valuable webinar will help you understand why your bankruptcypractice isn’t growing and what you can do about it.

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