Marketing Your Firm Successfully
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1 Marketing Your Firm Successfully Presented by Michelle Bomberger JD, MBA Equinox Business Law Group PLLC Gil Price - MSBA Price Management Group Legal Disclaimer: The information contained in this presentation is intended to provide general educational information about key areas of business law. It is for general informational purposes only and is not intended to provide legal advice or create any attorney client relationship between the reader or anyone else and Equinox Business Law Group PLLC. You should obtain legal advice from an attorney familiar with your particular circumstances prior to taking or refraining from any legal action. Copyright 2011 Equinox Business Law Group. All rights reserved.
2 What is a Marketing Plan? Why is it important? Subset of business plan Strategic plan based on objectives Tactical steps Results driven
3 Elements of a Marketing Plan Mission Statement Positioning Statement Market Situation Competitive Analysis Target Customers Marketing Tactics 3
4 Getting the Word Out Know Thyself Word of Mouth Find Your Clients Excellent Service Be a Resource 4
5 Getting the Word Out Website Social Media Newsletters Centers of Influence 5
6 Developing & Evaluating Marketing and Business Development Tactics Define & Distinguish (Marketing vs. Bus Dev) Goal = Maintain current clients, add new clients and make money! Analyze present (and past) client base Target Markets & Initiatives 6
7 Possible Initiatives & Approximate Costs Past performance is not a guarantee of future performance! Business cards, letterhead, handouts, giveaways Website Social Media Blog (LexBlog, WordPress) Facebook (Template) LinkedIn (Template) Twitter 7
8 Possible Initiatives & Approximate Costs Newsletters/Electronic vs. snail mail Speaking opportunities & co-sponsorship Joint educational seminars target potential clients & referral sources. Hot topics for your industry that affect your clients! Networking events, golf, ski, annual events like Seafair, lunches Search Engine Optimization (SEO) 8
9 Possible Initiatives & Approximate Costs Tradeshows/booth/table top Print ads (newspaper, magazine; community, local, regional, national) Google/Yahoo ads words Articles (newspaper, magazine, ask the expert column) (beware of possible advertising in exchange for an article) Videos (You tube) Yellow/Dex pages 9
10 Possible Initiatives & Approximate Costs Know your competitors Could be a conflict referral/vice versa, ALWAYS provide excellent customer service; AVOID being non-responsive, don t return calls, don t return s, late to meetings/complete work Fee agreement persuasive marketing tool (design, easy to read and understand, don t create an agreement that is really for the clients who don t pay but the one s who do pay!) Pro-bono 10
11 Measuring Success Budgeting ROI Return on investment - or ROI - is the rate of revenues received for every dollar invested in an item or activity. From a marketing perspective, knowing the ROI of your advertising and marketing campaigns helps you to identify which techniques are most effective in generating income for your business. ROI formula (Gain from Investment Cost of investment) Cost of investment Tracking (yourself or hire someone to get feedback, surveys, focus groups; formal or informal) 11
12 Success Keep at it! Closing the deal Ask for the business Tweak, tweak and tweak some more! 12
13 Questions? Thank you!
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