When it comes to targeting new clients, far too many law firms still seem to be happy trying to attract any new client as opposed to seeking out clients in sectors or industries where they can demonstrate expertise and specialist knowlege. The trouble is, even if you do happen your way into a conversation with just any new prospect, the chances of you converting them into a client is becoming more and more remote.
More than ever before, clients want specialists, not generalists.
Moreover, as they will usually come across your firm in one of two ways (someone they know has recommended you or you’ve come up in a precise Google search), the first thing they will want to see and/or hear is you definitely have specialist knowledge of their industry/the type of work they want you to undertake and understand the specific issues they face.
More worryingly an enormous amount of the local loyalty firms used to be able to rely on has been eroded during the recent pandemic.
People now know location is no barrier to working together as we are all fully conversant with virtual meetings. This means it is even more vital firms are willing and able to market their knowledge of specific industries and work types and their understanding of the particular issues different clients face.
If you are going to continue to be successful in the face of a more demanding target market, a more challenging and competitive trading environment, and an unprecedented level of choice, you will need to adapt your mindset to make the most of the experience you have.
One option is to adopt sector-based marketing.
A sector focus offers you an alternative to trying to be all things to all clients. Instead, you’d think about the client segments you offer greatest value too. You’d then design your approach to targeting, approaching and – ultimately – converting those groups by using all the available marketing channels to demonstrate how your expertise, experience and approach makes you the best option for them.
How do you choose the right sectors to pursue?
When it comes to choosing the sectors most likely to yield success for your firm there are three very simple criteria:
1. Track record
Do you have clients and work examples you can use to sell your sector expertise? Without a track record it will be impossible to put together a convincing story for your target market/s.
But don’t be disheartened if you don’t have loads of clients operating in the sector/s you’re interested in. To demonstrate sector expertise, you only need to have two or three clients, just enough to give you the insight you need to demonstrate you understand their world. For example, if you’ve advised two hotels, you will know enough to show you understand the nuances of the hospitality sector expertise and know enough to put together relevant and compelling marketing material.
2. Interest
Are there fee earners inside the firm with a genuine interest in the sectors you’ve chosen?
Interest will not only create a real and infectious enthusiasm which will rub off on targets, it will also
ensure fee earners find the time they need to keep up with the latest developments.
For example, one of the lawyers I work with previously had a career as a recruitment consultant. She loved the legal aspects of recruitment, so she applied to law school with a view to becoming an employment lawyer. Unsurprisingly, her client base now includes several recruitment agencies who appreciate she has a genuine understanding of what they do and what they face.
If you can’t show a genuine interest, you will just be another lawyer looking for work.
3. Opportunity
Are the sectors you’ve chosen big enough to support the level of fees you want to generate? Is there a good spread of likely targets? Is there continued growth in the sector or is there a danger they’re in decline?
While track record and interest are essential components of a successful sector strategy, there is little point in continuing if there isn’t a clear commercial opportunity.
What are your objectives if you employ a sector strategy?
The main objective is, of course, to help your firm stand out from your more generalist competitors. Instead of using generic legal language, you will be able to discuss the most recent relevant developments and current trends. More importantly, you’ll be able to explain how you have combined this understanding with your technical prowess to help clients get to where they want to be.
As you are actively involved in the sector (rather than looking in and looking for work), you will be able to demonstrate the additional value you offer, a much deeper level of understanding of how to apply the law to your clients’ exact requirements all explained in language/with reference points that make sense to them.
From a marketing perspective making sure this message gets across will require you to show:
- You are genuinely interested in your chosen sectors
- You understand the current and immediate needs of the businesses and people within your chosen sectors
- Proof you have a strong track record of working in your chosen sectors
- Evidence of who you have worked with and how you have helped them
How do you promote this message (and turn your experience into new work)?
In terms of tactics there is no difference between sector marketing and traditional marketing. You have four main types of activity for your fee earners to get involved with:
1. Client development
Sector marketing is not a replacement for spending time with your clients and contacts, they are still going to be your most likely source of new work, new opportunities, and new introductions. In fact, spending time with the people you know best is arguably even more important. They will give you vital sector insight and even recommend the groups you should belong to, the events you should go to, the publications you should read and the people you should know.
2. Networking
Getting out and about to meet new people at the right events and building profile within the right groups and organisations will play a huge part in making your sector a strategy a success. For example, pre-Covid MIPIM, the annual real estate conference in Cannes, was a must for commercial property lawyers. It enabled them to not only spend time with their clients and contacts in one place but also introduce them to each other to strengthen their networks and their industry credibility.
3. Speaking
Winning speaking slots at the events your clients and targets go to is a highly effective way to increase your visibility and credibility within your chosen sectors.
Alternatively, why not run your own events? If you partner with the networking groups, trade associations, and other professionals in your sector you can put together panel discussions, seminars, and other educational events that you can your invite clients and targets to.
4. Writing
Producing content is another effective way of establishing your sector credentials and generating new enquiries.
In terms of where you can write, I split it into two:
- Internal: Your blog and/or website. These pieces will help your ‘findability’ via the search engines and give you links you can use as social media updates to generate traffic to your site.
- External: Writing for the publications and websites your clients read (or for the newsletters/websites run by your professional contacts and industry bodies/networking groups) will help you reach a new audience of prospective clients. More importantly, it’ll also help you stand out from a more generalist firm in a pitch situation. For example, lawyers with construction clients should target Building magazine or Construction News, the two key trade titles in this sector.
The good news is a sector approach will help you make better marketing choices. As you will be targeting a carefully defined audience, you will be able to identify:
- Exactly which networking groups/trade associations to join
- Exactly which events you should attend
- Exactly which online forums to participate in
- Exactly which publications and websites your clients and targets read (and, of course, once you have identified these publications, a skilled legal PR will be be able to win you the editorial slots you need to influence their readers).
Douglas McPherson is a director of 10 1/2 Boots , a specialist agency that helps law firms, IP firms, accountancy practices and barristers’ chambers grow by improving the way they approach marketing and business
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