We have a friend who builds boats, but they are more artwork than boats. The care and attention to details is amazing, and whether they are in the water or in dry dock, these are masterpieces. Every now and then, someone offers him a lower price and they are treated to a masterful harangue on their ancestors’ failure to add intelligent offspring to the planet. Most of the time, his buyers are awed by the quality of his work and more than willing to pay full price.
Competition in every professional service field will only continue to ramp up as more “disrupters” find ways to monetize legal services. Succeeding in the face of today’s constantly changing environment requires providing an exceptional experience for your clients. Unlike our friend the boat builder, whose handiwork can be seen and touched, much of what you do for clients isn’t experienced until after they are gone. That makes client education and targeted marketing an even more important part of your firm’s success.
How well-targeted are your marketing messages? Are you focused on price? That’s a completely different message than one geared to a multi-million estate plan that requires experience in complex areas. If you do market to a price sensitive consumer, don’t be surprised when clients push back for an even lower price. Be prepared to explain, however briefly and politely, that their experience with an online estate plan is not the same, and wish them well. Important note: keep your bargain hunters on your marketing lists. They may be back, especially if your marketing to them includes a look at the problems created by online estate plans.
Is your message going to the right people? Email lists are not set-it-and-forget-it tools. Let’s say your practice is seven years old. Are you marketing to the same clients? Has your community undergone any kind of socioeconomic changes that would have an impact on your client bases? Use your E2 CRM to review and analyze your list. If you’d like assistance, submit a support ticket and we’ll help you dig into the data.