I submitted this article to the Fayette County Bar Association for an upcoming edition of their Bar News. It’s taken from a segments of a CLE I presented. If you want to grow your law firm, consider using public data for business development. You may be surprised at how useful this information can be when crafting your marketing and advertising strategy.
Attorney advertising in Kentucky has become extremely competitive. A generic, or template, approach may not yield the desired return on your investment. It’s important to take time to assess your local market and determine how and where to target your efforts. There’s an old saying, “If you aim at nothing, you’ll be sure to hit it every time.”
When in comes to effective business development for a law firm, a little effort can go a long way. I hope the following tips and advice will help you to improve your legal marketing strategy.
Using Data to Identify New Markets for Business Development
Have you noticed how many new firms have launched in the past 12 months? Are you noticing outside firms beginning to advertise for clients in your traditional market? Maintaining an optimal caseload and figuring out how to ensure the influx of new clients is becoming more complicated.
I’ve seen firms struggle with this for over a decade. During my CLE presentations and in my various articles, I challenge attorneys to analyze their current client base. Albeit this is much easier if you’re actively tracking your new client intake. Might I make a simple suggestion? It might also be time to track your clients by geography.
Some trends take place over time. We may not always notice them. In fact, significant changes in your market may be occurring without much notice. During my MBA program, several professors emphasized the importance of periodically doing an “environmental scan.” It forces you to step away from assumptions and look at data-driven facts.
There’s an amazing amount of information available to help you deal more effectively with the issue of generating new clients. Here are a few resources you can use. The new insights might just surprise you. Read more