Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our firm is based in Little Rock. We currently have 12 attorneys. We were larger several years ago. We have lost 8 attorneys in the last five years as well as several business clients. Profitability has suffered? What marketing initiatives should we be exploring to improve profitability and increase the size of the pie?
A. On average it costs five times as much (dollars/time investment) to get new clients than it does to get more business from existing clients. It just makes good business sense to leverage existing relationships.
I suggest that your first priority is to circle your wagons around your existing clients and insure that the quality of your services and the quality of your relationship with the client is beyond reproach. Then look for unmet needs and additional work from existing clients. Once this has been accomplished begin targeting new business clients and cultivating relationships one by one.
Many of our clients that represent business clients have found the following (listed in order of value to the firm) to be a few of the more successful marketing tools at the firm and individual attorney level:
Firm Level:
- Firm website
- Solicit and respond to client feedback (Client Surveys)
- Newsletters and solid marketing collateral materials
- Up to date marketing database of clients, past clients, referral and media sources
Individual Attorney Level