Taking inventory of your marketing can help you gain clarity about where you are and make it easier to get to where you want to go.
Here’s how to do it:
Pick a period of time in the past. Six or 12 months will do. Write down how many new clients you took in during that period, who they are, and the amount of income those clients have or will generate for you.
So far, so good.
Next, look at the names of each of those new clients and write down where they came from. You need to know whether they were referrals (including self-referrals, aka repeat clients), or they came from some other source.
You can break this down any way that makes sense for your practice, but I suggest something like the following:
- Referrals from clients (including self-referrals)
- Referrals from professionals, others; networking
- Online (Blogging, SEO, social media, webinars, articles, etc.)
- Paid advertising (PPC, direct mail, display, radio, directory, ezine, banners, self-hosted seminars, etc.; if you do a lot of adverting, you should break this up into different categories)
- Other (Public speaking, publicity, writing (i.e., trade pubs), etc.)
Okay, now you know where the business is coming from. What now?
Here are my thoughts on how you can use this information:
- Most of your clients should come from referrals. If they don’t, ask yourself why and what you can do about it
- If you’re not getting business from some of your marketing activities, or they are too expensive relative to the business they bring you, consider eliminating those activities. Â For example, if blogging and social media take up a lot of your time but you’re not getting the clients from it, why do it? Use that time for something that is producing.
- There will be some cross-over or ambiguities. For example, blogging may not be producing a lot of traffic, inquiries, and new clients for you but it still has value as authoritative content you can show to prospects who come to you via referrals, or to add value for your clients.
- If something is working for you, do more of it. You can find more time for networking, for example, by reducing or eliminating some or all of the time you spend on (whatever is not working). If advertising in trade publications regularly brings in new clients, increase your media buys in trade publications.
- Before you cut anything, consider the “back end”. For example, you may be breaking even on advertising (or even losing money) but if you are able to get referrals from the new clients that are produced by that advertising, you’re still earning a profit.
- If you aren’t in the habit of recording where your clients come from, you need to start. Instruct whoever answers the phone to ask everyone, “Where did you hear about us?” and add a line to your new client intake form.
- Track these numbers going forward so that you can periodically take inventory and see where you are.
A friend of mine says, “You have to inspect what you expect”. He also says, “You have to slow down to speed up.” Take his advice. Once or twice a year, shut off the phones and email and take inventory. It will help you save time, save money, and improve your results.
Smart marketing by a smart lawyer
Yesterday, I was interviewed live via a new video broadcast service, Spreecast. The interviewer was my friend and fellow attorney, Mitch Jackson. The subject was using Evernote in a law practice and my Evernote for Lawyers ebook. You can watch the replay here.
In the interview, you’ll note my comment to Mitch that his Spreecasts are smart marketing on his part because it allows him to network not only with the experts he interviews but with a large number of attorneys and allied professionals who come to watch. It positions him as a leader and gets his name in front of a lot of people who can either directly refer clients to him or who can lead him to others who can.
Although these Spreecasts are new, I know Mitch has for many years done a great job of networking in this fashion, promoting others’ law practices, books and events to his large network. I also know he gets a lot of referral business.
Smart marketing, and you can do the same thing. It’s called being a connector.
Being a connector can not only help you grow your practice, it is also a great vehicle for learning. I’m sure Mitch will tell you in reading the blogs and books of the experts he interviews, he learns the best ideas and latest techniques, which help him become a better lawyer and a better marketer.
To become a connector you need two things.
First, you need a platform. This can be a blog, a Facebook or LinkedIn Group, a newsletter, your own Spreecast channel, or a local breakfast group. This is where you match up content (writing, speaking, interviews) with your audience. You are the organizer, the master of ceremonies, the interviewer, the publisher. Everything goes through you.
The platform is easy. Just pick something and plant a flag.
The second thing you need might be a little more difficult. It’s not something you sign up for, it’s something you must have within you. To be effective as a connector, you need to truly enjoy helping others. It’s true, the more value you create for others, the more you promote them and champion their practice or product, the more you will benefit. But you must be willing to help others without any agenda, other than the pleasure you get from seeing others succeed.
Mitch has a series of great interviews lined up. Follow his Spreecast Lawyers Group (channel) and invite your friends.