March 31, 2005
Mining for business
It is easier, and more efficient, to earn an additional dollar of new revenue than it is to cut a dollar from operating cost.
The first place to look for new revenue is among existing and prior law firm clients. Most law firms do little to proactively mine new business from their firm’s client list. Individuals who have used your firm in the past for other matters still need living wills, revocable trust, irrevocable trust, and wills. With an aging population, former clients are going to need assistance handling the estates of parents and relatives. Given the divorce statistics, you have the opportunity to remind individuals that you offer family-related legal services. People run into tax problems requiring legal council. Businesses with whom you have worked have continuing needs, and so do the individuals in those firms with whom you have worked.
The first marketing program you should have in place is a marketing program that targets current and previous clients. The old saying “out of sight out of mind” applies. To mine business from your current and previous relationships, you have to stay visible with continuing communications via mail, e-mail and/or phone.
Your most valuable resource is your client list. Use it. Your business system should help you by tracking anniversary dates, birthdays, family members, ages, interest, target dates for review of wills or other documents, etc.–anything that gives you a reason to communicate with your client.
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Filed under Marketing by Tom Collins