For many plaintiff law firms, marketing can feel like an expense – a necessary cost with an uncertain return. But what if I told you that a well-crafted marketing strategy can be an investment, one that yields significant and measurable results for your firm?
Marketing: Expense or Investment?
To truly understand marketing, let’s begin with the foundation.
The American Marketing Association, an organization that updates its definition of marketing every three years, defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
In simpler terms, CIM’s definition is the “process of managing and positioning your business so that your potential client/customer sees your business as the only option for an exchange of a service or product.”
In the simplest of terms, marketing is finding a need and filling it! The more successful businesses do this better than their competitors do, which is why it is important for law firms to differentiate themselves from the competition through strategy and diversification.
As the founder of CIM Marketing Partners, I've spent over three decades guiding law firms towards achieving their marketing goals. One of the core principles I advocate for is diversification. Just like a sound financial portfolio avoids concentrating wealth in a single stock, a Diversified Marketing Portfolio®(DMP®) spreads your marketing efforts across various channels. This approach mitigates risk and ensures you're reaching a wider audience.
Imagine your investment portfolio. You wouldn't put all your money into a single stock, would you? The same principle applies to marketing. A Diversified Marketing Portfolio (DMP) is a core tenet of CIM Marketing Partners' approach. A DMP allocates your marketing budget across a variety of channels and tactics, maximizing your reach and mitigating risk. Similarly to a diversified investment portfolio, a Diversified Marketing Portfolio produces marketing dividends.
In the financial world, you invest your money in an effort to obtain dividends or some other type of growth or benefit. The same is true when investing in marketing. The dividends you receive from investing in digital and traditional marketing include, but are not limited to:
The rise of digital marketing has been undeniable. However, many firms completely neglect traditional channels like radio, billboards, or print advertising. A truly effective marketing mix leverages both digital and traditional tactics to reach a wider audience.
Imagine a potential client who has been injured in an accident. During their commute, they might pass by billboards along the highway advertising legal representation for personal injury cases. These eye-catching billboards serve as a visual reminder of available legal services. As they continue driving, they may also tune in to the radio, where they hear compelling advertisements about law firms specializing in personal injury cases. The radio ads provide additional exposure and reinforce the message delivered by the billboards.
Later that evening, when the potential client is at home, they might check their mailbox and find a direct mail flier from a local law firm, offering information about their expertise in handling personal injury claims. The tangible nature of the flier grabs their attention and prompts them to consider their options.
In addition to these traditional marketing touchpoints, the potential client may also turn to the internet to research law firms further. A well-executed search engine optimization (SEO) strategy ensures that when they type relevant keywords into a search engine, such as "personal injury lawyer," the website of the law firm with strong SEO appears prominently in the search results. This online presence further solidifies the firm's credibility and increases the chances of capturing the potential clients’ attention.
A comprehensive Diversified Marketing Portfolio that encompasses both traditional marketing channels like billboards and mailings, as well as digital strategies like social media advertising and SEO, maximizes the firm's visibility and engagement across multiple touchpoints. By strategically combining these different marketing approaches, the firm increases its chances of effectively reaching and converting potential clients who are seeking legal representation for their personal injury cases.
Diversification goes beyond just channels. Effective marketing campaigns also consider diversifying creative content to resonate with different audience segments. For instance, the message you craft for targeting personal injury cases might differ from the one used to attract clients for employment law matters.
The beauty of a DMP is that it's a dynamic plan. It's not a "set it and forget it" strategy. We constantly monitor the performance of each tactic within the DMP, ensuring your investment is working as hard as it can.
While attracting new clients is crucial, many firms overlook a goldmine: their existing client base. Loyal clients are more likely to refer your services to others and can be a source of repeat business. A well-rounded DMP also includes strategies to nurture these valuable relationships, such as client appreciation events or targeted email campaigns.
When you achieve a truly diversified marketing mix, the collective impact can be greater than the sum of its parts. Your brand message becomes more cohesive and resonates powerfully with your target audience, through multiple touchpoints, keeping your firm top-of mind.
The legal services industry is fiercely competitive. To stand out, your marketing efforts need to be creative and attention-grabbing. A DMP allows for creative diversification, as well. This means crafting messages and visuals that resonate with different audience segments, ensuring your firm cuts through the noise and captures the attention of potential clients.
By strategically investing in marketing that reaches your target audience, you're ultimately investing in the growth of your firm and the overall value of your brand. Effective marketing campaigns generate leads, convert those leads into clients, and ultimately contribute to your bottom line.
In an industry where marketing can seem burdensome, it's crucial to view it as an investment rather than an expense. A well-crafted strategy not only yields measurable results, but also positions your firm for success. By embracing diversification across channels and creative content, you unlock the true potential of your marketing efforts. Through a Diversified Marketing Portfolio (DMP), your firm reaches a broader audience, fosters stronger connections, and drives growth.
Creativity becomes paramount in standing out amongst fierce competition. With a diversified approach, you can innovate messaging and visuals that resonate with potential clients. Remember, investing in your audience is investing in the future of your firm. Embrace diversification, unleash creativity, and witness your firm grow strategically. Unlock your firm's potential through strategic marketing and the power of diversification.
As founder and CEO of CIM Marketing Partners, Darcy has led the agency for nearly three decades. Her passion lies in helping personal injury law firms achieve significant results. She thrives on crafting strategies that tremendously improve their bottom line. While she enjoys the diverse energy of working across industries, her expertise truly shines in the fast-paced world of legal services. From small boutique firms to industry giants, she has a proven track record of success for clients of all sizes, increasing their revenue with right-fit clients and building brand value. The agency’s services range from deep strategic planning to align business goals with marketing strategies and tactics, to serving as firms’ complete outsourced marketing department. Darcy earned her business degree from the University of Nevada, Las Vegas (UNLV) and has a distinctive record of community involvement and service, most notably when she was honored as UNLV Lee Business School’s 2013 Alumna of the Year.
