Since 2011, the number of solicitors practicing in Australia has grown by 45%. Services are available online, from anywhere. And the rise in new tech is making the legal landscape louder than ever.
So how do you cut through the noise?
Thank you to Tim Corcoran, Principal of Corcoran Consulting Group, for his insights.
1. Cultivate a targeted customer base
Narrowing in on an audience is key to getting noticed in a cluttered market.
By focusing on clients whose needs match your capabilities, you can deliver a tailored, high-quality service that builds your brand reputation.
So be strategic. Think about your legal expertise and what you have to offer. Research the market to identify gaps. And align your services accordingly.
“Always focus on what you’re good at. Identify which market you wish to serve and find an area where your expertise matches the customer opportunity,” says Tim.
Doing so will improve the likelihood that the cases you work on are a good fit. This will give your team confidence – and save valuable time.
If you’ve opened a small family law firm, for example, there’s little point targeting high-profile businesses whose needs may require hours and hours of legal research. Doing so will only create stress and stretch your resources too thin. Instead, focus on the appropriate clients with a budget more aligned with the size of your practice. That way, you can provide an exceptional service, rather than an average one.
2. Determine the right pricing structure for your legal services
Charging the right amount for your services is crucial. With an intuitive billing structure, you can go a long way towards attracting your ideal customers.
Canvass the competitors within your specialisation to paint a picture of their prices. What’s their approach? A set project fee or a traditional hourly rate? Learning how the market is accustomed to buying legal services is critical.
Consider the market you find yourself in, too. If it’s highly competitive, you may find that lower prices might be a differentiator. If your expertise far exceeds what the competition can offer, you may have the opportunity to charge more – provided you have the brand presence to back it up.
By considering marketing and pricing together, you can better answer the question: How can I demonstrate the value in what I’m offering?
“You need to drive home to clients that you can solve their problem well, and at the right price. It’s about employing the right tactics,” says Tim.
When you can answer this well, not only will your pricing structure feel natural and justified – it’ll be enticing to clients as well.
The above ideas offer insight into the psychology of pricing strategy, which is a powerful tool.
“Clients have to truly understand the value of the services they buy,” adds Tim. “If they don’t, then they’ll only see the price. It’s about making sure that you can differentiate by saying, ‘We offer this value – that’s why you should pick us.”’
3. Tailor your marketing strategy
Putting your marketing plan into action will give you traction with your chosen audience – if you do it effectively.
Looking to attract younger or tech-savvy clients? You might find it beneficial to market on Facebook or Instagram, or upload videos to TikTok answering popular legal questions. Actively engage with your ideal target market on the channels – and topics – that interest them.
The same approach applies to other demographics as well. Pick the most effective method of engagement, demonstrate your value, and outshine the competition. You might attend networking events to connect with other lawyers and firms if you seek referrals. You might send newsletters to past clients on your mailing list. Or you might publish articles online to establish your credibility as a thought leader.
Tailored marketing strategies such as these will help you penetrate your chosen market, and create the awareness you need to bring clients through the door.
And according to Tim, you can’t afford not to try them.
“No matter how good you are, even if you’re an expert – you must be visible. It gives you an advantage, leverage, over someone who isn’t known.”
Learn directly from Tim Corcoran, your Teaching Fellow. Hone the skills to position your legal business as a destination that can’t be ignored. And learn how to turn new clients not only into regular business, but into lifelong brand ambassadors as well.