Business Development
business Are you so busy with the daily demands of running your practice, meeting court deadlines and serving client needs that you don't have time for business development? Moreover, have the current, challenging times seen a dip in new business generation for your firm? Even if your law firm has not experienced a decline in business, it must undoubtedly have heard about other businesses that are taking a hit. Partners are taking pay cuts. Mergers are on line to save companies. Small firms and sole practitioners are also experiencing declining revenues as a result of the weakening economy. It’s not surprising then that many firms are reassessing their budgets in an attempt to trim expenses. And a marketing budget is one that many will consider reducing, or even eliminating entirely. However, one must not forget that certain practice areas are recession-proof, or are likely to experience an increase in business in a struggling economy. Significant amounts of work are expected to be required in litigation, bankruptcy, restructuring, intellectual property, trusts, personal injury or products liability. Marketing just can not be ignored. However, the need of the hour is to pursue activities where results can be tracked and resources redirected to efforts that yield the best return. In other words, focus must be on business development activities that employ a different tactic and yield the same or greater results without the high price tag. Digital marketing is one such activity. Because of the pervasive nature of the internet, you can reach a larger audience than any other form of marketing aimed at building relationships. And in doing so, you increase your potential to get new clients and referrals. According to a survey conducted by Harris Interactive, the percentage of consumers who use the internet to locate legal services has almost tripled to 27% in 2006, from 10% in 2000, and the number is still growing. The internet platform also allows one to accurately measure enquiries and precisely see how much business has come via the internet from targeted campaigns. Moreover, in today’s strained financial times, clients referring lawyers are even more selective about the law firms and individual lawyers they choose to do business with. Trust, respect and friendly connection all play a vital role in choosing one lawyer over other. Internet marketing can help forge these connections. Blogs, social media, web-sites, etc. are all components of law firm Digital marketing that work together to connect you to your target audience, and all at a low cost. According to a recent Legal week survey of 100 senior partners in the UK, almost half the respondents said that their firms are spending 3% to 5% of their annual turnover on marketing activities. A further 10% spend 5% or more. This means that a handful of top firms are spending more than £10 million annually on marketing across the firm. To sum it up, practices that commit to build and maintain customer relationships by leveraging the pervasive power of law firm Internet marketing will continue to grow, whilst others can merely hope to survive. Can you still do without internet marketing……… Please Register or Login to see more content..