The last couple of months has seen increasing focus and coverage on the state of the American economy. According to economists, the economy is in a far worse state than originally anticipated; which in turn has led to the current administration working fast and furiously, putting together an economic stimulus package.
Understandably, there is a lot of talk about doom and gloom. A popular topic of discussion in business circles is how to keep your businesses growing in slow times. For example, should business owners, spend more on advertising, blogging, attending trade shows etc. Or should they review current marketing plans.
To be candid, all of these lead generation methods have their advantages, but, there are other actions attorneys can take, in their legal practice, that are more likely to produce more bang for your buck when things are slow.
Here are some areas to review in your legal practice:
1. How frequently do you reach out to your professional networks? How well do you maintain your extended networks?
2. Harvard Business School research found that a 5% increase in customer loyalty can lead to 40% to 90% increases in the lifetime value of that customer relationship. You need to earn your customer's loyalty. What are you doing to improve your client systems?
3. Are you perceived as the expert in your niche? If not, what concrete actions steps are you taking? Do you know where to begin to start building your expert status?
4. Review your strategic plans. Slow times are a great time to review your plans and see if you are still on track.
5. Are you taking opportunities of collaborating with strategic partners and authoring articles for local papers and trade journals. If so, how are you leveraging them?
6. Are the systems in your legal practice operating efficiently like a well oiled machinery? If not, what area needs improvement? Your marketing? Public Relations? Managing clients? Are you still searching for a systems that WORKS for you?
7. Is the press calling to quote you? When was the last time a reporter called you?
8. Do prospects get to see and hear you up close and personal. How often and where are you speaking?
Reviewing all these different areas of your law practice, and discovering where weaknesses lie are far more likely to be productive and dollar cost effective, instead of trying new marketing strategies and hoping they will work.
Allison C. Shields of Legal Ease Consulting and I will be giving an 8 part teleseminar How to Grow Your Law Practice on a Shoe String Budget discussing all these areas in considerable detail. To take advantage of the early bird offer please register at: How to Grow Your Legal Practice on a Shoe String Budget.
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