SMEs lose out by not taking care of their legal problems. A YouGov survey was conducted to establish the cost to SMEs of not taking care of their legal business and the risks they take as a result. They interviewed 1,000 SMEs in the UK and the results were then analysed by the Centre of Economics and Business Research (CEBR).
- SMEs are losing more than £13.6 billion per year
- SMEs encounter 8 legal issues per year on average
- 43% of legal issues cost SMEs £5,000 or more
We can safely say your law firm is in a growing market with ever increasing legal complexities and updates in the law to navigate commercially and personally, therefore what you offer is needed more than ever. This download is aimed at helping you relieve some of the hassle and issues you may be incurring around servicing clients, finding new business, getting more repeat business, more and new marketing ideas, being more consistent in your marketing and sales and doing this all with purpose and spreading out the revenue across all services for stability and growth.
Whether your business is currently gaining more business, or losing business or both at times, or whether you are simply trying to maintain business or even looking to exit or sell the business, here are 10 law based marketing questions to ask yourself TODAY ….
- Do you know which of your clients/sectors are the most profitable? What do these have in common? How did you find them? Can you get more of this type of ideal client, where and how? On this note, when was the last time you or you as a business dug deep or delved into where your leads come from? And then delved further? eg not just from networking but what events or what people? Or not just LinkedIn but which LinkedIn posts or DM’s etc? A really worthwhile exercise to do!
- And is this most profitable client base made up of one or two big clients or spread across the board? You don’t want all of your clients/sales coming from just one basket eg relying solely on conveyancing clients or Will clients. And are these clients healthily spread over one off work vs ongoing clients for a well balance, ongoing revenue stream?
- Are you attracting the right clients for the business? In terms of needs, niche, size, they value what you do, they refer to you, they pay on time, they renew etc?
- Is your current/existing client base aware (I mean really aware, not the fact you told them once months ago) of all the services you can help them with from a legal support point of view? Do they know all of the services/ranges of services from personal legal support to commercial legal support.
- Have you changed or reviewed your offering/services to bring them more in line with the current changes in law or changes in family dynamics or commercial contract complexities etc? These are key areas for upselling and cross selling to your clients across the varying departments and services.
- Are there areas of the business you want to grow more such as employment law, or family law or Wills and probate and so on? And what about group claims that we hear about non stop in ads from diesel cars to time shares? Does your firm get involved in these group claims? Do you want to do these more or less for profitability etc?
- Are all of your “team” in whatever format this looks like and/or your fellow director/s or your business partner pulling their weight and supporting you/the business in the plans to grow?
- Are you too bogged down or distracted by finding new customers as opposed to potentially overlooking the opportunities you may already have in terms of existing data, proposals to follow up on, referrals to ask for? Low hanging fruit.
- Could the time you already struggle to find to dedicate to marketing be better used? Marketing today, lead generation and sales is harder than ever so having the expertise and plans are vital to ensure the business is proactive and reactive to change and to new opportunities.
- Have you started to make some plans and set goals for your marketing and business growth in 2024? Or are you a bit lost with your strategic business approach or running out of marketing ideas? Do you need more of a plan to follow to give the activity purpose, to avoid being random and not consistent? Or are you fed up with being ghosted and want tips on how to avoid this?
People will always need legal support, so as a business you are in the ideal scenario of having a big market/bug opportunity to tap into.
At Pinpoint, we can bring you new ideas, new ways of thinking as well as making the most of what you have and do, to enable your growth, to maximise on their budget and to plug any skills gaps/needs.
BOOK A FREE “ask your questions/get ideas and support” CALL here or use the code