There are thousands of Professionals everywhere whose skills are top drawer but who earn considerably less than they are capable of.
This is because they don’t know the real secret to achieving exceptional financial success in their profession or any other business, for that matter, which is:
The players who make the most money in any field of professional services – are the ones who really understand how to market and sell themselves and their practices. Professional competence, while a component, is not in and of itself persuasive.
There are just too many options for clients today. If you’re not in front of them with an intelligent, compelling message, they won’t go looking for you. With more entrants about to enter the market following the introduction of ABS, this has never been so high profile.
So, how does a Lawyer drive their average or below average practice to become a top player generating high income?
Incorporating the following areas into your firm will have a positive effect upon your revenue & cash flow and moving your firm up the local rankings in terms of prestige and visibility.
#1 Your practice needs differentiation
The population who use service providers thinks they are all pretty much the same... offering similar services with essentially the same skill level. If you look at your practice and conclude you really don’t appear to be any different than your competitors then create a difference... a niche, one with a good population of prospects. You have probably Unique Selling Proposition, used by other businesses to describe their services or products. USP applies to your practice, too. Are you the lawyer known to all the local Internet Businesses as someone who understands their legal and IP issues. What can your USP be? And, of course, you can have more than one.
#2 Obtain more visibility and credibility
This directly impacts your perceived reputation and can position you as a recognised expert. I’m sure you can immediately see how #1 above overlaps this second area. What are some of the things you can do to positively influence this area? Write articles, give speeches, take part in panel discussions, express opinions (e.g. Join in discussions on LinkedIn groups, etc.), take up causes, enhance your web site, publish a newsletter, join appropriate groups and get involved, etc. Again, the examples are many. Recognising you only have limited marketing time, I suggest you show caution at joining any group that has a lot of other providers all searching for more business, seeking connections, trying to add to their networks, etc. You can get lost in the traffic. Instead seek out more focused opportunities.
#3 Engage in activities that generate leads or referrals
If you have chosen a niche market you can overlap #2 with this area and promote directly to that group with, e.g. a newsletter, seeking to speak to their group, etc. Here’s another: survey after survey underscores how much clients value attention and personal treatment. Give selected clients love with lunches, phone calls, golf outings, hand written notes and the like and they will sing your praises to all their contacts. This directly translates to more referrals.
#4 Effectively convert your prospects into clients
Train yourself to become adept at this most vital phase of the business development process. Learn how to present effectively and persuasively. Learn how to use testimonials and case studies to full effect. It is possible to go from say 1 in 3 to 1 in 2 with the correct training. When you put together your marketing plan for 2011 please consider these four areas. If you address each with even minor success it will enhance your practice.
