Associate Marketing: Second Year Onward

This is the second of two posts on associate marketing early in their career.  As I mentioned last time.

In this post, I’ll speak to some of Fishman’s marketing ideas for years two through five and beyond. [Again, a caveat:  in many BigLaw firms not only are young lawyers not encouraged to learn about marketing; but discouraged from doing so, because it would interfere with meeting billable hour requirements.]  So, my posts are for the rest of you attorneys.  Many of the activities covered you should continue throughout your career.  They are not just year-specific.

Second Year

Continue working on becoming a “great lawyer” (never stop this);
Add names to your mailing lists and increase connections on LinkedIn and Facebook (classmates, new contacts, clients and bar association lawyers you meet);
Focus on LinkedIn professional groups in your practice area; and
Read bar and trade publications/blogs to increase technical skills.

Third Year

Increase activity in bar and trade associations that could be the source of new work;
Become more proactive within your network;
Master one or more “elevator speeches” for different audiences;
Find a marketing mentor within or outside the firm;
Attend training opportunities by firm’s marketing and business development staff; and
Consistently update your bio and LinkedIn profile.

Fourth/Fifth Year and Beyond

Be more active and seek leadership positions in bar, civic and trade organizations (where permissible);

Latch on early to a young rainmaker within the firm;
Learn more about the business and industry of clients you do work for;
Keep an up-to-date list of your cases/transactions;
Look to write and speak on topics relating to your growing expertise (and look for other opportunities to re-use an article as a speech, and vice a versa);
Build up your network with other professionals who can refer clients;
Reduce bar activities (as a marketing tool), if other lawyers are not a source of referrals;
Seek assistance regularly for the firm’s marketing professionals; and
Visit your client contacts often (off-the-clock).

“Remember that providing highest-quality technical skills and extremely responsive client service (emphasis mine) are essential elements of your firm’s marketing to its existing clients,” according to Fishman.  I couldn’t agree more, and with many other things he says in his book.  You should get a copy, if your marketing department hasn’t purchased copies it yet.

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low-cost marketing strategies

You know it’s going to take a marketing push to meet your sales goals this year. But your budget is tight and you’ll need to use your imagination to make it. Where to start?

For many business owners, marketing doesn’t come naturally. They lurch from one tactic to another without a clear idea whether the efforts are going to pay off in higher sales.

Normand Coulombe, BDC Business Consultant in marketing, has advised scores of small and medium-sized businesses on how to improve their marketing. He offered some time-tested, low‑cost techniques to improve your marketing and help you reach your goals.

1. Conduct a survey
It’s critical to create a marketing plan before moving on to tactics. And the first step in developing a marketing plan is to understand who your target customers are and what they want from your company.

Coulombe suggests a good way gain a better understanding of your customers is to conduct a survey about your products or services. If you can’t afford to hire a research company, do it yourself by creating a short questionnaire and recruiting existing and prospective customers to participate.

2. Pamper your existing customers
Coulombe says it’s typically five times as expensive to make a sale to a new customer as it is to an existing one. So make sure you’re not neglecting the people who already know and trust you.

Coulombe suggests taking your best customers out to dinner or golf and using the opportunity to ask them about how to improve your business. You could also personally write to your top 10 customers to thank them and tell them they’re part of your new loyalty program or invite them to sneak preview of your latest product.

3. Commit to online marketing
The Internet provides you with an inexpensive 24-hour virtual storefront. You can build relationships with prospective customers by offering them high-quality content on your site such as blogs, how-to articles, videos and a newsletter.

Extend your reach by using social media. But Coulombe cautions: "If you’re not willing to devote six to eight hours a week of an employee’s time, you’re better off going with a simple, well-designed website."

4. Use all your real estate
Your building and surrounding land or sidewalk are great places to put up signs and banners. And don’t forget to use your vehicles as moving billboards. But remember: Your images and messages should focus on what you’re selling, not your company’s name.

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Do your financial's marketing plan

A marketing plan without financials has little clout. Financials can also be included in a general business plan.

One document you'll need to produce is a budget and sales forecast. This needn't be complex; in fact, it's wise to keep it simple. It may help to start with the following questions:

• How much do you project that you will sell?
• What will you be charging?
• What will it cost to produce your products or deliver services?
• What will be your basic operating expenses? Be sure to include recruitment costs and salaries here.
• How much financing will you need to run your business?
• Answering these questions will help you determine your projected income and expenses.
• A break-even analysis is another important step in developing your marketing plan. This analysis shows exactly how much you need to sell to cover your costs of doing business. If you can surpass your break-even point and easily bring in more than the amount of sales revenue needed to meet your expenses, you stand a good chance of making a profit.

Once you've done this important homework, the next step is to find an expert to help you put together a fully developed strategic marketing plan. BDC Consulting can help you design a plan customized to your company's needs.

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Develop a target market profile

Doing business without a marketing plan is like driving without a map. You may get to your destination—eventually—but you risk making time-consuming and costly errors along the way. You might be assuming there's demand for your product when there isn't, for example. Your services might be priced too low. Or you could be venturing into a market that is impenetrable because of regulatory restrictions.

Develop a target market profile

Demographic portrait

Here you want to demonstrate that you know your customers inside and out, including their expectations and their whims. Your profile should include basic demographic portraits that paint a clear portrait of your clients. Look at characteristics such as age, sex, profession or career, income level, level of educational attainment and geographic location.

Estimated demand

You'll want to provide research that shows the estimated demand for your product or service as well as the rate at which that demand is expected to grow. This builds confidence within financial institutions that your business has growth potential.

Purchase motivation

It's also important to understand exactly what motivates customers to buy. Are your clients looking for savings or a way to simplify their lives, for example, or are they just shopping for pleasure? Ask yourself why they would buy your product or service. In the same vein, you may want to know what keeps customers away from your competitors' products or services. Are they too costly? Do they lack something unique? These insights will help you develop a product or service that outshines the competition.

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