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    September 4th, 2014

    ♫ Keep moving, never stopping sharks
    Keep moving…♫

    Music, lyrics and recorded by Further Seems Forever.

    shark

     

    In the first column in this series we dealt with the issue that price is but one part of the 7 components of the legal marketing mix. Unfortunately many lawyers (and clients) tend to overly focus on price and not appreciate the other 6. The theme of this post will be to look at the product mix and the role that it plays in marketing (and pricing!) of legal services.

    One law firm is different from another in terms of the mix of services that they can provide. My colleague and friend Bob Denney produces a “What’s Hot and What’s Not” report several times a year that I repost on here on my blog Thoughtfullaw.com with his kind permission. This report shows what services are in demand, what are staying neutral and which are declining. The importance here is that if you can be nimble, you can change your mix of legal services. Staying with the same mix of services can result in stagnation. In fact, Woody Allen in one of his movies once said:

    “A relationship, I think, is like a shark,  you know? It has to move constantly move forward or it dies.  And I think what we got on our hands is a dead shark”

    The one thing that you don’t want to be as a law firm is a dead shark.

    So survey your clients – do external reviews of what services are in demand, look at what industries are on the upswing in your area and think about how you can provide needed legal services to them. Compare your marketing mix of services to your competitors and see how you stack up. Eventually what you are doing will grow old in the eyes of the consumer – you need to change things up – complacency is the enemy of success.

    If you can offer a unique mix of services that are more closely aligned to the needs of your clients, then you have moved from competing solely on price to being able to distinguish your services from those offered by the competition and show to the clients that you are doing a better job in terms of meeting their needs than the competition.  The clients could say “Yes we could move to Dewey Gottem & Howe, but they don’t do what Werk, Worke and Wourke do for us…” You have moved from competing on price to competing based on the perceived value of your services from the viewpoint of the client. You have become a moving, never stopping shark…

    This entry was posted on Thursday, September 4th, 2014 at 5:00 am and is filed under Adding Value, Business Development, Change Management, Firm Governance, Issues facing Law Firms, Law Firm Strategy, Leadership and Strategic Planning, personal focus and renewal, Tips, Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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