As you refine the definition of your target market and ideal client, consider giving some attention to newbies:
- Startups
- Recently married
- Recently graduated
- New parents
- New drivers
- New in town
- New empty nesters
- First time home buyers
And so on.
3 reasons:
(1) Less competition
Many lawyers tend to seek out established businesses and people with lots of money. Newbies may not be able to pay top dollar but they are likely be an easier sale.
(2) Long-term allegiance
If you brush your teeth with a certain brand of toothpaste early in life, the odds are you’ll still buy that brand many years later. Similarly, when a client hires a lawyer, they tend to stick with that lawyer.
As their business grows or they upgrade their lifestyle, your practice can grow with them.
(3) Referrals
Newbies tend to associate with other newbies and can introduce them to you.
In the right hands, the newbie market can be extremely lucrative. Many businesses and professionals target newbies for the same reasons.
A furniture retailer may buy lists of new home buyers, for example. A Realtor may buy lists of newly married or newly divorced.
You can buy (rent) those kinds of lists, too, or run ads targeting the same markets.
You can also network with business owners and professionals who buy lists or advertise and get their referrals and/or promote each other’s business.
For more on choosing your target market, get The Formula
