You can expect what you inspect

August 13, 2015 by
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In marketing legal services, you need to know your numbers. You need to know where prospects and new clients and website traffic are coming from so you can do more of what’s working and less of what isn’t.

Knowing your numbers allows you to cut expenses (time, money) and increase profits.

For starters, ask your new clients how they heard about you. If they found you through a search engine, ask which one, and which keywords they used. If they saw one of your articles or blog posts or videos, on your site or elsewhere, ask them to identify it. If someone shared one of your blog posts or social media posts, which one?

Do the same for prospects who call to ask questions or schedule a consultation.

If the client or prospect was referred to you, you need to know the source of the referral. Was it a client? Another lawyer or other professional?

Who was it? What did they say about you?

You need to know so you can thank the referral source, even if the referral doesn’t become a client. When you show people that you appreciate what they have done, they are more likely to do it again.

What you recognize, grows.

Of course you also want to know which of your referral sources deserves more of your thanks and your attention. You may know 100 lawyers, but if four or five are sending you more referrals (or better referrals) than the rest, you’ll want to send your referrals to them.

When someone calls your office, they should routinely be asked where they heard about you. Your intake form should ask this question.

Because you need to know.

You can track referrals and other metrics with a simple text document, a spread sheet, or on a legal pad.

Once a month, examine your global numbers, i.e., how much new business (traffic, opt-ins, etc.) you got for the month, and from what sources. If one of your articles is drawing lots of traffic to your site, you need to know this so you can write more articles like it. If you’re getting more business from referrals and less business from social media, knowing this will help you know where to invest your time.

In addition, once a month, look at your numbers for each individual source of business–each ad, your blog, speaking, individual referral sources, etc.

Know your numbers, because you can expect what you inspect.

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Filed Under: Law office management, Leverage, Marketing legal services, Marketing Plan, Referral sources, Referrals

Getting the right things done

July 28, 2015 by
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Venture capitalist Mark Suster has a rule he lives by that helps him be more productive and successful. The rule: “Do Less. More.” It means doing fewer things overall, and getting the right things done. “Success often comes from doing a few things extraordinarily well and noticeably better than the competition,” he says.

Richard Koch, author of The 80/20 Principle, says, “Everyone can achieve something significant. The key is not effort, but finding the right thing to achieve. You are hugely more productive at some things than at others, but dilute the effectiveness of this by doing too many things where your comparative skill is nowhere near as good.”

Koch also says, “Few people take objectives really seriously. They put average effort into too many things, rather than superior thought and effort into a few important things. People who achieve the most are selective as well as determined.”

So, what do you do better than most? What should you focus on? I asked this question in an earlier post:

Look at your practice and tell me what you see.

  • Practice areas: Are you a Jack or Jill of all trades or a master of one? Are you good at many things or outstanding at one or two?
  • Clients: Do you target anyone who needs what you do or a very specifically defined “ideal client” who can hire you more often, pay higher fees, and refer others like themselves who can do the same?
  • Services: Do you offer low fee/low margin services because they contribute something to overhead or do you keep your overhead low and maximize profits?
  • Fees: Do you trade your time for dollars or do you get paid commensurate with the value you deliver?
  • Marketing: Do you do too many things that produce no results, or modest results, or one or two things that bring in the bulk of your new business?
  • Time: Do you do too much yourself, or do you delegate as much as possible and do “only that which only you can do”?
  • Work: Do you do everything from scratch or do you save time, reduce errors, and increase speed by using forms, checklists, and templates?

Leverage is the key to the 80/20 principle. It is the key to getting more done with less effort and to earning more without working more.

Take some time to examine your practice, and yourself. Make a short list of the things you do better than most and focus on them. Eliminate or delegate the rest.

Do Less. More.

This will help with getting the right things done

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Filed Under: Law office management, Leverage, Marketing legal services, Marketing Plan, Productivity, success Tagged With: , , ,

Marketing is NOT just a numbers game

June 12, 2015 by
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Attorney Bruce Stachenfeld writes that marketing is unpredictable and random. You don’t know who will respond to anything you do so the best thing to do is to have more interactions with more people.

Spend more time “out and about,” he says, interacting with more people, and let the results come as they may.

He’s right, but only to a point. You don’t know who will hire you, provide referrals or introductions, or otherwise help you, so the more interactions you have, the more chances you have to “make rain”.

He doesn’t mention interactions with people via other methods–social media, speaking, articles, blogging, advertising, direct mail, and so on, but I assume he would agree that those count. Get yourself and your message in front of more people and you’ll get more business.

But it’s not that simple. It’s not just a numbers game. Not even close. Who you interact with, either personally or via another medium, is often more important than how many.

Dance with the wrong people and you’ll forever spin your wheels. Dance with the right people and you not only increase the odds of something happening, you increase the odds that when it does, it can happen on a much bigger scale.

If you are an estate planning lawyer and you want high income clients, doesn’t it make more sense to network with financial advisers who have well-to-do clients, rather than school teachers?

And then there is your methodology. The strength of your marketing materials, how your offer is packaged, how well your message is articulated and delivered, your follow-up sequence, your salesmanship, and many other factors, all affect your outcomes.

When you meet people, your interpersonal skills, grooming, likability, and other factors, are also key.

Stachenfeld, who has a math background, says,

“Mathematically, spending twenty-four working hours writing an article may not be as useful as spending those twenty-four hours doing other things, like contacting people to talk about ideas, getting together with them, calling others or even playing a round of golf.”

Maybe. Maybe not.

Maybe you aren’t that good at networking. Maybe you hate golf. And maybe the article you spent extra time crafting hits all the right buttons and you get ten new clients from it within a few days.

Marketing is a numbers game. Math is a part of it. But so is art.

How to get better results from your marketing

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Filed Under: Leverage, Marketing legal services, Networking, Referrals

Marketing metrics for attorneys

June 3, 2015 by
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When it comes to marketing, I don’t obsess over the numbers. But I don’t ignore them, either. Neither should you.

Tracking numbers allows you to see trends in the growth of your practice. If you’re not growing, you’re dying.

Tracking also allows you to test new ideas and make better decisions about where to spend your time and money. If something isn’t working, you can take steps to fix it. Or abandon it in favor of something else. If something is working, you can look for ways to make it work better.

Every practice is different, of course, but here are the types of marketing metrics you should consider tracking:

  • Traffic to your website(s)–unique visitors, page views, bounce rate,
  • Traffic sources (social, search, keywords, page referrers)
  • Email subscribers-new, total
  • Leads–inquiries, requests for consultation, questions
  • New clients (quantity, fees, source)
  • Source of new clients (ads, referrals, website, individuals)
  • Revenue–first time clients, repeat clients, total
  • Revenue–compared to previous month/quarter/year
  • Revenue per practice area, service
  • Expenses–overhead, variable (e.g., advertising, etc.)
  • Net profit (after draw)
  • Retention–how many clients return/hire you for something else
  • Referrals–quantity, source (from clients, from lawyers, from others)

Some things you track daily. Some weekly, monthly, or quarterly. Some you look at once in awhile.

You probably don’t need to track all of these. You also don’t need to get into the minutia of things like open rates and click through rates. I know I don’t.

I mostly pay attention to two things: the number of new subscribers to my email list and monthly revenue. As long as both are growing, I know I’m doing okay.

How about you? Which of these metrics do you track? What else do you track and why?

Marketing online for attorneys: go here

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Filed Under: Law office management, Legal industry, Leverage, List building, Marketing legal services, Online Marketing

How to find the time to grow your law practice

June 2, 2015 by
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On my walk yesterday, I listened to an interview with Michael Hyatt on The Smart Passive Income podcast (episode 163). One thing he talked about was how he hired his first outside assistant after he had resisted doing so for a long time.

He told a story about an entrepreneur he knows who had also resisted hiring help. A friend showed him the light.

First, his friend asked how much his time was worth. He estimated $250 an hour. Then the friend asked him to name a task he did in his business that he wasn’t particularly good at. “Updating my website,” he said. The friend asked, “If you did hire someone to update your website for you, would you pay them $250 an hour?”

The entrepreneur said no, of course not. “But that’s exactly what you’re paying now,” his friend said.

Hyatt said that when he realized that a virtual assistant  could free up his time to do the work that he does best, he decided to give it a try. He started slowly and hired someone for just five hours a week.

He quickly realized how much more high-value work this allowed him to do and increased it to ten hours a week. Because he was doing more of what he does best, his business really took off. He now has a stable of employees and virtual assistants who do the work that they do best, allowing him to focus on his strengths.

I thought about that and realized that all of us could find enough tasks in our week to keep a virtual assistant busy for five hours. If the assistant costs $10 an hour, that’s only $50 a week.

Who wouldn’t pay $50 to free up five hours?

What if that allowed you to bill an additional five hours a week? What if you used that time to bring in more clients?

If you want to grow your law practice, this is a place to start. Make a list of things you do that you’re not good at or don’t enjoy and find an assistant who can do them for you.

What will you do with all that extra time?

Learn more ways to leverage your time. Click here

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Filed Under: Increase your income, Law office management, Leverage, Productivity Tagged With: ,

There is no virtue in working hard

April 27, 2015 by
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There is no virtue in working hard. Not when you can get the same or better results with less effort.

Robert A. Heinlein said, “Progress isn’t made by early risers. It’s made by lazy men trying to find easier ways to do something.”

In fact, that’s a pretty good definition of the word productivity. Getting more results with less effort.

To do that first requires an appreciation of the difference between effectiveness and efficiency.

Effectiveness means “doing the right things”. It means doing things that are consistent with your long term vision and short term goals. It means doing what’s important, primarily, and finding ways to minimize or eliminate everything else.

If growing your practice and advancing your career is important to you, you are effective when you focus on delivering value to your clients, building relationships with key people, and getting better at marketing.

Eighty percent of your results come from twenty percent of your effort. To be more effective, identify those twenty percent activities and do more of them.

Efficiency, on the other hand, means “doing things right”. It means getting things done faster or better.

You become more efficient by using forms, checklists, and templates to streamline your work. You become more efficient by hiring better quality employees who deliver better results. You become more efficient by improving your skills through study and practice and dedication to personal development.

These are some of the things that allowed me to quadruple the income in my law practice while reducing my work week to just three days.

But while there’s no virtue in working hard, there’s nothing wrong with it.

When you are effective and efficient, you might increase your effort-to-results ratio from one-to-one to one-to-ten. If you are effective and efficient and ALSO work hard, you might increase that ratio from one-to-one to one-to-100.

Earn more and work less through leverage

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Filed Under: Increase your income, Leverage, Personal development, Productivity, success

The lifetime value of a client

April 23, 2015 by
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Most lawyers invest more time and money in acquiring new clients than in retaining existing ones. And yet the cost of retaining clients is a fraction of the cost of acquiring new ones.

If you want your clients to keep coming back to you, the first thing you need to do is to realize that it’s worth making them happy.

And it is.

Your average client is worth so much more to you than what they pay you for their initial engagement. Their value is an average of all of the fees they are likely to pay you in the future, over their lifetime as a client.

Some clients won’t come back because they don’t need you again, but others will hire you frequently. Some will have small cases, others will have big ones.

And every client can send you referrals, which also count towards their average lifetime value.

Once you understand that the client who pays you $5,000 this year might contribute an average of $150,000 to your bottom line over their lifetime, you will appreciate why it is worth investing in them.

If you only look at the $5,000, you might resist the idea of spending $50 per client per month to stay in touch with clients via a newsletter, birthday cards, and small gifts. If you look at their lifetime value, however, you might look for ways to invest even more.

Consider the cost of acquiring a new client. Take everything you spent last year on anything that could be considered marketing (and don’t forget the value of your time) and divide that number by the number of new clients you signed up.

If you spent $2,000 to bring in one new client who pays you $150,000 over their lifetime, you did well. So I’m not saying you shouldn’t try to bring in new clients. Just that it’s more profitable to keep your existing clients coming back.

It’s also much easier to get existing and former clients to hire you. They already know you and trust you. You don’t have to find them or convince them that you can do the job. If they need your services and you kept them happy in the past, you don’t have to do much to get them to hire you again.

The most effective marketing strategy for any professional is to make an ongoing effort to keep their clients happy. Find out what they want and give it to them. Encourage them to tell you how you are doing and what you could improve. Find out what they expect of you and do everything you can to give them more.

Because over their lifetime, they are worth a fortune to you.

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Filed Under: Client loyalty, Client relations, Increase your income, Leverage, Referrals Tagged With: ,

Are you the smartest person in the room?

March 23, 2015 by
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When you have a problem, or you have to make an important decision, who do you turn to for advice?

Do you have friends or networking contacts who are subject matter experts in pertinent areas? Do you know successful professionals and business owners who can provide general business advice and help you sort things out? Do you have mentors or a panel of advisers?

Industrialist Henry Kaiser once said, “I make progress by having people around me who are smarter than I am – and listening to them. And I assume that everyone is smarter about something than I am.”

Michael Dell’s put it this way:

Try never to be the smartest person in the room. And if you are, I suggest you invite smarter people … or find a different room. In professional circles it’s called networking. In organizations it’s called team building. And in life it’s called family, friends, and community. We are all gifts to each other, and my own growth as a leader has shown me again and again that the most rewarding experiences come from my relationships.

Getting proper advice can accelerate the growth of your career by helping you to avoid costly mistakes and leverage existing opportunities. You might figure things out yourself but why not talk to people who already know?

You can find advisers through formal networking or by asking your existing contacts for referrals or introductions. .

Start by asking for help with specific areas rather than general business advice. What kinds of information or advice do you need? Who might know someone who is an expert in that area?

You might start your own mastermind group. Ask four or five successful professionals or business owners in different areas to meet with you once or twice a month to share ideas and advice.

If you have more money than time, you might hire several experts on a trial basis.

No doubt you are intelligent and good at what you do. But that can only take you so far. If you want to take your practice to the next level, go find some people who are smarter than you.

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Filed Under: Leverage, Mentors & Coaches, success

Sometimes, the best way to handle a problem is to ignore it

March 11, 2015 by
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You’ve got a problem and you’re searching for a solution. Or you know what to do but don’t have time to do it.

Fear not. Sometimes, the best way to handle a problem is to ignore it.

The problem may go away by itself. Or turn out to cause damages that are relatively minor. Or manageable. Or covered by insurance.

It’s all relative, isn’t it?

Some problems are big and hairy. Others, not so much.

Before you start looking for solutions to a problem, make sure the problem is something that truly needs fixing.

Here are some questions to ask yourself:

  • Why is this a problem?
  • What are the benefits of fixing the problem?
  • What’s the worst that can happen if I don’t fix it?
  • If the worst case scenario occurs, can I afford the consequences?
  • What are the costs of fixing the problem?
  • Can I ignore the problem for now and fix it later?
  • Can I fix part of the problem now and fix the rest later (or ignore the rest)?
  • Can I delegate some or all of work needed to fix the problem?

You may find that the problem isn’t as bad as you thought. You may conclude that your time is better spent fixing a different problem, or tackling an opportunity that promises bigger benefits.

You don’t have to fix every problem. Sometimes, the best way to handle a problem is to ignore it.

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Filed Under: Leverage, Personal development, Productivity, Time Management Tagged With:

Work smarter by working backwards

March 4, 2015 by
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Yesterday, I talked about networking and used it as a paradigm for creating a simple marketing plan. You plan, you do, you review.

Today, I return to the subject of networking and ask the question that may be on your mind: “How do I find the best networking groups for me?”

There are lots of ways to find them but the simplest, and arguably the best path to discovery, is to find out where your existing clients and contacts network and go there.

If you represent business clients, find out where they go to meet other people in their industry. If they don’t network (much), ask them to introduce you to professionals they know and ask them where they network.

For consumer clients, ask your existing referral sources where they network.

Keep in mind that some people don’t think of what they do as networking per se. They belong to groups–charity, hobby (e.g., golf club), social, community, etc.–and spend time at those groups’ functions, where they regularly meet new people. These non-business groups can also be a fruitful source of new business for you.

You can also turn to your clients and contacts for help with other kinds of marketing. If you want to know where to submit articles or guest posts, or a good place to advertise, ask your clients and contacts what they read or listen to.

Questions like these should be a fixture on your new client intake sheet. Find out who your new clients know, what they read, who influences them, and where they spend their time. Ask the same kinds of questions (eventually) of your new professionals contacts.

Want more clients like your best clients? Talk to them. Work smarter by working backwards.

Lawyers are complicated. Marketing is simple. More here. . .

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Filed Under: Leverage, Marketing legal services, Marketing Plan, Networking
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