The world of corporate law is ever-evolving, and the fast pace is enough to keep lawyers at their toes. The law firms need to have a comprehensive and well-researched marketing strategy to be able to maintain the ebb and flow of work.
According to Gartners 2017-2018 CMO Spend Survey, law firms dont spend more than 2.3 per cent of their gross revenue for marketing. The figure is considerably low against the average 11.3 per cent deployed by other industries.
Ignoring this facet of your business is not advisable if you want to see your name amongst the top corporate lawyers in India. Even if you dont have any complaints from your business so far and the inflow seems just fine, you wont be able to thrive well in the future if you keep up with this under investment in marketing strategies.
It is about time that you hire strategists and also started studying the trends by yourself if you want to win in this race against the best corporate law firms in India.
Here are some compelling business development tips for your corporate law firm. Let’s get started!
Cross-selling for the win!
Firms usually look past this strategy for two pivotal reasons- Fear of jeopardizing the existing client relations and lack of belief in the effectiveness of the tactic. If you take a more in-depth look and analyze the way top corporate law firms in India operate, you will find cross-selling to be amongst the regularly used strategies. It is the most efficient of all the other ways to grow business. So, hop onto your client base, rule out opportunities to sell additional products and services and unearth the potential of your law firm!
Nurture client relationships
If we are planning to thrive in the challenging market of top corporate lawyers in India, we may get overdriven by the ambition and lose track of our existing client base. Well, we must avoid this possibility by a mile or more! Your client base is your primary asset as it isnt just the foundation of your business, but also an evergreen resource to fetch more clients and deals. A well-nurtured client relation will take the farthest in this race than any other strategy can!
No marketing and networking strategy list can be considered complete in the twenty-first century without this point. We live in the digital age, and it is pivotal that we exhaust this aspect to the best of our abilities. You cant be dreaming of being counted with the best corporate law firms without taking the due aid from the digital world. Invest in content marketing, social media marketing and all the other new-age advances to reach your goal.
The analysis goes a long way!
If you are a corporate lawyer in India, the term analysis isnt alien to you. India is one of the fastest-growing economies of the world, and you must stay abreast with your prospective clients business graph to come up with new strategies. Predict future market risks and opportunities. Convince the targeted client that you can protect their stats better than their incubated lawyer.
Know more about Corporate Law!
The world runs into new research and conclusions every other day. As a commercial litigation lawyer, you would be selling yourself short by a massive difference if you fail to stay at pace with the constant evolution. Read journals, attend conferences and talk. Nothing will lure a client more than a comprehensive and updated knowledge base.
Put your brain at a display
Whenever you turn up for meetings or provide on-call consultation to your clients, it is crucial that you dont keep your strategies to yourself and put them across the table. At first, it might sound like providing a free consultation to every other person you meet, but you dont know who may be a potential client, and this cold-pitch turns out to be beneficial.
Reach their inbox!
This is one of the most common and effective marketing strategies deployed these days by Corporate Law Firms in India. Start building an email database by fetching email IDs from the existing clients and the targeted clients. You may also start by providing email subscriptions to your website. Once you have an enriched database, send out frequent emails regarding your products and services, you may also send in some value-adding articles to draw attention. This strategy works wonders and is a well-tested tactic. Make sure that you avoid spamming your clients inbox because that may end up with negative marketing for your website.
Focus on the Mobile for Corporate Law!
Last but not least, develop a website which is primarily mobile friendly and interactive. You may also opt for an application to add an edge of dynamism to your brand. Make the user interface vibrant, easy to navigate, interacting and lite for the device memory. This point may not sound like the most effective of all the tactics, but you will be surprised by the results. If you find a way to tap into a clients routine smartphone usage, then you will surely have an edge over your competitors.
These were some of the business development tips used by top corporate lawyers in India. They arent just based on the latest market trends but also comply with the new age technology world. Businesses are getting smarter with the way they sell their products, and if you own a Commercial Law Firm, you need to act ahead of your time. Come up with innovative and striking strategies. Hire marketers, know your existing clients better, understand the industries you are marketing and provide them with unique solutions. The Corporate world needs your law firm!