Marketing via Product Markets
Published May 17, 2016
Various products can be your greatest marketing billboard on the road to success. âProductizingâ your practiceâcreating tangible items or products based on the service that you already provide and then using them to help your whole practice growâis an excellent way to leverage what youâre already doing to grow your practice and increase your revenue.
Products are great marketing tools. In todayâs competitive legal environment, lawyers need all the marketing help they can get. Creating and selling products provides that by making your service more tangible and promoting you and your practice. You are limited only by your imagination when it comes to what can be created, although the bulk of items produced by lawyers tends to fall into only a few categories. Specific products being successfully produced by lawyers around the country now include articles in publications, newsletters (both hard copy and electronic), books, seminars, surveys, audiotapes and videotapes.
Products increase your credibility and solidify your position as an expert. In addition, by creating products, you expand your clientsâ knowledge. When clients read your books or articles, listen to your tapes, or attend your seminars, they are exposed to more ideas and, as a result, have more questions to ask. And the more questions they have, the more they will come to you for the answers. Furthermore, selling products can increase your revenue can also increase your revenue. Finally, with products, you create a tangible legacy for your family and children. Products can be seen and touched; thereâs something more there than just the intangible result of doing good work for a client.
Of course, creating products can take time away from a lawyerâs primary activity. But so does every other form of marketing and business development. The question is whether the activity will produce positive results. There are many examples of lawyers who have successfully increased their legal practice and ancillary project revenues. Who knows? If youâre really successful, practicing law might become your second business.
Categorized in: Client Relations, Coaching, Ethics, Financial and Cash Flow Management, Management, Marketing and Business Development
Audience type: Administrators, Large Law Firms, Small Law Firms, Sole Practitioners