Though it’s true that repeat customers are more cost-effective than new customers, you still need to add new clients on a consistent basis if you want to keep growing. This is especially true for law firms, who can’t always depend on repeat business (at least with any degree of certainty).
Does your law firm have a solid client acquisition strategy?
Four Client Acquisition Tips
Client acquisition is a science. A multitude of factors can influence your law firm’s ability to generate new business, and you should always be prepared to adapt.
That being the case, the following quartet of tips will definitely give your practice an advantage.
- Understand Your CAC
Are you familiar with the acronym CAC? It stands for Client Acquisition Cost and is calculated by taking the total money spent on marketing activities and dividing it by the total number of new clients gained over the period of time in question.
“For example, let’s say you spent a total of $10,000 on client acquisition over the course of 2 months — some of this was allocated to referral fees, some to entertaining prospective clients, and some to online marketing activities,” says Aaron George, an entrepreneur with a background in law. “In those same 2 months, you brought in a total of 18 new clients. This gives you a basic CAC calculation of $555.56 per client ($10,000/18 clients).”
In order to create a profitable client acquisition strategy, you have to know your CAC and regularly crunch the numbers to be able to justify the up-front investment.
- Publish Good Content
The first tip is the simplest one. In order to thrive in today’s business landscape, you have to maintain a digital presence. This means creating quality content that appeals to your target audience and provides quality information that nudges them strategically through the conversion funnel.
This is a process Salvi, Schostok & Pritchard personal injury lawyers have honed. The content on the firm’s website isn’t just designed to bring in leads. First and foremost, it adds value for the reader, which in turn makes visitors more likely to contact the firm when they need assistance.
- Go After Low-Hanging Fruit
One of the easiest acquisition tricks for new business is to start with your current clients and encourage them to send you referrals. Some may turn over referrals automatically without prompting, but others are more likely to respond if you offer some kind of perk or benefit.
Find out what inspires your clients to action and tap into the powerful resource they represent.
- Go Where the People Are
Most people don’t know what to do when they have a legal problem, so they turn to the great oracle that is Google. When they type in a search query, they discover that other people have similar issues and questions.
In many cases, a person’s search for information will lead him or her to a site such as Quora, or a message board. So if you want to build up your web presence and reach potential clients when they have specific needs, you should go where they are and invest some time into answering their questions.
Admittedly, this can be rather time intensive, but creating a Quora profile and providing information on topics you’re an expert on can give you a significantly higher Internet profile (especially if people vote for your answers).
Never Let Up
When you have more business than you can handle, it’s tempting to scale back and settle in with what you have. That’s especially the case if you’re struggling to satisfy your existing clients.
But you should never ease up on your client acquisition strategy. Business ebbs and flows, and it’s wiser always to keep as many lines in the water as you can possibly cast.