Avoid spending foolishly. In these challenging economic times, lawyers cannot afford to spend marketing dollars unwisely, on an ad hoc basis. Every expenditure should be a part of a cohesive plan. Make every dollar work hard and be measurable towards your stated goals.
Bring focus to your marketing efforts. A thoughtful marketing plan and budget will help you be more effective in your marketing activities on a day-to-day basis if there are benchmarks of what you are trying to achieve and for whom.
Young lawyers should spend most marketing dollars and, more importantly, time, on initiatives which will result in actually achieving measurable goals such as: Developing a strong network of business contacts;
Increasing name recognition among prospects and prospective referral sources;
Targeting new clients.
A Marketing Plan and Budget Creates Measurable Objectives to Evaluate Success. How will you evaluate if it has been a successful year? Will it depend upon management's subjective memories or can you devise measurable objectives to compare results against? How will you determine where to focus future marketing efforts and dollars if you don’t know if a given initiative worked as designed?
A Marketing Plan and Budget Demonstrates Your Commitment to Your Business Realistically, if you can't (or won't) dedicate focused thought and energy to develop a solid marketing plan and budget to develop business, how can you expect your business results to improve?
As young lawyers confront fierce competitive forces day after day, is there really anything more important to the success of your practice than to plan for its success?
Continued success in 2013. May it be everything you intend it to be!
Kimberly Alford Rice is principal of KLA Marketing Associates.