Marketing a law firm can be an interesting game for people without a lot of experience in the field. Some companies believe that the more money you throw at any kind of marketing, the more potential clients will line up outside their doors. Some firms are weary of putting a lot of money towards something that can’t be specifically measured and toward results that aren’t purely tangible. It is a difficult game to play, but there are some guidelines to help figure out the right marketing budget for your law practice.
Good companies and firms know that it takes money to make money, and reinvesting profits into marketing is essential to running a successful business. Most companies spend up to ten percent of their income on marketing, and new companies could spend up to fifteen percent to help get their name out there.
Here are a few cues to decide how much to spend on marketing:
- What are your practice areas? You should have a general idea of what other law firms in your practice areas are spending on marketing. Bankruptcy law firms might have a little different marketing strategy than a personal injury lawyer.
- How much can you comfortably spend? Don’t cut into payroll to pay for marketing. There are cheap ways like online marketing to get your practice public recognition. Don’t spend more than you can afford.
- What kind of presence do you already have? If you’re a new firm or new to the area, you might have to put a little more into marketing than established firms you might be competing against. If you are already a household name with great market penetration, you might find it better to spread your budget into new forms of advertising media rather than just “do more of the same.”
- Target your marketing for the results you want. There are cheap online options and there are more expensive—but more focused—ways to market to a specific clientele. Figure out what works for your region and practice area to see what is the most efficient.
Marketing is important for any company, but can be a difficult process. When money is tight, it’s hard to spend more, but it takes money to make money.
For more information on how to work a successful law firm marketing campaign, contact Great Legal Marketing. They have plenty of online resources, and you can order a free chapter from Ben Glass’s book online.