Business development is a hot topic in today’s legal industry and there’s a good reason: planning for strategic growth is the single best way to expand your clientele. This said, if an increased focus on business development comes at the expense of marketing, you’re shooting yourself in the foot. The two practices work hand in hand and if not integrated neither can deliver on its full potential.
Differentiating Business Development and Marketing
You can’t successfully integrate your business development and marketing strategies if you don’t first understand how they differ. In the simple terms, marketing is your firm’s front end or public face and business development is the back end or infrastructure that supports, nurtures, and grows whatever service you provide. The following breakdown goes into more depth.
- Crafting a clear description of your firm’s services.
- Developing educational strategies that nurture demand (think: SEO writing, vlogging, and so forth).
- Curating a professional company image.
- Cultivating visibility through social media, public relations, your website, and other marketing collateral.
- Measuring success through tracking key performance indicators (KPIs)
Business development refers to:
- Identifying new services and refining those already on offer.
- Forming professional contacts in target markets from which you might gain new clients.
- Maintaining one-on-one connections.
- Strategizing ways to cultivate new markets in key locations.
- Creating a source list of prospective clients and referrals.
- Engaging a law firm consultant to instruct in developing appropriate KPIs and tracking crucial market trends.
Studies show that a majority of measurable new work and most leads come from marketing activities paired with business development strategies. Pumping resources into both is not enough, though. In today’s competitive business world, a throw-spaghetti-at-the-wall-and-see-what-sticks approach does not cut it. Not only do you need to invest in marketing and business development, you need to do so strategically.
Every dime you spend should be backed by data-driven research telling you how to best allocate resources. For this, you need a team that not only supports, but boosts your efforts. Your job, after all, is to be a lawyer, not a marketing or business development manager.
Getting there shouldn’t mean reinventing the wheel. Legal Marketing Flow is an agency with more than twenty-five years of experience coaching law firms in lead generation and conversion marketing. Our full suite of services includes:
- Hands on Virtual Chief Marketing Officer (CMO)
- Digital Curation and Creation
- Social Media Content and Engagement implementation
- Lead Generation Webinar Funnels
- Lead Generation PDF EBooks
- Facebook and Google Ads
- LinkedIn Business-to-Business Outreach Strategy
- Youtube and Video Marketing
- SEO and SMO
- Google Reviews
- Website Design and Development
- Quarterly Press Releases
- Weekly Blogging (writing/editing/posting)
- Monthly E-Newsletter creation and Implementation
- Email Marketing Campaigns
- Referral and Community Outreach Event Coordination and Promotion
- Weekly Lead Conversion KPIs and Analytics
- Monthly Digital and Social Analytics
By bringing a law firm consultant on board, you not only gain time to do what you are trained for: lawyering; you also ensure that the money spent on promoting and expanding your services is strategically directed and put to productive use.
What to know more? Call us at (720) 990-9673 or reach us through the contact form on our website.