The idea of niche marketing for attorney firm business interests is relatively new to the law industry. Lawyers and doctors have been deterred in the past by misplaced professional ethics from seeking certain marketing strategies. This is because traditionally, it is very hard to create a plan to market something as specialized as law. Currently however, with the new wave of online marketing strategies, lawyers have become more aggressive and niche marketing in the profession of law has become a necessity.
To choose a target niche while creating marketing for law firm campaign, you need to consider two very crucial factors. A marketing for law firm campaign is determined by the attorney firm’s ability to serve the market niche in human, technical and skill resources and the potential of the market, specifically the untapped market. These two factors then denigrate or narrow down into factors such as the size of the market, the level of competition for the market niche, the market reach potential of the firm, the firm growth rate, and any new market ventures that can become available.
The size of the market must be determined so that your efforts to initiate marketing for law firm do not become cost ineffective. To determine the size of the market means establishing the volume of legal proceedings available in the market, such as the bulk handled by local courts within a specified period. Again, it is important to determine the level of competition you face so that you can determine the area that you will spend less acquisition and marketing costs. Sometimes, competition can be so rife that your marketing will be more expensive than the actual gains you pocket at the end of the day.
It is wise to choose a niche that won’t cost a lot for you to initiate strategies of marketing law firm interests. For instance, you can market a specialized law, like tort law, as opposed to law in general. If your firm caters to a particular niche more adequately, then it is definitely smarter to market that specific specialization. Be very particular in this arena so you can reach full potential in the market. If you find that your firm is unable to cater to the niche you want, you can still initiate the marketing strategies if you are sure that your law firm is growing at a rate that will eventually catch up with market demands. Plot your growth rate and see what you are able to facilitate in a particular time frame and then market yourself in proportionate accordance.
It is well advised to consider market niches that have not been exploited yet by the competition. New market niches are always available and they present a better proposition than competing for traditional markets. Instead of competing with a million law firms for the accident clams niche, you can seek environmental suits that are underexploited. While searching for marketing law firm niche interests, other factors to consider include the track record of the law firm to create positive PR, new trends in the market that can indicate particular niches are headed in the future, the available resources (work force, finance, offices, legal jurisdiction), and the realistic Marketing time frame assigned to achieve the objectives.