Your business will die without revenue. So why do so many law firms slash their marketing budgets at the exact moment they desperately need more cash?
As inflation continues to climb, law firms are anxious about how to manage overhead. When costs are rising, marketing is usually one of the first budget categories to be slashed. We understand the impulse, but cutting marketing costs would be a costly mistake. Sure, you’ll save a few bucks now, but you’ll undercut your future success. Giving up now is basically guaranteeing that your competitors will snap up your potential clients.
Let’s address some common fears, solutions and explanations related to successful law firm marketing in a recession.
The temptation to quit is easier with digital marketing – don’t fall into the trap.
When quitting an online campaign is as easy as clicking a button, you cannot allow the ease of cancellation to convince you that it’s correct to stop investing in marketing.
At many law firms, marketing is considered a discretionary spending category—but it really shouldn’t be.
Do not fall victim to the illusion that cutting your marketing costs will help you manage overhead. You need more business to earn more revenue, don’t you? How else do you expect to grow your firm if you don’t market to attract new clients?
People’s behavior will change predictably in a recession – take advantage of it
Every change is a new opportunity, if you know how to capitalize on it—even a recession.
People spend more time online during a recession, for instance. They might be spending less money on frivolous purchases but their consumption of information and desire to be entertained remains constant or even heightened.
In a recession, marketing is about brand awareness.
If your law firm can stay top of mind during a recession by adapting your digital marketing strategy to reach people on social media, with valuable blog posts or with free podcasts, you’ll be their first choice when they’re ready to hire someone.
Adapt, don’t give up.
You can bet that your competitors are seeking out every opportunity to connect with your target market. Don’t remove yourself from the psyche of our potential clients.
Get smart about how you measure and track marketing data
Attribution is the key to ensuring that your marketing spending is worthwhile, especially when you need to justify it to your team.
Make sure you have a plan to track how much you’re investing in each platform or channel as well as the ROI. While some channels like dark social are harder to track, it’s not impossible.
If your results do not initially meet your expectations, fine-tune, check the data and personalize your campaigns instead of canceling them entirely.
Previous clients are a valuable source during a recession
Referrals from previous clients are a gold mine, especially in a recession.
Take some time to reach out to previous clients to make sure you keep the people you’ve already served happy. Invest in their happiness to reward their loyalty, and make sure these clients have the tools to refer you to their community. This could look like a simple email reminding people that you’re available.
Focus on what you can control
Running a law firm in a recession is a bit like studying in law school. You cannot control some aspects of your experience (exams, rising costs), but you can control plenty of other things (how much you study, increasing your revenue) that will make a big difference to the final result.
In a recession, you can’t do much about rising costs—but you can control your efforts to increase your revenue to maintain profitability.
But increasing revenue requires a marketing investment. See where we’re going with this?
Review and next steps
Think long-term and put your marketing money toward increasing your revenue. Adapt your tactics, track your data, and stay the course. If you don’t hold the line, you’ll fall behind.
Recessions end. What kind of shape will your business be in when the economy recovers?
You’re not alone. Omnizant is available for digital marketing consultations for growth-oriented law firms who want to thrive instead of survive during the upcoming recession.