Peter Rosenwald discusses the importance of having effective marketing processes in place during a recession.
W hat marketing strategy do you have in place to enable your law firm to withstand the economic downturn? In times of recession, law firms are vulnerable to losing their market share, but there will always be opportunities, and it is those firms who have the prudence and confidence to manage the marketing process appropriately who will strengthen their position in preparation for the return to healthy economic growth. As the old adage goes, ‘when the going gets tough, the tough get going.’ Why? Because they want to seize market share and stop others stealing theirs. Indeed, in the past six months, we have seen a move away from marketing spend that is not directly attributable to a win and an increasing preference to spend money where the practice has resonance with its client base.
client relationship processes. Segmentation of clients by sector enables partners to be recognised in terms of their expertise not just their role, giving them the internal communication tools and authority to organise the best partners and associates from a range of disciplines within the practice to be part of his/her client team. The importance in a downturn of this model cannot be under estimated. First, the client is more secure because they are buying a greater range of services (there are less incumbent competitors) and second, they have a sector group that has started to have some resonance with the market. However, it requires investment in both internal and external communication processes in an organisation.
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