Think about your network for a moment. Do you have past clients, colleagues, family, friends, and current clients? If you said yes, then you should be using those connections to help drive growth for your law firm.
Of course, there is a time and place for new marketing campaigns designed to attract cold leads, but why not work with warm leads if you have access to them? The key to smart and effective marketing is maximizing resources. One of those resources is your existing network.
Plus, due to the nature of referrals, clients acquired through your network are already superior to clients who found you through other channels. Why? Let’s take a look.
They Already Trust You
Most attorneys will admit that their conversion rate for referrals is much higher than their conversion rate for other business sources. That’s because network referrals come from individuals who already believe in you and recommend you as trusted legal counsel. One of the most challenging tasks for any business is closing the deal, and for attorneys, the process is even more difficult due to the significant cost of services.
Fortunately, this process becomes much more relaxed when a close friend or relative refers a client. Your acquaintance has already developed a relationship with this prospective client, and that level of trust transfers to you. All you have to do is deliver what they’re paying you for.
Low Acquisition Cost
Typically, the direct cost of acquiring clients via referrals is meager. Even if you use referral-generating marketing tools, you’ll still spend far less than you would by using other advertising methods. Of course, your current network of past clients may have required an advertising investment, but think about how many people they might know. If you can leverage your network successfully, you can quickly drive down the amount you spend on marketing each month.
They’re Already Aware of Cost
If you’re getting clients via network referrals, there’s an excellent chance they’re already aware of your rates, especially if past clients are referring friends and family your way. More than likely, these referrals have already inquired about your prices, so they won’t be surprised when it comes time to discuss costs. In fact, there’s a very good chance they would never have reached out to you if they couldn’t afford the amount you charge.
Referrals Are More Likely to Generate New Referrals
The clients you acquire via references are much more likely to refer others to you in the future. Not only did their acquaintance trust you enough to make a referral, but now they feel the same way, too. In fact, studies suggest that referrals who perceive a satisfactory outcome are four times more likely to refer someone new. If you play your cards right, you may end up with a never-ending list of new referrals.
If you need help with developing a plan to generate and respond to referrals, seek advice from an expert legal marketing company. Marketing My Market can work with you to identify how to create relevant content to increase referrals. Contact us at (888) 954-9441 to learn more about our services and receive a free quote.