Niche Marketing to Stand Out Against the Competition
When looking to generate more qualified leads and referrals, determining a specific niche can be a highly effective marketing strategy. Standing out as an expert in a specific niche will help to position a firm in front of qualified prospects that are looking for a particular skillset. While marketing a firm in this manner can attract more clients, it is not necessary to only practice within this niche. However, many firms make the mistake of marketing as generalist firms, making them appear less sophisticated and knowledgeable. Unfortunately, this marketing mistake also inadvertently makes firms less competitive in a hyper-saturated industry.
Why Firms Shouldn’t Market as Generalist Firms
The problem with marketing as a generalist firm is one of perception. Firms that market its lawyers’ abilities to solve problems throughout a variety of legal situations may be perceived as a firm that is a jack-of-all trades, but master of none. Unfortunately, advisers are less likely to send referrals to generalist firms, as the perception of these firms is an inability to handle more complex legal issues. One can easily remedy this problem by positioning a firm as a specialist in a few select areas. When potential clients perceive a firm to have the expert ability to handle complex legal issues in these specific areas, the firm is more likely to receive referrals. The firm is also more capable of attracting clients seeking assistance in highly unique cases.
How to Position a Firm as a Niche Expert
To position a firm as a niche expert, choosing two to three specific practice areas should be adequate. Focusing marketing efforts on these specific areas will attract potential clients and allow the firm to develop a reputation in these areas of specialization. It may also be beneficial to consider net worth when focusing marketing efforts. To generate more revenue for the firm, dialing down marketing efforts to focus on more lucrative cases may also help position the firm as the go-to expert in a certain field. Successfully handling high-paying and high-profile clients signals to advisors and leads that a firm truly knows how to handle the cases within its niche and increases confidence in the firm’s abilities.
Combining specific practice areas and revenue consideration into a firm’s marketing efforts may serve to increase a firm’s visibility and strengthen its reputation. Of course, making certain to operate within areas of competency is essential to a firm’s success. Positioning a firm as an expert in a certain industry will take time, a favorable record, and ongoing marketing efforts. While doing so may require extra work, putting forth appreciable effort in this area may drastically increase success.