When it comes to running a successful law firm with a steady stream of clients, you’ll need to utilize both marketing and business development. Many attorneys don’t realize that these are two separate tactics that are still both equally as important when it comes to growing your business.
Think of marketing as the face that your practice puts forward to the public, like your website, social media channels, and other content. Business development, on the other hand, is what will earn your firm new clientele and help boost your revenue. Here’s a breakdown between the two practices.
Law Firm Business Development Explained
Simply put, business development is how your firm will make money. These tactics will help you find new business prospects, whether it’s by identifying valuable partnerships or finding new clients.
There are several ways this can be accomplished. Networking is a great way to meet new people, develop new relationships, and grow different parts of your practice. If you’re not the extroverted type, sponsoring special events and sending out email newsletters are two other ways to keep revenue flowing.
It’s also not just about attracting new business, but also maintaining your current clientele. Sending out holiday gifts, calling old clients, and arranging for coffee with past partners are all great ways to keep you top-of-mind for future opportunities.
Law Firm Marketing Explained
Think of marketing as a way to support your business development strategy. This is how your firm will present itself to the public eye through the use of communication channels, advertisements, writing guest posts, designing brochures, designing a fantastic website, and more.
The purpose of these materials is to set your firm apart and present your expertise in a way that provides value to everyone who interacts with your business – even those who never end up becoming paying customers.
Often, this type of collateral is what will help attract clients to your business. They provide your practice with credibility and help you reach a wider audience.
Now that you know the difference between marketing and business development, you’ll be better able to grow your practice and attract the clients you can best serve.
If you’d like to better understand how you can utilize marketing and business development tactic and strategies to maximize your bottom line, please give shoot me an email at email@example.com.