You run a law firm (LLP) in partnership with other lawyers, specializing in bankruptcy law. The current trend of recession has seen a surge in business for your industry and you need to capitalize on this opportunity to grow your business and build lifelong clients.
This strategy aims to advice you on how to position yourself as the expert and considerate go-to-lawyer for people facing the financially toughest period of their lives.
Who is your customer?
Your customers are those facing the toughest financial situations of their lives. They may have been close to bankruptcy before but are particularly affected by the current situation of global recession. They might be facing foreclosure on their homes, long term unemployment and a completely ruined credit record, among other things.
What is the best thing you can do for that customer?
Going bankrupt is an embarrassing situation to find oneself in. Even people who are otherwise careful with money may be hard hit during a slowdown or because they invested primarily in the crashed stock market. As a lawyer you obviously have to help them file their bankruptcy claims and salvage whatever they can financially. But to gain an edge over competition, you need to be considerate of the emotional stress that bankruptcy can bring on.
How are you going to do it?
Purchase email lists and create a database of people close to bankruptcy as indicated by multiple prolonged failures to pay their home mortgages and credit card bills, etc. Publish fortnightly or monthly newsletters talking about governmental policies regarding bankruptcy and what a potential prospect needs to do to file for bankruptcy.
In order to convert your client into a lifelong one you should also provide a five year “financial rehabilitation plan” that not only allows you to maintain ties but also get additional business through positive word of mouth.
Dont forget to say thank you
Every member of the database who opts in to the newsletter gets a thank you email that also includes a few survey questions:
Have they or anyone they personally know been close to a situation of bankruptcy?
What are their greatest fears surrounding bankruptcy?
Are they aware of the procedure for filing for bankruptcy and to what degree?
Where did they hear about you? When to communicate with your members?
Send out periodical newsletters in order to remain the top of mind “expert” in your area of operations.
How do you measure success?
Conduct a wide scale survey of all past clients to judge their level of satisfaction with your service.
Build Build Build, Keep track of how many new clients you gather through your direct marketing efforts. To gauge business growth across like periods compare factors like number of clients, per client billings and total turnover.