JD Supra recently published Heather McCullough‘s article “Saying Thank You – How to Generate Revenue Through Client Appreciation.” In it, she expresses how to increase business via client appreciation, specifically through retention and advocacy of current clients.
Below is an excerpt of the article, and it can be found here in its entirety.
Changes to the marketplace have fundamentally altered the legal marketing industry.
I remember exactly when I knew that to be true. At the Legal Marketing Association Annual Conference in 2010, I heard a speaker from an AmLaw 50 firm say, “We’re only going to grow by taking work from other firms. Our business development strategy is stealing clients from our competitors.”
I distinctly remember it because it is the first time I had heard it put quite so bluntly. I took it specifically as a fire alarm for mid-size law firms who could no longer be sure of their place in the world on generally smaller or more locally-focused matters. Bigger firms with more resources were coming after every kind of work. This point was reiterated by BTI Consultants during a recent seminar called “Big Law Wants to Crush You Like a Bug.”
And if increased aggression from our law firm brethren wasn’t enough, we are also competing with clients as corporate counsel continue to shift legal spending in-house. We have increased competition from traditional and non-traditional providers, and at the same time, the top priority for law firms is increased revenue. What’s a marketer to do?
My answer? Be intently focused on retention and growth from existing clients.
Read more here.