Five Tips for Protecting Your Firm's Market Share During a Recession

1. Search Engine Optimization: SEO is essential if people are going to find your firm’s website. Research shows that over 80% of customers surfing the web for information on services and products begin at a search engine like Google. SEO helps people find you through the keywords used in search engines. With a small investment in keyword research, you can identify the key words searchers are using to locate the services you offer. Once you know the words to use, optimize your site with those same terms in your content. Considering the expense of mailing and other paper-related marketing activities, SEO is less expensive and can be more easily tracked for success rates. Spending money on creating a website but not following through with a solid SEO program is the equivalent of buying a car, but not putting any gas in it. Make the most of your website by fueling it to work the way it is intended.
   
   
2. Web Analytics: If you have a website, you need to track its utility so that you know how to best use it to your advantage. Include a web analytics system, such as Google Analytics, to measure how well your website is working. Web analytics are easy to use and customize and are a cost effective way to understand the success of your site. These reports uncover where website traffic comes from, how long they stay on your site, which areas they spend the most time in and where they exit the site. By studying trends on your website traffic, you will be able to customize the information on your site to attract the most desirable visitors.
   
   
3. Utilize E-newsletters: Make better use of your marketing dollars by transforming print newsletters into an e-newsletter. E-newsletters are a cost-effective way to maintain visibility with existing clients. Your e-newsletter should be posted on your website and can be sent out to your clients with a simple and inexpensive electronic mailing service. As with any newsletters or advertising, be sure to include a call to action so potential customers will contact you while the topic is still on their minds. Create ‘contact’ hyperlinks in your e-newsletter blasts so that it becomes very easy for the consumer to act immediately. Be sure that your e-newsletter prints well so that readers who prefer to have a paper copy for their files can do so while maintaining the integrity of your brand.
   
   
4. Measure Return on Investment: Relationships are difficult to calculate and some marketing activities aren’t measurable by traditional figures and forecasts. However, there is no doubt that building and maintaining relationships over time brings in business. It is important to recognize that some marketing initiatives can, and should, be tracked so that success can be determined. Whenever you open a new matter or bring in a new customer, be sure to ask how and why they chose you over your competitors. Track this information and use it to measure your marketing activities. Outside of this important step, there are other items that can be tracked for return on investment including your website and SEO programs, e-newsletters, print and electronic advertising and client meetings and presentations. These activities should include a formal ‘call to action’ that is traceable over time. Trends will begin to emerge over a set period of time, whether quarterly or at 6 or 12-month intervals. Compare data and draw conclusions as you plan your subsequent marketing activities.
   
   
5. Remember, marketing is an investment, not an expense: Marketing is often viewed as an expense that can be cut. This is a dangerous mindset that needs shifting. Marketing is an investment in your clients and business. Careful evaluation of your investments and periodic rebalancing of your initiatives must happen. Choosing activities that are cost efficient and effective will prove that marketing is an essential component of any business in any financial climate.

Marketing your firm takes a consistent effort over a prolonged period of time. Periodically stopping and starting your marketing practices will always hurt your business. Lost time and effort will directly affect your long-term success. Keeping visible, understanding target audiences and building loyal relationships with customers are just a few of the essential components of a successful marketing plan. Aligning your business goals and sticking with your marketing plans will pay off in the long run, regardless of the economic climate.

Thanks to Deborah C. Scaringi for this post- she is a former president of the Legal Marketing Association’s New England Chapter, Deb can be reached via e-mail at deb_scaringi@mac.com .