Tuesday, August 11, 2009

Sponsorships Out, Business Development In

Law firms are cutting back on expensive branding sponsorhips and focusing instead on more measurable business development activities, according to a National Law Journal article titled "No More 'Chalets': Legal Marketing Focuses on Building Business" by Karen Sloan.

Sponsorship dollars are being directed toward industry conferences and client events, but away from sporting and cultural activities.

While not surprising, this could be a good move in several ways:

1. Firms are being forced to identify those marketing investments that are truly generating business. Measuring ROI is always a good idea.

2. Lead analysis is also helpful. Firms should always ask new clients how they heard about the firm, and most law firms are diligent about tracking leads.

3. The process of selling may be drawing more attention at the Managing Partner level during these lean times. Sales productivty analysis can result in a higher quality of lead and better conversion rates.

Law firms that can present themselves as experts through substantive education-based marketing designed to help clients navigate today's dramatic changes in financing, legislation, and government regulation may find they can gain a competitive advantage.

No comments: