Of all the possible markets you could target, one is better than the rest. It’s easier and less expensive to reach this market, and likely to produce the most new business and profits.
People in this market require little or no persuading about the need for your solutions or your ability to deliver them. They are easier to work with, more likely to hire you for other legal matters, and more likely to send you referrals.
What’s more, the names and contact information of everyone in this market are readily available to you.
In fact, you already have them.
Yes, we’re talking about your warm market. People who know you and trust you. They’ve hired you before or know you professionally or personally. If you email, call, or knock on their door, they’ll answer and greet you by name, because they know you.
We should also include the people on your newsletter list, subscribers to your blog, and your social media connections, because while you might not know their name, many of them know yours.
It’s called your warm market, in contrast to your cold market, which includes everyone who doesn’t know you.
It’s much more difficult and expensive to market to the cold market. Yes, the cold market is bigger than your warm market, but that is its only advantage.
Now, this doesn’t necessarily mean you should stop marketing to the cold market and only market to your warm market. Some attorneys can and should do that. Some shouldn’t.
Some should market to both.
The question is, if you do market to both the warm and cold markets, how much of your time and resources should you dedicate to each?
Talk to your partners, accountant, and marketing people. Take a good look at your numbers, market trends, and your goals.
And don’t be afraid of change. Don’t stick with something because you’ve always done it that way or because most of your competition does it that way.
And ask yourself some questions:
If I could get most of my business through repeat business and referrals, would I want to? Or would I always want to keep a hand in the cold market?
Is this the time for me to go all out and build this thing as big as I can as fast as I can? Or am I happy where I am and satisfied with my current rate of growth?
What’s my plan for the next two years? Ten years? What does my gut tell me is right for me now?
I don’t know your numbers or goals or anything else about you but I can offer one piece of advice that worked well for me and countless others.
Focus on your warm market first.
Give your practice a solid foundation of repeat business and referrals before you venture into or expand efforts in the cold market.
Then, no matter what happens in the cold market, you will always have that foundation.
Unless you’re brand new, in which case, all bets are off.
Here’s The Formula