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November 18, 2016

Football coaches use the phrase “deep and wide”-spread the receivers and tight ends wide across the field and go deep down field with the ball. Going deep with a receiver who catches the ball makes it easier for the offense to score.Over the years marketing experts have come to use the same phrase to explain marketing strategies. One strategy of course is to throw a wide net out to all likely consumers of legal services. Law firms with a retail business model are more likely to develop multiple specialty departments and take on clients from all income groups and all walks of life. They’re kind of like GE. They often subscribe to the land grab strategy and firm-wide marketing efforts tend to focus on the comprehensive nature of the firm.Other law firms are narrower in their focus. They form a boutique firm with fewer areas of specialization. They understand the value of niche marketing that requires them to go deep with their expertise and market niche. The secret of their success lies in narrowly defining the niche and then drilling down as deep as they can go within that niche to achieve a place of market dominance.

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Personally, I like the go deep strategy for two reasons:
1) You get to decide who you most enjoy working with and what you most enjoy doing as your area of specialized expertise. Start by asking yourself, “Who do I really want to reach and what do they need and value most that I can provide with excellence?” A practical way to execute this strategy is to segment your client base and make a decision to spend 80% of your time on your top A/A+ level clients. Then ask them for referrals.2) You can leverage your resources more effectively. Independent advisers are limited both in terms of time and money. To some extent marketing is a numbers game but just getting big numbers is not necessarily effective. It is far more profitable and time efficient to go for quality (go deep) over quantity (going wide) every time. Niche marketing is far more profitable for independent advisers. It’s easier on you and your support team to focus on fewer clients that you can bill at a higher rate than to take on a multitude of clients at a much lower rate.Content that you control whether on your website, articles and blogs you write or educational presentations you give can help you attract a very specific group of people to your law firm at less cost and with far less marketing effort. When writing content remember this-the most likely customers for your service appreciate the breadth of your knowledge and experience. Go wide and educate them. But, when it comes to solving specific problems they value and are willing to pay for the depth of your expertise and judgment. Go deep and relate more intimately and personally to them.

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Education and Relationship Marketing work best for attracting affluent and super-affluent market segments to your law firm. But, you may need to go deep to find them by developing professional alliances with non-competing trusted advisers. Affluent clients value deep personal relationships with advisers they can trust to calm their fears and solve their problems. Understanding how to do that makes you attractive to them and puts you heads and shoulders above your competitors.

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