Happy New Year everyone! It seems that when we left off before the holidays, there wasn't quite the scramble to compensate for the economy and the issues it was bringing to the legal industry. Now, just over a month later, and four major law firm dissolutions later, it is the ONLY topic on everyone's mind. To that end, InsideLegal will provide comprehensive coverage on economic issues as they relate to the legal technology landscape. Beyond that, we are recruitting a slew of reputable consultants, legal IT, firm contacts, and other legal commentators to provide insight into the topics that matter most to you.
With that said …more often than not in a down economy, the first thing that law firms and vendors do is cut back on their marketing efforts. We have been speaking with vendors lately and have heard that very thing from almost all of them. Based on our experience, this is a strategy that is extremely counterproductive, and counterintuitive based on the long term goals of growth and increasing market awareness.
It is important to continue with your marketing plan to maintain the momentum. Also, by doing so, you separate yourself from your competitors and other market players. With keeping your marketing investment the same in a down economy, you actually accomplish more and have an increased presence among other companies that are pulling way back. This puts you at the forefront of your prospects and keeps you top of mind. Another benefit is that you're making goodwill points with your vendors (events, publications, agencies, etc.) that are in the same position that you're in. This not only gives you 'bonus points', but goes a long way in building long term vendor partnerships.
So, after evaluating your marketing mix, think twice about cutting costs. If you must cut, look at taking the reduction from across all line items. For example, it would give you better results to do an event, but cut out the sponsorship or reduce ad sizes instead of completely cutting your event or advertising line items. Also, get creative on cost cutting – partner with other vendors for group buying power – look at co-op ads, seek alternatives to expensive printing and mailing options, etc.
What is your organization doing in this regard? We'd love to hear from you.
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