Dig The Well Before You Are Thirsty
One of the greatest advantages of having your marketing act together is that it allows you to pick and choose what clients you want to work with.
In my world, that’s called independence.
When a lawyer doesn’t have a consistent and predictable flow of new clients contacting his office on a regular basis, he hesitates to turn away undesirable clients — especially the ones who have the money to pay his fees.
If you want to be able to pick and choose the clients you work with, you have to continually focus on putting new marketing systems in place. In order to do that, you have to avoid the trap of getting so caught up in your day-to-day work that you ignore your primary job of marketing your law practice.
Without multiple marketing systems in place, you are destined to experience the feast-or-famine dilemma that most professional service providers find themselves in. When they have too much work to do, they are content. When they start running out of work (and fees), they panic and often start throwing money at advertising and marketing that is not well-planned or thought out.
There’s an old Chinese proverb that says, “Dig the well before you are thirsty.”
In my own law practice, I’m always working on digging new wells (creating marketing systems). At any given time, I may not need all the wells that I am digging, but I want to make sure that if the need arises, I won’t be caught short. It’s better to have too much business than too little business.
I have a friend who, in some respects, is a better lawyer than I am. But he’s in trouble right now because he relies too heavily on word-of-mouth advertising. Yes, he does a great job for his clients, but he’s allowing his business to die a slow death. He’s frustrated and angry because “It’s not like it used to be.”
Nothing is like it used to be. Everything is upside down. But that’s not an excuse to sit back and complain while the world passes you by.
You have to work every day at digging one or more new wells.
The great marketing coach, Dan Kennedy, has a rule that I follow: you never end a workday without doing at least one thing that is designed to attract new clients.
I currently have three new marketing systems that I’m working on right now.
The key point I’m trying to make is that you have to constantly be working on new ways of bringing in business, regardless of whether you need the new business at the moment. The other point I want to make is that you should develop as many marketing systems as possible.
The mistake that most lawyers make is that they become too dependent on two or three methods of generating new clients. If one of the methods stops working, the lawyer will be in trouble. If two of the methods stop working, then the lawyer may be out of business.
An extremely important Kennedy concept is, “Diversity Equals Stability.” This concept stands for the proposition that you cannot rely on only one or two ways of marketing your services. You must use as many different marketing systems as possible to ensure that you won’t suffer if one or more systems stop working.
The more diversity you build into your marketing, the more financially stable your business will be.
As a reminder, here are the requirements of an effective marketing system:
- Affordable and efficient.
- Reliable and consistent.
- Runs smoothly without any complications and without a lot of hassles.
- Guarantees that you will have a predictable flow of new clients calling your office on a regular basis.
- Allows you to sleep at night secure in the knowledge that you will be able to maintain a top income.
I hope that I’ve convinced you to follow Kennedy’s rule to never end a workday without doing at least one thing that is designed to attract new clients.
Dig the well before you are thirsty.