If you’re like most attorneys, you may be tempted to reduce your fees in order to attract new clients. If that thought ever occurs to you, you need to take an ice-cold shower and snap yourself out of it.
Although making your fees “more affordable” seems like a great marketing idea, it is fraught with danger. You may pick up some additional clients, but you’ll end up with:
• Clients who are discount shoppers.
• Clients who don’t value your time.
• Clients who want “premium steak service” for the price of a McDonald’s hamburger.
• Clients who are of less-than-average intelligence.
• Clients who are “high maintenance.”
• Clients who will turn on you in a heartbeat.
• Clients who will refer you fellow discount shoppers, which will perpetuate the cycle of undesirable clients.
With these types of clients, your “misery index” increases in direct proportion to the amount that you discount your fees.
Getting into a price war with your competition is the last thing you want to do. The question you should be asking yourself is: “How do I get more good paying clients without lowering my fees?”
The answer to that question is to develop a unique marketing message that separates you from your competition – a message that isn’t dependent on price.
In order to come up with your own unique marketing message, you must first answer these questions:
• How are you different?
• Are you able to do a task faster, quicker, or more efficiently than your competition?
• Can you guarantee a certain level of service and communication?
• Do you have any stories of success that set you apart from your competition?
Putting the answers to these questions in a marketing message will help to prevent you from having to reduce your fees to attract new clients.