developing or deepening your niche
TRANSCRIPT
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© 2013 SuccessTrack, LLC
Discovering the Power and
Profitability of Focus
Developing or Deepening Your
NicheNJSBA July 16, 2015
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© 2013 SuccessTrack, LLC
Program Outline
A word about the handoutsPart One: Understanding NichesI. DefinitionII. Why Niche?III. Myths, Challenges, and MistakesIV. Examples
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Program Outline
Part Two: Hands-On ProcessI. Analysis Tool, Part 1II. Analysis Tool, Part 2III. Trend ResearchIV. Competitive IntelligenceV. More Examples
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Program Outline
Part Three: Marketing a NicheI. Identity Message and Value PropositionII. Client CentricityIII. Multiple Channels of CommunicationIV. NetworkingV. Online Presence
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Follow Up Resources• Email w/ requests for specific info:
[email protected]• Copy of this slide deck• 90-day Niche Development
Program• Marketing Jumpstart
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© 2013 SuccessTrack, LLC
Niche Success for Lawyers
Part One:Understanding
Niches
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Definition
An approach to marketing and managing your practice
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that clearly differentiates you from other attorneys, and identifies you as a go-to expert for specific legal needs in the minds of both targeted clients and referral networks, and the broader public.
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Levels of a Niche
933,903 of 1.2MM in PP
1 of 465,000 Lit or Trans
1 of 80,000 Prac Area/Sector
1 of 6,000 Slice
1 of500<
Target Condition Relevance
Differen
tiatio
n / Fo
cus P
yramid
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Levels of a Niche
933,903 of 1.2MM in PP
1 of 465,000 Lit or Trans
1 of 80,000 Prac Area/Sector
1 of 6,000 Slice
1 of500<
Target Condition Relevance Acute Care Facilities
Hospitals
Healthcare
Business Lawyer
Lawyer
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The Bulls Eye
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Skills
MarketPassion
Your Niche
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Niche Parameters• By practice area• Type of problem, opportunity,
industry/sector• Business / demographic characteristic• An entire firm• A practice group within a larger firm• A practice -- within a firm or as a solo
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IP - Chemical
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DilworthIP.com
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Rule 7.4 (a), Communication of Fields of Practice & Specialization: A lawyer may communicate the fact that the lawyer does or does not practice in particular fields of law.
Advisory Opinion: “A lawyer may indicate that the lawyer ‘concentrates in,’ ‘focuses on,’ or that the practice is ‘limited to’ particular fields of practice as long as the statements are not false or misleading in violation of Rule 7.1”
Rule 7.1, Communications Concerning a Lawyer’s Services “A lawyer shall not make a false or misleading communication about the lawyer or the lawyer's services. . . . ”
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The “Specialist” Issue
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Sample Phrases“I focus on . . . .” or “I focus exclusively on . . . .”“I primarily handle . . . .”“We devote our resources mainly to . . . .”“We concentrate our practice on . . . .”“We represent only. . . .”“I work with . . . .”“We limit our practice to . . . .”“One of the main areas I focus on is. . . .”
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Acute Care Hospitals
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“ . . . focuses exclusively on representation of healthcare providers . . .”
“ . . . With a particular emphasis on representation of acute care hospitals . . .”
babc.com
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Why Niche?
1. Segmentation/specialization is everywhere2. Create a unique identity3. Be thought of by prospects and referral
sources in a specific context4. Builds experience, confidence and reputation
faster
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Veterans Disability
17VeteransDisabilityInfo.com
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Why Niche?
5. Creates efficiency and increased profitability
6. Easier to market 7. Easier to cross-sell 8. Allows for greater selectivity of clients9. Can charge higher prices
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Myths
1. It’s only successful for solos & small firms2. You have to say No to everything else3. It’s only for younger attorneys4. You’ll be bored5. There won’t be enough work6. Someone else already fills the niche7. You have to have only one niche
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Challenges
1. Finding the 1-3 niches2. Making the transition from your current
practice3. Growing it before you are truly expert4. Spending consistent time working on it
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Faith Community
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ChurchLawGroup.com
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Mistakes
1. Not doing enough research and planning2. Being too broad and thinking it’s a niche3. Not sticking with it long enough4. Not nailing down a compelling narrative
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Sports
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SALawUS.com
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Example: Student Defense
DCStudentDefense.com
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Example: Discovery
RedgraveLLP.com
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Niche Success for Lawyers
Part Two:The Process
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NAT Part 1: Your Experience
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1. % of matter types in the last 5 years
2. Your unique experience, qualifications, abilities
3. Patterns found in the work from # 1
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NAT Part 1: Your Experience
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4. Ideal client’s business and/or personal or characteristics
5. Personal values, interests, causes, motivators
6. Relative profitability of matter types from # 1
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Example: Landlords Only
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LandlordLawFirm.com
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E-Transactions
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BertraLaw.com
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Trend Research• Major Legal Trends• JOBS Act (Jumpstart Our Business Startups)• Google the phrase “trends in [target
phrase]”• Set up Google Alerts • Talk with colleagues and clients• Legal research/docket search
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A Mega-Trend
Aging Society (Shock of Gray, Ted Fishman)• Undue influence• Employment • Nursing home & hospital finance, M&A• Fraud • Changes in provider partnership agreements• Affordable Care Act accountability
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Example: T&E in the Arts
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PVACounsel.com
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NAT Part 2: The Marketplace
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1. Nature of the legal or business issue
2. Situation or event that triggers expenditure of time and $
3. Main challenges to client posed by #2
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NAT Part 2: The Marketplace
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4. Specific solutions and services you provide to meet the needs of #s 2 and 3
5. Measures of success/value from clients POV
6. Market indicators: volume, trends, tiers, competitors
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Competitive Intelligence• Ask contacts who else focuses on X• Google well (synonyms, advanced
search strings, geography)• Bar Association section groups• Study competitors’ websites
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Green Tech
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GrahamDunn.com
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Restaurants
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ShefskyLaw.com
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Immigration
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Wolfsdorf.com
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Franchising
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FranchiseLawSource.com
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Example: T&E – Military
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NostrandLaw.com
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Environment
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BDLaw.com
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Water
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WaterLaw.com
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Telecom
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FHHLaw.com
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Bike Accidents
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CyclistAtLaw.com
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Example: Karate
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KarateLaw.com
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Marijuana
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LASDopestAttorney.com
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NFA Trusts
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CTGunLawyer.com
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Niche Success for Lawyers
Part Three:Marketing
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Business Development Outline
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1. Set your course2. Target specific work/audiences3. Chart universe of contacts4. Convey effective messages5. Use multiple channels
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Business Development Outline
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6. Build/expand online presence7. Activate referral sources8. Nurture existing clients9. Strengthen client development
habits
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Promoting Your Niche
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1. Effective messages2. Multiple channels3. Referral sources4. Online presence
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Marketing Language Shift
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FROMLawyer-centricPractice areaProcessFeatures
TOClient-centricProblem/OppResultsBenefits
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Value Proposition
Key word = VALUE from client’s POVThe Formula: We help [specific target]
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[verb + problem/opportunity] so they can [result/outcome].
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PAR Stories• A structure to create a catalog of
stories that illustrate your value• P = Problem/Pain• A = Action/Activity• R = Results (from client-centric
POV)55
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Multiple Channels• Personal networking• Speaking• Writing • Site and blog
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Online Presence• LinkedIn, Facebook biz page• Site & bio page• Directories (Avvo, Lawyers.com,
Super Lawyers, JD Supra)• Blogs; article submission sites
(eHow, Technorati)57
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Follow Up ResourcesEmail w/ requests for specific info:
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