How marketing can give law firms the edge in Singapore
The Singaporean legal market has recorded steady growth over the past 12 to 18 months, and this has fuelled greater competition for both staff and clients.
But despite the headline news being positive, firms are being forced to diversify their offerings in order to boost client retention, with flexible fees, a greater focus on practice area specialisms and improved regional coverage all becoming increasingly commonplace in the sector.
Indeed, pricing pressures are a real concern, with many mid and high-level firms forced to reconsider their pricing models. This underlines how although there is certainly confidence that the worst years of the global economic crisis have passed, companies are still very keen to control the bottom line.
With competition for clients fierce, law firms should be turning to their marketing staff to give them an edge over their rivals by building their brand voice. Here are four top tips for accurately targeting your audience.
Draw up a marketing action plan (MAP)
This is the first step, as putting the plan to paper gives everyone a framework from which to work. It should describe the current state of the market, list what your clients value about your service (such as quality, service and image), what the best channels for reaching clients are and what your competitors are doing. Firms should also be looking at their strengths, weaknesses, opportunities and threats, and reviewing previous marketing efforts to see how effective they were.
Use visuals to start conversations
The power of visuals is striking, as it can add real value to any marketing campaign. For example, research by BufferApp shows that tweets with images receive 18 per cent more clicks, 89 per cent more favourites and 150 per cent more retweets than those without. So once you have decided what your marketing message is going to be, you need to come up with a way to represent this visually.
Develop strong calls to action
Driving engagement online is vital for law firms operating in competitive field such as Singapore, so make sure you come up with some strong calls to action (CTAs). Whether it is pointing them in the direction of your latest whitepaper, or asking for information as a condition of website access, there has to be something of real value on offer to maintain levels of engagement.
Constantly looking at your progress is vital. If you put a piece of content on the website, how many views and shares did it get? Similarly, how many clicks do your banner ads get? Law firms should not be wasting money on marketing activities that cannot be measured, as this will rob you of vital metrics demonstrating how successful your strategy has been. While expensive PR campaigns can generate some buzz, it is very hard to effectively monitor their results.
Law firms have traditionally relied on long-term client relationships, which means some are lagging behind others when it comes to using sophisticated marketing campaigns online. But by stimulating their target audience through content production, they can boost engagement. So if you want to be successful in Singapore, make sure you understand your audience and develop a consistent message that will resonate with them.