10 Million Dollar Club

Does Your Law Firm Rely Solely on One Source of Leads



If your business has only source of leads then it is only a matter of time before it experiences an existential crisis.

One thing I've learned very early on in my marketing career was that having one lead/marketing channel is a very dangerous position to be in. This happens because sometimes a company will  get clients from one source and they either get enough business to think it will last forever. Another reason is the cost of acquiring customers via other channels is greater than what they are used to. For example they spend $1000 to get a new client from Google advertising and they do not see themselves spending $2000 to get clients from Avvo or Justia or SEO.

Marketing is like a stool, it must stand on at least 3 legs. At the very least a company should acquire leads from its local seo, organic seo, and word of mouth. Once these channels are profitable one can invest  in paid advertising, local events, sponsorships, tv/video advertising etc.

A simple way to come to accept this is to look at your teams. In any successful company not everyone is going to be an A player. We will get A players, B players, and even C. Yet your company can still deliver a great product/service and make its clients happy. Compare that with working with a company of one employee/consultant who delivers an amazing product/service, yet you have no idea what would happen to your business were they to decide all of a sudden to call it a day. I know I would not want to rely on just one person for anything business related.

Your marketing needs to stand on several pillars even if some are more costly. The important part is to make sure that each channel is profitable or heading towards profitability. Once you have a profitable marketing channel, you can start to invest in or investigate other avenues. The goals with each new channel is to first find whether there are potential clients, the second step is to determine how much it would cost to acquire new customers, the third is to estimate their lifetime value and finally whether there is a path with these numbers to channel profitability. The rest is all about optimization to reduce the cost of acquisition which then would allow you to invest more into the machine.

Diversify your marketing, solidify the ground on which your business stands, build a lasting enterprise.


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