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After each recent Supreme Court ruling, I noticed a common pattern. Certain law firms would send an alert within hours, advising readers of the decision. Over the days that followed, other firms’ advisories would trickle in to my inbox or Twitter account. Some are still arriving.
News, of course, can present a marketing opportunity. However, the benefit you receive from informing others about it will depend on many factors, including your competition for the readers’ attention, the timeliness of your message and the quality of the piece.
The activity following the SCOTUS rulings got me thinking about how some lawyers and firms are very good at capitalizing on new developments and others are not. I understand that it can be a resource issue; the largest law firms have legions of associates or staff members to help prepare materials while smaller firms do not. Still, in many cases, issues can be anticipated and, if you can anticipate something, you can be prepared to address it.
Here are a few thoughts on taking advantage of a new development.
There is a huge advantage to being the first to relate news of significant developments. That’s why when something important happens, certain professionals will decide to drop everything to get the word out quickly.
In many cases, however, you may know ahead of time that a development is coming. Let’s say you are tracking a case, the outcome of which will be very important for your practice and your clients’ industry. Any piece you write will likely include an overview of or introduction to the case; as that information will not change, it can be written at any time.
You can also go ahead and identify the outlet for your article (if it’s not a firm publication) or prepare lists of recipients (e.g., industry representatives or the media). You could even draft two endings — what are the ramifications of the ruling going either way? By preparing in advance, you will be ready to launch as soon as the decision is announced.
If you can’t be one of the first to appear in people’s inboxes, you should have a strategy for arriving at a later point. For example, you may still write an alert to ensure your existing clients are all informed of the development. Even if it appears a little late, it is a fine objective (although may be less of a marketing opportunity).
However, if you are hoping to position yourself as a thought leader with the news, you will need to make your message distinctive. Here are a few ways your missive might be different:
There are other effective ways to capitalize on a new development as well, including:
If you are paying attention, marketing opportunities will cross your desk every week. They may take the form of a litigation result, a monumental transaction, even previously unplowed issues or developments within industries, companies or jurisdictions. Your ability to use these changes effectively can contribute significantly to your business development success.
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If you’re like most lawyers, you’re probably experiencing frustration about your seeming inability to develop a consistent, profitable book of business — and gripped by inertia.August 16, 2018 0 0 0