An important part of marketing is targeting the correct audience. To do this, you first need to ensure you know who your targets are and understand as much about them as possible. Defining your target audience will help you be smart and strategic in your marketing tactics, increasing your ROI and allowing you to get the most of your marketing and business development efforts. If you haven’t gone through the exercise of identifying and segmenting your target audience, we have a few insights to help.
This is probably the simplest way to target, and the most effective for several types of law firms. For those firms specializing in real estate or wills and estates, building a awareness within a certain geographic area can be extremely beneficial. Name recognition can go a long way if you’re able to become widely known within your area. Try targeting by state, city, and county, but there are other segments that can be more precise. Look at school district or voting district, or where people work.
Demographics are those characteristics that are unique to an individual. Things like age, gender, income, family size, occupation, or religion can be helpful for narrowing down your audience. These features can be especially helpful for lawyers who specialize in practices like discrimination, class action suits, or criminal cases.
One area that can be particularly interesting to lawyers who work in the areas of products liability, matrimonial law is behavioral segmentation. Examples include marital status (like married, divorced), product usage (example: talcum powder) or other factors.
If you’re a corporate law firm, then firmographic segmentation can be a great option for segmenting your clients. This is a method of sorting clients by qualities such as company size or industry. Consider the following, one client is a 100 employee company that’s looking to solve an issue in employment law, another company is a 10,000 employee, multinational company that’s looking for help with intellectual property law. Should these two clients be receiving the same emails or be approached with the same marketing tactics? Probably not. The benefit of market segmentation for law firms that have different types of clients is more precise marketing campaigns which increases engagement and client conversion.
In a similar vein, need-based segmentation allows law firms to know what resources to provide a client with. Clients looking for help within different practices areas are most likely going to find different types of content useful. Need-based segmentation can help you provide the right content to the right clients. The smaller company looking for help with employment law may find a blog post on workplace arbitration agreements helpful, while the large company may want a more in-depth webinar on the differences between patents, trademarks, and copyrights. Market segmentation for law firms can help inform content strategy.
Client tiering is a means of segmenting your clients based on how well they match your business goals. In this form, you take a look at the importance of each prospect and client and rank them in terms of value or ROI. Using this information, marketers can decide which clients to focus on based on which would potentially bring in the most revenue. Perhaps it’s not worth the time or effort to pursue a case for a small company with a small case. It all depends on your law firm’s goals and experience.
You can begin defining a target market based on one of these segments, or a combination of all of them. Regardless of how you develop your target market, finding them and getting to know them is the first step in the success of your marketing plans. Once you segment your prospects and clients, you can even begin developing successful email marketing campaigns that are personalized to your contacts’ needs .If you need some assistance, reach out to us – we’re here to help!