There’s one thing all professional service firms have in common – law firms included. They each have the same goal: growth. Especially with small firms, they’re typically keen to expand their growth at a healthy rate. There’s generally one small misconception that firms can get wrapped up in when trying to focus on growth, though. They’re incredibly keen to acquire new clients. So keen, in fact, that they forget about the clients they’ve already gained.
It’s a common misconception that the key to growth for professional service firms is constantly acquiring new business – but that isn’t true. Of course, acquiring new clients is fantastic. Don’t turn them away! However, focusing entirely on acquiring new clients isn’t as cost-effective as you might think.
The palaver of scouting, verifying, nurturing and onboarding leads through your sales funnel is a (necessary, but) lengthy process that takes up a lot of precious time that a new firm may not have.
Instead, there’s an untapped resource that is essential for your law firm’s growth… Your current clients! Client retention for law firms is a vital aspect of your firm’s growth. Existing clients are high-value, low-effort assets that you’ve already won over, and we want to keep them that way.
Benefits of client retention for law firms
There are plenty of reasons why client retention for law firms is so important. Past just keeping the lights on!
- Established clients are loyal – It’s a tried and true belief! The clients you already have are bound to be far more loyal to your firm than a brand new client. It’s a proven theory, too. In Bain & Company’s The Value of Online Customer Loyalty and How You Can Capture It strategy guide, (that’s a bit of a mouthful, eh?) its explained that repeat purchases tend to spend more and spend big. (It also delves into client lifetime value, which you already know all about thanks to our blog post.) This theory applies to law firm clients, too!
- Word of mouth marketing – Once you’ve got a loyal client under your belt, you’ve also got your very own marketer. When you’re keeping these clients on and keeping them as happy as can be, they’ll start singing your praises elsewhere (whether that’s in a testimonial, on a review site, or in real life,) and you’ll have plenty of new clients coming your way. Long-time clients are far more likely to refer new people to your firm.
- Save on time and resources – Actively seeking out and trying to draw in new clients takes up a lot of time, effort and resources. All things that small new firms are short of. When you’re focusing your efforts on client retention, you can worry a little less about bringing in new clients and make sure you’re keeping the clients you’ve already got to help them convert and convert again.
Five ways to increase client retention for law firms
1. Splurge on some mates rates
It might seem frightening to cut down your hourly rate by even a penny when you’re starting out – but don’t underestimate the power of a perceived bargain. Even 5% off can get someone’s serotonin racing. A small discount can make a client feel appreciated and special, which incentivises them to continue working with your firm.
2. Upselling and cross-selling
Generally, when a client comes to you, they’re not entirely sure what they want or need. You provide the knowledge they need for their situation, so ensure you provide them with plenty of avenues and see if they’d like any additional services by using upselling and cross-selling strategies.
3. Create a client loyalty program
You likely haven’t thought of creating a client loyalty program. After all, it’s more of a B2C practice – but that doesn’t mean that B2B businesses can’t follow suit. A loyalty program can take the form of a more comprehensive discount strategy. For loyal customers, you could offer anything from small gifts to large corporate events. Whatever fits within your law firm’s brand identity.
4. Crafting the perfect client journey
Everyone likes to feel appreciated. That’s what the client journey is all about. Special ‘magic moments,’ as we like to call them, that highlight how much your firm appreciates its clients. By mapping what your client will experience all the way through from first contact to delivery, with some really great touchstones in-between, is the recipe for a winning client experience.
5. Know your clients inside out
Once you know your clients like the back of your hand, you can better understand what they want, what they need, and how to connect with them. You’ll need to know who they are, what their jobs typically are, their income, their location, their hobbies – as much information as you can! Then, you’ll be better able to tailor your content marketing towards them. When your content is tailored to your clients, they’ll get far more value out of it and will be more likely to share it. You’ll also be cemented in their minds as the expert in your field, reinforcing your credibility as the go-to law firm for your speciality.
If you’re a law firm looking to retain more clients, transform your client journey and create better content, you’re in the right place. Boss Digital are a team of marketing for law firms experts. Contact us today for a free consultation.
