According to a recent study by legal industry researcher, BTI Consulting Group, law firms that achieve a “Top of Mind Awareness” with corporate counsel executives have a 28.5% increase in revenue on average for every 10% increase in positive differential awareness by such executives. 2008 Survey of National Market Awareness for Law Firms, BTI Consulting Group. “Top of Mind Awareness” is achieved (1) when a decision maker has the ability to spontaneously name your firm, (2) has a favorable impression of your firm, and (3) can state a distinguishing characteristic of your firm. While the study focused on corporate clients, it is reasonable to assume the selection process would hold true for any prospective client.
This may not sound like anything new. After all, isn’t that just good old fashioned product “branding”? To an extent, yes, but “Top of Mind Awareness” is more than just recognizing a firm by name, it involves an emotional and positive reaction that includes an understanding of at least one special thing about the firm.
So what should a firm do to achieve “Top of Mind Awareness”? The study’s results suggest a greater focus on business development activities. Their recommendations include firm activities such as:
- Issuing thought leading research and white papers.
- Adopting client service standards and strategies.
- Making aggressive use of alternative billing arrangements (sharing risk, being accountable).
- Creating client-driven technology.
- Having a market leading strategy for the firms growth, i.e. creating an innovative business and a compelling approaches to business development.
- Increase brand awareness through problem solving sales pitch, professionalism, trade associations, networking, speaking engagements, targeted emails and firm sponsored seminars.
LCG’s specialty is business development. We offer strategic development, management, training and coaching of virtually all of these activities:
√ We offer “market leading strategy” with “compelling approaches to business development.”
√ We help identify and implement “client service strategies” and “alternative billing arrangements.”
√ We develop and teach strategies that assist your firm in “showing distinction” through the publication of “thought leading research and white papers” and “premium speaking engagements.”
√ We develop a “creative problem solving sales pitch” and well developed and coordinated strategy for activity with trade associations, networking, targeted emails and firm seminars.
And much more…
In short, our services are precisely designed to help your firm achieve “Top of Mind Awareness”. Why not get started today?