Too often I hear lawyers lament their inability to compete in crowded markets. They often see the obstacles as a cost issue. Lawyers complain either about the enormous cost of SEO to get on Google’s front page in a competitive area of activity or that other companies are undercutting in the race to gain market share.
However, competition doesn’t have to be an issue for a smaller business as there is always a way to thread the needle, as detailed in this article from Entrepreneur.
Here are some ways to compete even in crowded waters:
Appeal to a different demographicsc – In other words, find a niche. For example, instead of handling all kinds of personal injury cases, consider a practice that focuses on senior PI clients or PI clients in college, or even PI in a single county in your jurisdiction. While the concept sounds limiting, you will also find that you convert more clients because your services are spot on.
Offer better service – Better doesn’t mean more expensive. You can improve your service and stand out from your competition by offering customer portals or weekly information webinars. Or you can upscale and build a premium white glove service that includes tasks other companies don’t do. For example, many estate planning firms do not help clients move assets to a trust. You could include this service and charge more for it.
Strengthen your brand: In today’s world, people care about what their service providers stand for. Do you run a sustainable company? Support community activities and pro bono? Act as a patron of the arts? These features can make a difference.
For more ways to differentiate yourself from the competition, sign up for the FREE Client Triage Clinic – January 19, 2021 at 3 p.m. ET.