The Australian legal market saw growth by the end of 2019, with a demand increasing by 3.9%, according to Thomson Reuter’s 2019 Australia: State of the Legal Market report. In addition, the report found that a large portion of the market demand of fiscal year 2019 was centred in Melbourne in Sydney, which according to the report “grew by nearly twice as much as Brisbane.” This growth may be indicative of the various ways technology has impacted the Australian legal market. From legal marketing to legal technology, there are several factors that have contributed to this success and growth. According to the report, legal technologies such as cloud computing, Software as a Service or SaaS, and artificial intelligence are set to influence the way legal technologies are designed. B2C and B2B law firms alike are attracted to such technologies and are racing to adapt them to remain competitive.
According to Thomson Reuter’s 2019 Australia: State of the Legal Market report, between 2014 to 2016, legal firms have sought to decrease budgets for marketing and business development. However, with the demand for the legal market, firms have increased marketing spending to about 5% to 7% between 2017 to 2019. This is indicative that legal marketing strategies are evolving just as technologies are. So how do B2B law firms keep up in the midst of changing technologies and trends?
5 Ways B2B Law Firms Can Improve Their Legal Marketing Strategy
Getting started on new legal marketing strategies can be a challenge. If you’re a B2B law firm looking for more modernized strategies that take into consideration today’s technologies, here are some tips for you and your business.
Define the goals of your legal marketing strategy.
A legal marketing strategy must be aligned with your B2B law firm business objective. A strategy is a long-term approach inspired by marketing concepts, while activities and tactics are short-term methods to achieve such objectives. Strategies can be broad, while tactics and activities are specific and measurable. It’s important to keep in mind your strategies and tactics when developing steps to address a marketing need within the B2B law firm business.
Determine your B2B law firm brand.
It’s important to define your B2B law firm brand because it is the core of your legal marketing strategy. According to Lawyerist, the following are some important questions to ask when defining your brand:
- What exactly is your practice?
- How do you want people to view your law firm?
- What is your law firm’s brand?
- What kind of brand experience do you want people to have?
Some of the most common values that your B2B law firm should strive for is trust, value, and quality service. Think of these values or your brand’s values when developing legal marketing strategies for your brand.
Demonstrate your B2B law firm’s credibility.
A B2B law firm must be trusted by audiences to better convert them to paying customers. This is done by demonstrating your B2B law firm’s credibility. Your legal marketing strategy must include ways to showcase your B2B law firm’s strengths not only in your own words, but in the words of your customers. Client testimonials are a great way to showcase just how valuable your services are to your customers, who provide a first-hand account of their interactions with you. Customer reviews are not just for legal marketing strategies, as it can also be applied to law firm marketing, financial services marketing, and technology marketing as part of their overall B2B marketing strategies. Awards are also a great way to showcase credibility. Your B2B website should have a page communicating your milestones and successes with every award received.
Establish a social media presence.
A 2014 IDC study (via BusinessWire) revealed that up to 84% of C-level and VP-level buyers use social media when making purchasing decisions, an important insight that B2B businesses and marketers should take into consideration today. Your B2B law firm must be where your target customers are looking, such as LinkedIn. According to the Content Marketing Institute’s 2020 B2B Benchmarks, Budgets, and Trends – North America report, 95% of B2B organizations use LinkedIn for organic content marketing, while 76% of B2B organizations use LinkedIn for paid B2B marketing activities. This is indicative of where customers truly are: on social media.
Measure the results of your legal marketing strategy effectively.
To effectively determine ROI for your legal marketing, it’s important to measure results, whether it’s by using analytics tools for digital efforts or marketing funnels and sales numbers. Measuring results can help you gauge if performance meets your B2B law firm business goals and adjust activities accordingly.
Legal Marketing in 2020 and Beyond
As B2B marketing continues to evolve and be influenced by marketing technology, so does legal marketing techniques and strategies. This year, B2B marketing is set to become more customer-centric than ever before, with businesses putting their customers’ needs and good-to-have’s at the core of their marketing strategies.
For marketers who need assistance in developing better strategies this year, B2B marketing firms are on hand to deliver specialised service depending on the industry you operate in. These firms have specialists who are experts in legal marketing, law firm marketing, technology marketing, financial services marketing, and other B2B fields your business may operate in. Get in touch with a B2B marketing firm today to learn how you can boost your strategies today.