Our 2005 Estate Planning Practice Strategies revealed that fully 86 percent of estate attorneys do not have a written marketing plan. Business experts agree that a written marketing plan is fundamental to financial success. In fact, most business owners find it impossible to secure financing without one ... and for good reason. A written marketing plan organizes and focuses your business strategy. The planning process requires you to examine internal and external factors that could both ensure and impede your success as well as define a ready market for your goods and services, a service delivery system, and a strategy to generate demand. It also includes reasonable revenue projections, and the data to support that reasoning.
We have two types of clients at Integrity Marketing. The ones who work with us to draft and revise annual marketing plans ... and the ones who say they will (but never seem to get around it). Whether you have a written marketing plan or not, your estate planning practice is constantly facing new and ever increasing challenges. Some of those are unique to your practice and market area; others are universal to the practice area, as highlighted in our survey, including
- decreasing referrals from allied professionals,
- a lack of client motivation,
- pressure to lower fees, and
- a confusing and complex legislative environment.
While a well-conceived marketing plan is your single best strategy to ensure success in meeting these challenges ... there is a fundamental first step that many overlook in the planning process.
BEFORE you start working on your 2006 marketing plan, take time to perform a Year-End Review, or a marketing audit, for 2005. This exercise will give you a better understanding of your practice, your market, and your future. It will help you "get your bearings," so to speak, in the marketing environment. And it will pay off in real dollars. First, completing this exercise will save you hours of frustrating work when it comes time to craft the marketing plan. It will help you organize your thoughts as well as crucial financial and market data. But more importantly, it will guide your future marketing efforts toward greater profits!
Watch this blog to learn more about the Marketing Audit process.
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