How long have you been waiting to launch a comprehensive marketing plan ... or to redesign your website ... or get a website? Procrastination is one of the most expensive mistakes you can make in your law firm marketing, and one of the most common among attorneys.
I totally get the many reasons why you put off making a decision about your marketing. Whether it's approving a website design, writing a blog post or deciding to make that initial commitment to get started with The Essential Solution® -- attorneys are notoriously skilled at the fine art of procrastination (aka decision avoidance). I understand that you get busy with the "important legal stuff" (aka your "comfort zone"). I get that you like keeping your options open, and that making a decision is all about eliminating options. I'm right there with you.
But the one big fallacy I want to blow out of the water today is that you're saving money by not making a decision today. All too often I hear attorneys say, "I really want to do this, but I need to wait until I have more money."
Did you know that this one oh-so-simple statement is costing you hundreds, thousands -- perhaps hundreds of thousands -- of dollars? Yes, that decision to WAIT is actually increasing your marketing costs by mind-boggling amounts.
If you took Econ 151 in college, you may remember studying The Time Value of Money. At the most basic level, The Time Value of Money demonstrates that, all things being equal, it is better to have money now rather than later (read more here if you're a math geek and want to see the formulas).
Consider this real-life scenario:
- Richard, who joined the program earlier this year, reported more than $10,000 in new revenue generated the first month that his system went live.
- Suppose Richard had procrastinated on approving his website design. What if he had spent another three weeks debating over the background color for his banner? How much would those three weeks have cost him?
Or consider this common situation:
- Rex, who liked the system the first time he looked into it, waited more than a year before deciding to sign up.
- If the system generates just one new client per month (and many Essential Attorneys™ report one to two new clients per WEEK) -- how much did Rex's 12 months of procrastination actually cost him? At an average fee of $2,500, we're talking about a minimum of $30,000. My best guess is that Rex could have used an extra $30,000 last year.
What if Richard (who generated $10,000 in new revenue his first month) had waited six months or a year to get started? Do you see how quickly you can throw away thousands, even hundreds of thousands, of dollars?
The best thing you can do to keep your marketing costs down is to get started NOW. Start generating new revenue as quickly as you possibly can, then enjoy the economic truth that money today is worth more than money tomorrow.
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