How To Attract Clients Without Hard Selling

Effective Practice Growth Strategies For Intellectual Property Lawyers, By Eria Odhuba

How To Increase Your IP Legal Services Revenue By Focusing On The Top 20% of Clients You Deal With

If you run an Intellectual Property (IP) legal services business, how many times have you asked yourself why you spend as much time dealing with a low-profit client as you do with your most profitable one?

Now don’t get me wrong, you have to treat all clients with respect and deliver whatever it is you have promised them. But, if you want to maximise your revenues, you have to have more of the profitable clients. Ideally, you should have a system in place to get the least profitable clients up the ladder so that they contribute a lot more to your bottom line…or pass them on to someone else.

“But it is a recession” I hear you scream, probably frothing at the sides of your mouth at the thought of letting go of some clients.

I go back to the question at the start of this post…

If you run an IP legal services business, how many times have you asked yourself why you spend as much time dealing with a low-profit client as you do with your most profitable one?

You see, how you source your clients and the value they think you provide in your relationship with them, will determine how much money you will get from them.

To be even more specific, if you have an opt-in list that resulted from a campaign you sent out, then the reasons why they opted in to that list will also have an impact on how much they are willing to pay for your services.

So, what can you do to get more high-quality clients?

  1. You need to make sure you understand why the top 20% of clients love you. Simply ask questions, do a survey and give them the chance to provide feedback.
  2. You need to do some research and see if there is a market big enough for you to target that is similar to your top 20% (or specific profiles within that top 20%).
  3. You have to look at your client referral strategy. How many referrals do you get from your top 20% of clients? If your answer is none, then you are in serious trouble. You have to put a system in place to get quality referrals and which rewards the person giving you the referrals.
  4. If you have an opt-in strategy to build a target list, make sure you develop it so that it attracts good subscribers and qualifies out poor ones.
  5. Finally, you need a system in place to provide information to your target market that positions you as a leader, and increases the likelihood of prospects becoming your clients.

Is that easy? Not if you don’t have a proper system in place to go through all the steps outlines above. If you do, it is amazing how much you can achieve.

You will also focus on the activities that bring in more revenue as a result. You should look to automate or out-source activities that are transactional and take you away from actual service delivery (but that is something to discuss in another post).

So, think about your top 20% of clients and the steps you need to take to attract more like them. If you do this better, you will find yourself having to deal with the least profitable ones that occasionally cause you problems.

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