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Delisi Friday – Analyzing Your Marketing Strategies For The Year
Delisi starts the conversation describing why an annual review of their firm’s marketing is imperative and how it gives them a chance to see what’s working and what’s not. It also allows their team to see things early enough to allow for them to pivot in order to make something work better. Michael adds that they have also been known to double down on what’s working, in order to accelerate their success in receiving more cases. Although, the “sunk cost fallacy” occasionally gets in the way of making changes once you’ve put time, and money into an effort and continue with it even though (if it’s not working) you might be better off spending your time on something else. He uses their firm magazine as an example of this. “People tell us that it’s great branding all the time, but it doesn’t bring in big cases” Michael states. They detail how this marketing strategy costs $5,000 every month in printing and mailing, not to mention the time (another associated cost) spent on writing and designing. Which is why Michael states the money on this strategy can be much better, and successfully, spent in other ways benefitting their top referral attorneys. He also suggests that sometimes you need to try 10 things to find the 1 or 2 things that do work for your firm. “We gave it a good shot,” Delisi concludes.
The conversation shifts to a discussion on segmentation and how Delisi and Michael determine each segment and the strategies, and marketing costs, involved at each level. Delisi discusses her system for reviewing their mailing list each month to ensure those who are receiving their marketing are more likely to refer a case and thereby keep marketing costs down. This also goes to the point of spending more marketing efforts on existing relationships versus continuously dripping smaller efforts on those you’re trying to establish a relationship with, in hopes that someday they’ll start referring cases. Michael leans toward a 2 year rule, where if an attorney they are targeting hasn’t engaged with them in 24 months, then they stop using the more expensive types of marketing and simply let them continue receiving their emails, which costs almost nothing for them. Michael also describes some of the more elaborate ways they have fostered their existing relationships while finding the most important marketing tactic to keep in mind, is just to spend time with people and keep building relationships.
Continuing the topic of referral attorneys, Delisi brings up an important note about the customer experience being more than just the experience of the client at the center of the case. It goes to the deeper point of nurturing the relationships they have with their referral attorneys and not overlooking the experience they provide to them. Michael explains some of the hesitancies he’s heard from referral partners coming from “other herds” regarding cases being referred out and then having a lack of communication until a check was received or a problem arises in the case, or worse, a call to them describing the need to change the deal splitting fees. Michael and Delisi are both adamant those types of scenarios would never happen at their firm and Michael firmly disagrees with such tactics. Leading Delisi to say “your integrity is worth more than that.” They go on to discuss how their firm avoids surprises for their referring attorneys, the communication strategies they follow to keep everyone involved in each referred case, and why their relationships “truly are a partnership.”
One of the more interesting shifts in the Cowen | Rodriguez | Peacock marketing this last year was when they decided to have Delisi manage the intake department and marketing department. Delisi explains why she has been absolutely delighted by the change and how it has given her a more holistic view of their marketing efforts by not just seeing the number of cases referred, but also the value of those cases and other extremely useful insights to help her guide future marketing efforts. She describes how the relationships with the referring attorneys and their staff has grown after this decision and allows her a chance to help with each new case as it comes into the firm.
Michael segues from Delisi’s internal job of marketing to some external marketing factors and how some past experiences have led to the decisions they are making today. Delisi points out how Michael’s decision to no longer handle small auto cases which tend to settle in pre-lit has changed their marketing and also the success of their firm, but “it didn’t happen overnight.” Next, Michael discusses how they previously used a marketing firm that only did legal marketing but found their track record quickly became “triple the price for half the results.” Today, they use a marketing company with only a few legal clients, which they see as a benefit to them. But Michael adds this decision also leads to some disconnect on messaging, because the B2B marketing tactics used with attorneys is delicate and not a hard sell like other industries. They’ve also learned the same lesson by hiring a local graphic designer to help with visuals for cases, which again helps to get the perspective of someone who does not have a background in the legal world and can help to design trial visuals universally understood.
The TLN Table Talk comes full circle to a discussion on why it is important to analyze, measure, and decide on the next year’s marketing efforts before the new year begins. Michael describes their process of looking at ROI (return on investment) and how it drives much of his decision-making process as well as how it is slightly different for their firm, being that they do not market direct to consumers and focus all of their efforts on referral attorneys. Delisi ends by stating why it is important for attorneys to make time for marketing no matter how busy they are, why consistency can help during those slow business months, and shares a Henry Ford quote for everyone to keep in mind when considering a reduction of their marketing budget.
Trial Lawyer Nation plans to do more “Table Talks” in the future as this podcast has always been about inclusive learning for all in our industry, which includes learning from each other! Please keep submitting your questions, comments, and topic suggestions to email@example.com; and be sure to join our “Trial Lawyer Nation – Insider’s Circle” group on Facebook to privately interact with the show!
Author: Michael Cowen and Delisi Friday
In this popular trial lawyer podcast, Michael Cowen and his guests explore critical topics distinctive to the legal profession - specifically focusing on developing extremely efficient law practices, securing a competitive edge in the industry, and wildly excelling in the courtroom.
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