Why Choosing a Niche Will Skyrocket Your Firm
What does choosing a niche mean?
It does not mean choosing a practice area. It’s narrowing it down even further and choosing one aspect of the practice area you chose.
The Power of Niching Down
- You’ll push away the wrong people and only get the ones you need.
- People who need your specific service will find you more easily.
- There are a number of internal and external benefits.
Internal Benefits
- Marketing
By niching down you create one target customer. With one target customer you can get very specific with your marketing strategy. - Sales
You can create a system for your sales process. Now the leads coming to you are coming for one specific service, so you don’t need completely new proposals and prices for each client.
When you’re clear on what you’re offering and to who, you can hire a salesperson to make the sale with a client instead of the attorney. - Operations
You can create a standard process around new client intake because the only thing you’re changing for each client is their personal information.
Because each client will have to provide the same required information and documents, that can be gathered before the attorney even gets involved. - Research
By only servicing one type of case, you only need to do research once, thereby saving you a lot of time and money. - Drafting
Your lower level staff can take care of drafting and preparing templates for most of the documents. - Billing
With only one service being offered you can have one set flat fee price.
External Benefits
- Referrals
When you pick a certain type of case within a practice are, you become the go-to person for that case. Other law firm owners in your practice area who were once your competition will now become your referral sources. They are dealing with many types of cases in a practice area, so some types of cases they won’t want to take because they don’t like those cases, they’re not as familiar with them or they already have too much work. Whatever the story, they will refer those cases to you since you are the go-to person for that type of case.
Not only that, but all the cases you will now be saying no to, you can then refer them back to those other law firm owners and that will create good will between you and them. - SEO
When you specialize in a specific area, you’ll rise in Google rankings.
How to Get Started
Before we even get to step one, let’s establish a basic mindset and understanding about niching down.
It’s hard to say no, but you have to look at the bigger picture. You have to be in the mindset that this will work because it will. As soon as you start saying no to everything outside of your chosen niche, you’ll expedite the progress of receiving those benefits that were mentioned before.
- Figure out what your focus will be.
There are two ways to figure this out:- Which area will be the easiest in creating systems and the best flat fee arrangement?
- What’s your motivation? What area are you passionate about? What do you want to be known for?
- Define your target Avatar (ideal client).
Now that you know what area you’ll practice, think about who needs that service and what does their life look like? - Define your marketing plan.
You need a plan or you’ll end up doing a little bit of everything and ultimately going nowhere.
Once you have a plan you’ll be able to tell whether or not it’s working. - Create internal processes.
You should at least have a process around the sales end and you should have a document or a website page that has an already laid out pricing model. Then fine tune the internal processes, so that every client is getting the same valuable experience. - Finally, now it’s time to execute the plan and you’ll be on your way to success.
Take Some Time and Think About the Mission of Your Firm and Which Niche Would Suit That.
Resources
Episode 28
https://www.profitwithlaw.com/028
Episode 21
https://www.profitwithlaw.com/021
Moshe Amsel’s Email Address
[email protected]
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
