Have you read the article “The 6 Stages of your Law Firm” on the website howtomanageasmalllawfirm.com? In this episode, Erik shares the 6 stages of a law firm and what you need for marketing your law firm.
Erik J. Olson (00:01):
How much should I spend on marketing my business? What is happening? This is Erik J. Olson. That is a great question. It’s a question that we get asked quite a bit here at Array Digital. How much should we spend marketing our business? Now we work with an awful lot of law firms here at Array digital. And you know, there’s actually a really good third party group called how to manage a small law firm. And one of the things that I really like about them, and the reason that I’m bringing them up here is because if you go to their website, you will see they have an article called the six stages of a firm. Now, if you are not a law firm, if you’re, you know, some sort of a service provider to the law or beyond this could still apply to you, but they have six stages.
Erik J. Olson (00:54):
Stage one is when your company is between $0 in revenue and $250,000 of revenue. Now it goes up from there. Stage two is 250 to 500,000. I won’t go through all the stages, but stage six all the way at the top is 5 million to 10 million. Now, the reason I bring this up is because they’ve done a very good job of defining the different stages that a firm goes through. As it grows, we here at Array Digital belief that your marketing ties in very closely with these different stages. As an example, if you’re in stage one doing between $0 of revenue and $250,000 a year of revenue, what do you need for marketing? Well, absolutely. What you need is a website. There is no doubt about that. That is the first thing you need in stage one. Now, if you’re only making $250,000 a year in your business, that’s before your expenses and a website is certainly an expense.
Erik J. Olson (01:58):
There’s a lot of other expenses, offices, phones, everything else. You probably just don’t frankly, have the bandwidth, the financial wherewithal to do anything beyond that. So build the website, get the website foundation nailed, and then market yourself and the website through networking and in-person events and things like that. Right? So the rest of your marketing is basically free, except that it takes your time and energy. Once you advance up to stage number 2, 3, 4, 5, 6, you have opportunities and a little more financial wherewithal to add on other professional marketing services. Besides the free ones, always network, you always want to network, right? Go, always use the free things. But now you have some, some breathing room in your books so that you can pay for professional services. What would the next thing be? If you’re a stage two, three or four SEO absolutely.
Erik J. Olson (02:59):
The next thing we recommend here is you nail your SEO. Now, if you’re stage two, that means you need to start an SEO program and kind of a smaller one. And then at stage three, you’re gonna bump up at stage four. You’re gonna bump up to a bigger SEO plan, but get your SEO nailed because people trust the organic results that they see in Google. 97% of people skip over the ads and they click on what’s called an organic search result. That’s what you get from SEO. Those are the ones, there’s an investment. You have to pay someone like my company, Array Digital to get you on the first page to get you in position. So someone can click and Google, but when they click it’s free, now that’s different than an ad, right? I’ll talk about that in a second. So if you’re stage two, three or four, you definitely wanna be adding in SEO.
Erik J. Olson (03:55):
At some point in there, you’re gonna want to tell the world as well, what you do, who you do it for social media makes an awful lot of sense, right? One of the great things about social media is you’re attracting people from your network to your posts, right? So a place like Facebook or Instagram or LinkedIn, it’s the people in your network that are gonna see your post. And sometimes their friends, friends as well. So probably even more down towards like stage number two or three, add in social media because you need the whole world. And when I say the whole world, I mean, the people that, you know, at this point, you need them to clearly understand what you’re doing, who you’re doing a for that they can give you referrals as you go up the chain SEO. And then at the top, once you’re about stage five or six, that’s when we start talking about advertising.
Erik J. Olson (04:50):
So with advertising, you do that when you have definitely the financial wherewithal, it’s expensive. If you’re gonna compete with advertising, you better have a war chest that you can bring to the table. And once you start making three, five, 10 million a year, you’ve got the opportunity to go after that. That, well, the advertising, frankly, right? But the people that are lower in the stages between zero and 250, 250 and 500 stages, one and two, you don’t have the ability. You shouldn’t be advertising. Save that for later. Once you’ve got some money in the bank and you’ve nailed the other things, you’ve nailed your website. You’ve nailed your social media. You’ve nailed your SEO. You’ve kind of maxed that out and now it’s time to introduce advertising. So again this is how to manage a small law firm.com. They have an article called the six stages. Super fantastic. I highly recommend it. Our services align to that very well. Go check it out. If you’re not familiar with how to manage great organization, howtomanageasmalllawfirm.com.