9 Costly mistakes you're making by not investing in your brand
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WASTING TIME THAT COULD BE SPENT DOING CLIENT WORK
It won't surprise you that most lawyers actually prefer lawyering than marketing. Amazing right, who knew...
The time it takes to do the myriad of work required to build your brand is likely taking you away from the things you actually enjoy (and probably costing you money in the short term).
Do the math. If you bill out at $300 an hour and spend 5 hours a week doing marketing you could get help with you'd be no worse spending $6K a month on branding and marketing. This is CRAZY! The bang for buck on that type of spend would be substantial and that is just the breakeven point. And yet, are you spending that on marketing? Even half of that spend would likely free up all that time to be used better elsewhere while giving you a better result.
MISSING OUT ON WORK YOUR COMPETITORS GET BECAUSE THEY HAVE A BETTER BRAND
For a lot of people this is the only thing they think about when they come to branding and the opportunity cost of being irrelevant. How much is one small, one medium or one large file worth to you? For most, the opportunity cost of missing out far exceeds any spend you're likely to make on your brand. Again, kinda crazy. Are you in business or not?
NOT USING YOUR “BUSINESS DEVELOPMENT” TIME EFFECTIVELY (BY SPENDING MORE TIME ONE ON ONE WITH YOUR CLIENTS)
As much as we advocate for creating a great brand and content, you will always be your best asset. But you have to use your time more effectively. At BB we're all about relationships, and we feel if you are to invest your time anywhere, it shouldn't be in writing blog posts that we or others can do at a fraction of the time cost. It should be in client visits, calls and follow ups. Whether that is with clients or people who can lead you to clients- your time is best spent in person putting your best foot forward, not making Facebook ads.
TAKING THE LONG, GRINDING ROAD ON YOUR OWN WITH NO HELP
Are you a social media marketer? Are you an industry expert in how to attract work and referrals? If so great go for it all yourself. If not, you're wasting so much time trying to grind it out. Believe me, two years ago I was that person. Having a team come in to do creative and design saved so much time, money, and mental wellness! It takes a lot of work and effort which is better spent on client work or building relationships in most cases.
ALWAYS CHASING WORK
This one is more psychological than anything. It's a grind and as a business person, having to always chase work is stressful and exhausting. It is difficult to do over long periods of time and it does nothing for your health or wellbeing. Aside from that it is also far less efficient than having a brand and relationships that attract work straight to you. Do you really want to keep chasing forever?
NOT GETTING REFERRALS FROM OTHERS IN THE INDUSTRY
This one is a BIG one for firms of all shapes and sizes and doesn't mean having a box at the footy twice a year to sink beers with mates (although if you're offering you know where we are!). Spending time building relationships in the industry with other lawyers who can flick work your way is incredibly important.
NOT GETTING REFERRALS FROM OTHER PROFESSIONALS OUTSIDE THE INDUSTRY
Speak to any partner or law firm owner and the story is the same, most of their work comes from referrals. It is absolutely critical to create strong referral relationships with other professionals that are complimentary to your practice. Clubs, organisations, and social meet-ups are a great place to start. Think differently about how you can foster these connections and how you can develop them. The odd night at the footy isn't enough, you need to be front of mind as the go to person for referring potential clients. It really is an investment worth making.
THINKING YOU CAN DO IT BIT BY BIT
Having a great brand actually doesn't come easily. It is a process and it is something you do need to invest in. The big factor most people just don't come to terms with is consistency and quantity of output.
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