With potential clients’ decisions on which lawyer to hire over 80% before they contact a lawyer for the first time, content is the key way for B2B lawyers to throw their hats into the new circle of business.
We’ve heard throughout our lives that we can’t win a game if we’re not on the pitch.
We have most likely heard this in connection with sports, but figuratively this concept applies to many other areas of our lives. Whether we’re talking about education, hobbies, socializing, or dating, we need to get off the sideline and onto the playing field if we want to both participate and win (however that’s defined). win” in these areas).
The idea of getting in the game also applies to attorneys working in B2B law firms when it comes to their marketing and business development efforts.
We are well past the days when these attorneys could just sit back, do a good job, and expect new clients and referral sources to come to them. Today, the B2B segment of the legal industry is fiercely competitive. Many law firms invest a lot of money in building their brands in hopes of attracting more of their ideal clients.
If lawyers want to build their case portfolio, they can’t sit around and wait for clients to come to them. They must differentiate themselves from their competitors by proactively increasing their marketing and business development efforts. They need to get into the “build your business book” game.
Lawyers hit the ground running for ‘Build Your Business Book’ game
As we have established, in order to win a game, you must first go to the field on which it is played. For a long time, lawyers in B2B law firms have dabbled in the business of “building your business portfolio” by networking, attending community events, serving on boards of directors, meeting people for meals, coffees and drinks, and engaging in other similar endeavors.
While these tactics have proven successful, they are difficult to scale. You are only one, so when you have lunch with one contact, you cannot simultaneously attend a board meeting of a nonprofit you are a part of.
But beyond issues of scale, the old method of face-to-face networking may not necessarily be the best way to play the “build your book of business” game today.
According to research firm Gartner, 83% of a typical B2B purchase decision occurs before a buyer engages directly with the supplier. 83%!
So what does this mean for the typical lawyer in a B2B law firm?
Chances are, their potential clients and referral sources are 83% of the way there in terms of making a decision on whether to hire a particular lawyer before they even speak with that lawyer. (These potential clients and referral sources are also probably 83% of the way there when it comes to evaluating this B2B lawyer’s competitors.)
Lawyers playing to win the “build your business book” game
So what information do potential clients and referral sources consider as they go 83% of the way to making the decision to retain an attorney before deciding to speak to that attorney?
They probably get word of mouth feedback.
They may be looking at online reviews.
They can view Chambers and Partners and other types of awards, rankings and reviews.
But chances are that the majority of what they’re going to rely on is content that a lawyer has posted in the form of blog posts, byline articles, client alerts, videos, podcasts, white papers, etc. In addition to (usually) being freely available on the Internet for viewing and consumption, this content provides potential clients (and referral sources) with insight into an attorney’s knowledge and wisdom on the area(s) of law that he practices, as well as a glimpse of their personality through the style in which they write and their presence on camera or on podcasts.
This is why content like the types I mentioned in the last paragraph is so important. This is a chance for lawyers, through written, video and audio content, to show potential clients and referral sources that they are qualified to handle their legal and business issues while creating an opportunity for a personal connection is formed before a connection is established in real time. time in person or via phone or video call.
Content that analyzes and discusses the ramifications of legal developments, such as court opinions, bills, or the actions of an administrative agency, or that explains how to handle certain complex situations, such as how to conduct an internal investigation in related to allegations of insider trading, can provide the kind of insights and wisdom that grab the attention of potential clients and referral sources who compile information about attorneys they might want to retain.
Because, according to Gartner, 83% of a B2B buyer’s purchase decision is made before a conversation with a supplier takes place, a B2B attorney’s potential customers and referral sources are likely to have their decision mainly made before a first real time. conversation takes place. And when that conversation takes place, it normally serves primarily to confirm whether a buyer’s gut instinct about an avocado — based on their research, including reviewing the avocado’s content — is correct.
Gartner’s statistic shows how vital it is for lawyers to regularly post marketing and business development content like blog posts, client alerts, articles, videos, white papers, podcasts, and more. They need to participate in the Marketplace of Ideas, because that’s where potential clients and referral sources research and weigh their options — a process that will take these people 83% of the way to deciding whether or not to retain a lawyer. especially.
Play the “build your business book” game to win
Potential clients and referral sources for B2B lawyers are 83% of the way to making a decision about which lawyer to hire before even speaking with that lawyer or other candidates.
If B2B lawyers want to win the “build your book” game, they need to get out there and start playing.
They need to meet their potential clients and their referral sources where they are and where they do most of their research on the lawyers they will retain: in the marketplace of ideas, which will be mainly on the Internet, including the websites of publications that serve the same industries in which clients and referral sources are located, as well as social media.
B2B lawyers can do this by consistently producing marketing and business development content that shows they are knowledgeable and insightful about the types of legal issues that clients and referral sources consult with them about.
If they choose not to, they do the equivalent of taking their ball and going home. Because when it comes to the “build your business book” game, if B2B lawyers don’t consistently create compelling content, they’ll struggle to win the game.