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Ok, everybody talks about marketing, and markets, and how to reach them ' but has anyone stopped to define what a market really is?
We all tend to take for granted that when we use the term marketwe all mean the same thing. But let the conversation go further, and we quickly discover that the term means different things to different people. ' ' ' ' ”
And yet, there is probably no exercise more vital to successful marketing, nor so frequently overlooked, as defining a market. Without that definition, all marketing activities are either clich's or exercises in futility. For example, do companies in declining or static industries define a market in the truest sense? Is a market an abstract idea ' a place or a bunch of people who buy something? Is a market a reality, or an academic abstraction?
How can you target an effective campaign at a specific market if you don't know what it is in the first place? How can you devise a strategy to help a prospect in a market succeed without understand the prospect's competitive position in a market? And yet, it's done every day.
Consider the definition in terms of the answers to the following questions, and see where that leads you.
Does the segment of prospective clients you see as a market have a commonality that's responsive to your service? For example, do they all want, essentially, the same things that you have to offer? For example, every business, and most individuals, need tax services. Does everybody who needs tax services need long range tax planning? Or tax shelters? Or defense from the IRS? The market for tax services, then, is only that segment of the population or business community that has a common need for a specific and clearly defined service.
There is, of course, yet another question ” and that is, does this kind of definition really matter?
Of course it does. Consider, for example, the cost of buying an ad in a publication of which only 10% of its readers can use your service. Ninety percent of your money, then, is wasted.
Consider the cost of a direct mail campaign to a market segment that can't possibly see any value in your high-priced accounting or legal services. Or that's so geographically dispersed that even if you sold them you couldn't afford to service them.
There are, remember, four basic tenets of marketing:
And how do you know your market? Basic market research is a start, using professional research services. But you can make a good start by exploring an industry on the internet, by reading trade journals, by asking cogent questions of a prospect, by attending trade shows. The more you know, the greater your competitive advantage, and the greater the chance of winning prospects in that market.
But it all starts with point one ' know your market.
Bruce W. Marcus is a Connecticut-based consultant in marketing and strategic planning for professional firms, the editor of THE MARCUS LETTER ON PROFESSIONAL SERVICES MARKETING, (www.marcusletter.com), the author of PROFESSIONAL SERVICES MARKETING 3.0 (Bay Street Group, 2011'http://bit.ly/MarcusBook), and the co-author of'CLIENT AT THE CORE'(John Wiley & Sons, 2004) His e-mail address is'[email protected]. ' 2011 Bruce W. Marcus. All rights reserved.
Ok, everybody talks about marketing, and markets, and how to reach them ' but has anyone stopped to define what a market really is?
We all tend to take for granted that when we use the term marketwe all mean the same thing. But let the conversation go further, and we quickly discover that the term means different things to different people. ' ' ' ' ”
And yet, there is probably no exercise more vital to successful marketing, nor so frequently overlooked, as defining a market. Without that definition, all marketing activities are either clich's or exercises in futility. For example, do companies in declining or static industries define a market in the truest sense? Is a market an abstract idea ' a place or a bunch of people who buy something? Is a market a reality, or an academic abstraction?
How can you target an effective campaign at a specific market if you don't know what it is in the first place? How can you devise a strategy to help a prospect in a market succeed without understand the prospect's competitive position in a market? And yet, it's done every day.
Consider the definition in terms of the answers to the following questions, and see where that leads you.
Does the segment of prospective clients you see as a market have a commonality that's responsive to your service? For example, do they all want, essentially, the same things that you have to offer? For example, every business, and most individuals, need tax services. Does everybody who needs tax services need long range tax planning? Or tax shelters? Or defense from the IRS? The market for tax services, then, is only that segment of the population or business community that has a common need for a specific and clearly defined service.
There is, of course, yet another question ” and that is, does this kind of definition really matter?
Of course it does. Consider, for example, the cost of buying an ad in a publication of which only 10% of its readers can use your service. Ninety percent of your money, then, is wasted.
Consider the cost of a direct mail campaign to a market segment that can't possibly see any value in your high-priced accounting or legal services. Or that's so geographically dispersed that even if you sold them you couldn't afford to service them.
There are, remember, four basic tenets of marketing:
And how do you know your market? Basic market research is a start, using professional research services. But you can make a good start by exploring an industry on the internet, by reading trade journals, by asking cogent questions of a prospect, by attending trade shows. The more you know, the greater your competitive advantage, and the greater the chance of winning prospects in that market.
But it all starts with point one ' know your market.
Bruce W. Marcus is a Connecticut-based consultant in marketing and strategic planning for professional firms, the editor of THE MARCUS LETTER ON PROFESSIONAL SERVICES MARKETING, (www.marcusletter.com), the author of PROFESSIONAL SERVICES MARKETING 3.0 (Bay Street Group, 2011'http://bit.ly/MarcusBook), and the co-author of'CLIENT AT THE CORE'(John Wiley & Sons, 2004) His e-mail address is'[email protected]. ' 2011 Bruce W. Marcus. All rights reserved.
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
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The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.