Posted by Sarah Kirkham, marketing officer at Legal Futures Associate Allianz Legal Protection
I recently found myself in the frozen food aisle of Tesco making the big decision – Ben & Jerry’s, or Häagen-Dazs? As a product I can’t ‘try before I buy’, I realised I was making a decision based upon brand, and my awareness of the two. Unknown to most, Ben & Jerry’s was originally the underdog to Häagen-Dazs, but with its creative marketing and branding, it quickly accelerated its growth and became incredibly successful in a market that was rather saturated.
I want you to ask yourself a question. How familiar are you with these companies: SAB Miller, Grupo Bimbo and ConAgra? And these companies: Carlsberg, Estee Lauder and Heinz?
I guarantee more of you are familiar with the latter three, despite the fact that when looking at the top 50 FMCG (fast-moving consumer goods) companies in the world, combined sales revenue for the former trio was 31% higher than for the latter in 2014. And why is it you’re more familiar with the latter? Because you see more of their marketing efforts.
You’re probably thinking, what relevance does any of this have to my law firm?
Well, law firms may offer exceptional service which they believe is superior to that of their competitors, but without marketing, no potential customers would know about it.
A successful marketing strategy can hugely impact a law firm, especially at a time of market uncertainty as is the current legal climate. I believe differentiating from competitors is imperative, and really understanding the market to generate consumer trust, has never been more important.
A properly thought through marketing strategy can help law firms:
Generate more leads: A good marketing campaign will naturally drive sales – if people don’t know that your business exists, they can’t purchase your product or service. Segmenting and targeting your customer base helps you generate the type of business that you really want to deliver the best returns for the firm.
Increase awareness of your brand, value and purpose: Having a strong brand identity, which reflects the values and personality of your business, is incredibly important in driving a marketing strategy. It helps solidify your reputation in the market, and generates trust and confidence for your clients. Raising your brand purpose through marketing builds a huge audience of potential customers who know where you are when they need you.
Increase your understanding of the market: Understanding the market and what your competitors are doing helps determine your business strategy. It allows you to create sustainable competitive advantage, by differentiating from the rest of the market.
At Allianz Legal Protection, we have the marketing experience to help support our law firms with their client proposition, brand values and distribution campaign. We can help any underdog Ben & Jerry’s compete with their rival Häagen-Dazs.