It can be tempting as a law firm to cast out a wide net with your marketing to find new instructions. However, the source of new leads often lies right under your nose. Who is it? It’s your past clients! And that’s not all. Former client leads are far more valuable to you than new clients. Let’s explore why…
Your former clients are the epitome of low-hanging fruit. They are right there for the taking! Here’s why you should focus on re-engaging with your former clients over attracting new ones.
Former clients already know and trust your services. You don’t need to spend time convincing the client of your capabilities and expertise.
It takes a lot less effort to convert a former client as they're already familiar with your brand.
“The chance of converting an existing customer is 60%-70% as opposed to the 5%-20% chance with new customers.”
The simple act of sending an email or picking up the phone to a former client can be enough to convert them into a new instruction. It takes a lot more investment to attract and convince new clients to use your service. Not only is the sales cycle shorter for former clients but they also require less onboarding.
“Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.”
Many people forget the law firm they’ve used when they moved previously. It is your responsibility to keep your brand in your former client’s mind. An added benefit of reengaging with former clients is that they will be more likely to refer you to their friends and family. Satisfied former clients are always the best promoters.
When you work with the same clients again, you can develop lifelong relationships for deeper client loyalty. Your clients can use you for related services such as drawing up a will or handling probate matters. You could assist with powers of attorney or even commercial leases. By building a history with your clients, you become their trusted advisor. This will reinforce their confidence in your expertise, making them more likely to turn to you for any future legal matters.
Focusing on former clients supports sustainable long-term growth. Building a loyal client base gives you a stable foundation for ongoing success and expansion.
A LexisNexis survey found that lack of communication with clients was the second-highest client retention challenge that faced law firms.
What are you doing to nurture your former clients?
Are you so busy chasing new customers that you’re forgetting your former ones?
How do you know when your former clients are selling their homes again and in need of conveyancing services?
Step up TwentyConvey’s Convey Alerts tool…
Convey Alerts sends law firms daily alerts to let them know when their previous clients have put their homes up for sale again. The conveyancer can then get back in touch with their client and offer their services once more. Alternatively, we can reach out on your behalf with our direct mail fulfilment service. These are the warmest of conveyancing leads and much easier to convert than a home-mover unfamiliar with your brand.
Prioritising warm leads, such as former clients, over new ones proves to be a strategic move for law firms seeking higher-quality engagements. By nurturing existing relationships, law firms can tap into a pool of individuals already familiar with their services. This reduces the cost of acquisition and increases the likelihood of conversion. What's more, the trust and satisfaction gained from former clients can translate to more referrals which equates to business growth. Panel management leads have their place but if you really want to take control of your pipeline and future, former clients are the quality conveyancing leads that you should be focusing on to add the most value to your business.