Law Firms - You May Be Busy Now But Don’t Be Short-Sighted

An election? A cost-of-living crisis? High interest rates? None of it seems to be holding back homeowners instructing their homes for sale. When comparing Q2 2024 with Q2 2023, New Instructions were up 8.6%, Sales Agreed increased 15.1% and Exchanged rose by 10.4%. The property market is powering forward with strength and resilience.

The feedback we’re getting from our conveyancer clients is that they’re busy. Very busy, in fact!

That’s great!

“We don’t need to market anymore.”

Whoa. Hold on a moment. You definitely do!

Stay busy, stay smart

The demand for law services can ebb and flow. You might be in a busy period now. However, it's critical not to cut back on marketing during these times, as it can lead to a false sense of security. Many law firms feel they don’t need to market when busy – and what’s more, they don’t have time! However, you need to remember that the work you’re currently snowed under with is most likely thanks to marketing. Your existing leads can dry up!

It can be a costly mistake to stop marketing when you’re busy. Consistent marketing is the key to sustained business growth. In this blog, we'll look at why even the busiest law firms should remain engaged in marketing.

• Demand can waver

The property market can be inconsistent. Sure, things are looking rosy right now, but the market could slow at any point and any lack of marketing can impact you significantly. By maintaining a steady stream of clients, it will cushion the impact of slower periods. Regular marketing will keep you agile and responsive to market changes.

• Maintaining brand awareness

Your brand's communication and consistency can have unexpected impacts that you may not even realise. If you cull your marketing when you're busy, you risk losing your visibility. Consistent marketing will keep you top-of-mind and reinforce your brand and expertise. Marketing is not just about attracting new clients. It's also about retaining existing ones. Regular communication keeps clients engaged, making them more likely to return and refer your services to others. A lapse in marketing can create a disconnect, leading clients to seek services elsewhere.

Studies show that it takes multiple interactions before a consumer trusts a business enough to purchase their product or service. If you stop advertising, you risk losing potential customers just as they are about to commit. However, by staying consistent, you maximise your chances of success.

• You could lose out to competitors

Competition never sleeps. Your rivals will happily fill your void if you stop marketing. One of the most famous examples is McDonalds. In 1990-91, McDonald’s reduced their advertising budgets, inadvertently giving their competitors an edge. Pizza Hut saw a 61% increase in sales, while Taco Bell experienced a 40% rise. Meanwhile, McDonald’s sales dropped by 28%.

You may be thinking, “But these are fast-food outlets.” Nevertheless, this example underscores the consequences of reducing your marketing efforts. The biggest brands understand the value of marketing which is why they never stop. According to economist Peter Field, it can take brands who reduce their marketing, up to five years to bounce back.

• Long-Term Investment in Growth

Marketing should be viewed as a long-term investment rather than an immediate expense. The benefits of consistent marketing accumulate over time, leading to sustained growth and a robust client pipeline. It can be tempting to pull back on marketing during busy periods, but this is a short-sighted approach that can hinder long-term success. For conveyancers, consistent marketing is vital for maintaining visibility, retaining clients and ensuring sustained growth.

A steady stream of leads ensures smooth cash flow for the future and protects you if your busy period subsides. According to the DMA, the return on investment for marketing is £35.41 for every £1 spent. Those that are continually marketing are the ones who will reap the rewards.

• Continuous Marketing Costs Less Than Short-Term Strategies

If your leads dry up, you may end up resorting to quick win marketing which can be pricey. Take PPC. It’s great for winning short-term instructions but it’s expensive. Yes, it is hard to find the time to market when busy but it’s even harder to find leads when you’re quiet.

What happens when brands stop marketing?

Initially, when you stop marketing, the effects may seem inconsequential. However, leads will eventually dwindle, leaving you scrambling for business. You’ll find yourself in a lull. When you have leads coming through with consistent marketing, it’s much easier to keep this momentum going, than having an unpredictable stop-start approach.

A study by Ehrenberg-Bass found that when brands cease advertising for a year or longer, sales typically show a year-on-year decline (on average, sales decreased by 16% after one year and 25% after two years).

What should you do with marketing when busy?

Being busy has its advantages: you can selectively choose which customers to take on and expand your pool of preferred clients. Do you know who is a key customer for the conveyancer? It’s your former clients. The reason behind this is that they have a higher likelihood of converting, are less expensive to acquire than new clients and you can foster lifelong client-conveyancer relationships. This helps to develop a loyal customer base.

TwentyConvey’s Convey Alerts can put you in touch with your former clients. We’ll alert you when your former clients newly list their homes for sale. Did you know that, according to Invesp, the likelihood of selling to an existing customer is between 60% and 70%, whereas the chance of selling to a new prospect is only 5% to 20%? Your former clients therefore are a key target audience to go after.

Convey Alerts is an easy marketing technique that doesn’t take much of your time. If you let us carry out your direct mail fulfilment, it takes even less of your time! Get in touch if you're looking for conveyancing leads for solicitors.

Conclusion

Remember that your feast can very easily turn into a famine. Future-proof your business by continuing your marketing even during the busiest of times. The advantage of being busy is that it allows you the flexibility to select which customers to work with. We suggest prioritising former clients to establish lasting client-conveyancer relationships. This approach fosters loyalty, increasing the likelihood that they will recommend your services to family and friends, driving even more business. Ultimately, consistent marketing fuels ongoing firm prosperity and robust lead generation - so the lesson really is to never stop marketing, no matter how busy you find yourself!