Part of our role as our clients’ marketing department is to evaluate new marketing and advertising opportunities. In fairness, there are a few gems out there we can add to existing client programs. Unfortunately, most of the time we’re hearing pitches from commissioned sales reps touting their tactic as the magic marketing solution.
A recurring theme in recent sales pitches is that, “With 1 or 2 new clients, this tactic will pay for itself!”
What a load of crap. Why? Here are 3 reasons:
- You need to acquire new business AND make a profit. Although the sales reps don’t seem to understand this, it doesn’t make sense to invest 100% of your projected incremental revenue for your business or law firm on a marketing tactic. 10% is more reasonable, so the results need to be 10 times better.
- If the tactic only nets one or two clients, it’s probably not worth your investment. Invest your time and money in opportunities where you can generate a meaningful (and measurable) number of new clients at a reasonable return on investment.
- If the idea is indeed a diamond in the rough, can you do it yourself and cut out the middleman? For example, you can pay a vendor to request testimonials and Google reviews from your happy clients. Or instead, just send those clients a personal email request with a link to a review site.
If you’re going to invest in new marketing and advertising opportunities for your professional services firm or law firm, consider getting advice from someone with a little more breadth of marketing experience than a commissioned sales rep. The best marketing programs start with a strategy and goals first, then tactics with measurable results.
The Marketing Minute is a series of brief articles providing tips to improve your firm’s marketing results, from initial planning to new client acquisition.