Economists are predicting an economic downturn in the next twelve months. Whether this is true remains to be seen, but it’s always smart to stay ahead of the curve and prepare your law firm for a recession. Now is the time to evaluate your expenses, fine-tune your marketing strategy, and prepare your law firm to be stronger than ever.
In recent weeks, working from home has transformed from an office perk to a normal working reality for many Americans. In the event of an economic downturn, embracing a remote office can help cut costs and maintain the health of your team.
Heading into a recession, your law firm should evaluate how it is spending its marketing budget. With nearly two billion users on social media, this presents a large platform for your firm to capitalize on. Whether it be Facebook, Twitter, Instagram, or LinkedIn, these platforms allow your firm to market its value to your community and build a reputation as strong personal injury attorneys.
Getting started on social media is free, outside of the labor. If your firm chooses to leverage paid promotions to increase awareness of your brand, the cost is nominal compared with other forms of advertising.
Email marketing has an ROI of 4400%. Yes, you read that right – every time you invest $1.00 into your email marketing strategy, you can expect returns of close to $44.00. In addition, email marketing is inexpensive. Many email marketing services range from free to a few hundred dollars per month for more premium options. Mailchimp, for example, is a great free solution for new law firms with a growing email list.
The reason why email marketing works so well is that it keeps your law firm top of mind for prospects, clients, and other companies you may be in business with. You can build your brand recognition, leading to more referrals, repeat business, and good reviews.
In times of economic uncertainty, it is vital to value and leverage team members with a track record of developing and executing bold and innovative strategies. In a recession when the competition is fierce, your firm needs to stand out from the pack.
Foster an environment where bold ideas, contingency plans, and new areas of business can be formulated to make your firm recession-proof.
The future will always be uncertain. But as attorneys, the best thing you can do is perform your due diligence and formulate ways to remain one step ahead. We believe that CASEpeer can provide your firm the means to remain prepared, efficient, and organized moving forward. Preparing your firm to be resilient in the face of uncertainty will ensure that your practice is stronger than ever and here to stay.