How to Compete in a Crowded Market

All too often, I hear lawyers bemoan their inability to compete in crowded markets. Often, they view the obstacles as a matter of cost. Lawyers either complain about the enormous expense of SEO to break through to the first page of Google in a competitive practice area, or about being undercut on price by other firms in a race to the bottom to capture market share.

But competition needn’t be a concern for a smaller shop because there’s always a way to thread the needle, as this article from Entrepreneur describes.

Here are a couple of ways to compete even in crowded waters:

-Appeal to a Different Demographic – In other words, find a niche. For example, instead of taking on all kinds of personal injury cases, consider a practice that focuses on elderly PI clients, or PI clients in college or even PI in a single county in your jurisdiction. Though the concept sounds limiting, you’ll also find that you convert more clients because your services are right on point.

Offer a Better Service – Better doesn’t mean costlier. You can improve your service and edge out your competition by offering client portals or weekly informational webinars.  Or, you could upscale and create a premium white glove service that includes tasks that other firms don’t. An example – many estate planning firms don’t help clients transfer assets into a trust; you could include that service and charge more for it.

Strengthen Your Brand: In today’s world, people care about what their service providers stand for.  Do you run a sustainable firm? Support community activities and pro bono? Act as a patron for the arts? These features could make a difference.
If you want to learn some other ways to stand out from the competition, sign up for the FREE Client Triage Clinic – January 19, 2021 at 3 pm ET.