Why Pricing Should Be Part of Your Marketing Strategy

Determining the pricing structure for your firm should be considered as a part of your marketing strategy. Your pricing strategy is not just an accounting activity, meant to balance the books but rather an opportunity to signal the quality of your work and support your firm’s branding. Price-quality signaling is an observable incident that affects consumer behavior. Whether or not your services are, in fact, higher quality does not matter necessarily, because the consumer believes the inputs to be of higher quality.

Determining Pricing

Rather than throwing a dart or guessing at the “going rate”, use the following simple equation to figure out an appropriate range for your pricing strategy.

  • Cost & profit objectives: Start with your overhead costs and profit goals and work backwards from there.
  • Demand: What is the market price? What value and benefits do customers perceive in the product and how willing are they to pay for it?
  • Competition: How many competitors and similar products are in the market and in what price structure?

Once you have these three variables, you will know the minimum price you can charge to break even and … [..]
Why Pricing Should Be Part of Your Marketing Strategy is a post from the law firm marketing blog, Lawyerist.com

Keep reading...

Marketing Strategy

Lead Generation for Lawyers: A Guide

Lead generation for lawyers can be a challenging concept and process. Lead generation may even seem like a foreign concept that’s just for “people in sales.” But it’s absolutely critical for your law firm to create a reliable lead generation pipeline, as lead generation is essential to your law firm’s business development strategy, and contributes to its cash flow, financial health, and business growth. Thankfully, with the right strategy and tactics, lead generation for lawyers can be a fruitful process.

Read More »
Female Founders

Balancing Legal Career and Family in a Virtual World

Balancing a career and family life has long been a struggle for many attorneys, particularly women. With the COVID-19 quarantine, most daycares are shuttered except for the children of essential frontline workers. For the most part, attorneys are juggling their work around and between their child’s schedule.

Read More »

Building a Trusted Brand: Why Visuals Mean Everything

Creating a trusted brand for your firm will lend you credibility, make your firm and your services memorable and set the tone for every interaction you have, whether with clients, other attorneys, court staff and judges.

The first thing that your branding will do for you is to lend your firm credibility—if you choose the right type.

Read More »