When you are creating your marketing plan for your law firm, it’s important to have a contingency plan for advertising in place as well. A marketing company that specializes in law firms can help you create this plan. It’s important to solidify the advertising and fee arrangements with this company as well. When you work with a marketing company, it’s important to have all the specifics accounted for, so you know how things will work going forward.
Why you need a contingency plan for advertising:
1) You need to think about the risks. When creating a contingency plan, the starting point is becoming aware of the risks. This is a list of the possible vulnerabilities within your marketing program. It should focus on things that are outside of your control. An example is the changes that occur in the economy, which can impact your sales. Another example is if you have personnel that leave, which can impact relationships that have already been established.
2) You need to think about the impact of those risks. You will have to combine the risk assessment with an impact analysis. You need to know how these risks can impact your company. You can then prioritize and classify these risks, so you know how to best address them. These risks can be operational, financial or legal. Operational risks hinder your company’s ability to meet the demand. Financial risks are unforeseen costs or a loss of sales. Legal risks involve intellectual property and product liability.
3) You need to monitor these vulnerabilities and plan your response. After you know what the vulnerabilities are, you need to monitor them and plan out how you will respond. It’s best to catch any early warnings of a risk increase by meeting with clients regularly and checking for industry changes. Then, you need to have a contingency plan for advertising in place to respond when a competitor cuts prices. You need to know how you can attract additional business and the best manners in which to do so. Your marketing company can help with advertising and fee arrangements going forward as well.