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The talks regarding the upcoming economic recession is not new to us. Even tech companies are laying off massive portions of their teams, not to ignore the rising inflation.
If we consider the legal industry, it is more recession-proof that most industries. Certain legal services will always be needed regardless of the economy’s performance. Areas of law, such as family or criminal law are unlikely to be affected by economic downturn. In fact, many legal areas witness growth during recession. Reason being, legal issues involving family relationships do not get affected when economy crashes, and neither do criminals. On the whole, the legal industry is shielded from the strain of a recession, but individual law firms, practice areas and lawyers can still feel the brunt of it. since, we cannot change the country’s economic growth, we can surely change our mindset and pivot our law firm towards success. Hence, it is important for them to adapt right tactics in order to thrive.
History proves that companies willing to invest in marketing enjoy accelerated growth, even during an economic downturn. The first thing many businesses do when there is a sign of trouble in the economy is to slash and eliminate their marketing budget. While the idea seems understandable, any marketer would call it a mistake. Our law firm still needs to run. Marketing helps increase our visibility. During a recession, when other law firms cut their marketing budgets, we recommend capitalizing on that and dominating the space. The fact is that marketing is non-negotiable. Marketing grabs attention, educates customers, builds our value proposition and ultimately gets us more clients. These are all critical things for any law firm looking to survive an economic downturn.
Law firms can consider bringing changes to their marketing team, budget and strategies. But all through this, they need to make sure not to completely eliminate marketing. In general, marketing tactics should be constantly evolving, with budgets being reallocated to tactics that are performing best. Here, we are implying that, as a part of their law firm marketing campaign, firms usually try to adopt SEO. Now, we know that SEO can take months or years to pay off. Therefore, if short-term survival is a top priority, we should shift a portion of our SEO budget to PPC (pay-per-click) ads could be worthwhile. As a result, we will get faster results and be able to sustain our law firms in the short term while continuing work on SEO. Moreover, we can also pivot our PPC budget to updating our email marketing strategy and focus on nurturing the leads we already have.
While during recession, many firms will try to cease all marketing, in an attempt to save their money. For other firms, this will become an opportunity to jump into the market. It will become the best time for such firms to increase or continue their marketing, as a result, to gain exposure. With fewer competitors competing for prime ad and search space, we will be able to gain premium placements, while making it easier for our clients to target us. A drop in players could lead to better ad deals and placements on Google.
Finally, digital marketing is becoming more complex every year, and most lawyers do not have the nitty-gritty of marketing, especially during recession. Hiring a law firm marketing agency is the solution. The ROI of digital marketing campaigns is typically easy to track. If working with the right agency, we will witness a measurable ROI that ensures our marketing is paying for itself.
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