In my last post I described how to add value to the client acquisition process. I described some of the factors that could tip the scales in the eyes of clients if two law firms were to compete head to head and offer the same pricing structure and similar areas of practice. I also stressed that the perception is always in the mind of the purchaser. It’s always what they think and how they feel about the purchase. This week, I’d like to discuss how to take “value” up a notch.
Although it becomes exceedingly more difficult in a competitive world to keep your product or service from becoming a commodity, (where price is the only consideration,) the concept of “Value-Added” should be understood as a way to add differentiation to your practice. To me, value-added is what Chef Emeril Lagasse would call BAM!
There are many chefs that create great foods, but Emeril goes one step further – BAM! The BAM! is that last “Value-Added” ingredient that he throws in while saying the word, BAM!, that supposedly makes an already great recipe even greater. His personality and that gesture is what sets him apart. That’s his brand. That’s what makes him memorable.
Learn from this. It’s brilliant. What’s your BAM!?
When you can create one overarching attribute that sets you apart from all others in your market, you can establish a mindset that would cause people to go a little out of their way to do business with your kind of firm. That’s called a category of ONE. We’ve all seen them.
The idea is to give, give, give, and then continually find more ways to give some more! Value, Value, Value - Customers Want More Value!
The way to GIVE is to talk about the things your customers GET, not what you have to sell. Your marketing conversation should be all about the solutions your clients get, the results that have made them feel good, happy, relieved, elated, etc. Please remember this, you don’t do this by talking about the solutions YOU got them and the way YOU made them feel good, happy, relieved and elated. You should only talk about YOU at the end of your message. Take the words “I, we, us, our and me” out of your vocabulary and replace them with “you” and “your” if you want to attract business.
Never forget: It’s all about THEM not you. Always talk about how they benefit.
When customers are unsure, (i.e. untrusting,) it’s because they are not convinced you are right for them. When the value is obvious to them it’s much easier to attract new clients. So, how do you create value-added in a law practice? Let’s break it down to some of the areas that value-added can be added, so to speak. As you go through these, list on paper some ideas that you can come up with that apply to your situation.
Expertise Provided
Is the expertise your customers receive on all levels comparable to or more than they would receive elsewhere, and how so?
Value-Added to Expertise Provided: What other special talents, personalities, background, degrees, employees or equipment do you possess that adds value to your client’s experience? Is it already being communicated?
Service
Is the range of services or the selection of services your customers receive comparable to or better than they would receive elsewhere? Define any differences.
Value-Added to Service: Again, what is the menu of products, services, special talents, patents, processes, personalities, employees or equipment you possess? What else or who else can you add to enhance your offering to demonstrate higher value to the customer experience?
Guarantees:
Although clients know there are some areas where you cannot guarantee outcomes, you can certainly guarantee competence and accuracy in a range of matters that do not rely on decisions out of your control. What can you offer your clients in the way of guarantees or assurances regarding your services? Are they written down? Are they communicated to your clients for reassurance?
Value-Added to Guarantee: Can you formulate a guarantee that eliminates the risk a client has to take with your service? Can you create “risk reversal” by way of a contingency? As I’ve shown above, how many other areas can you add a guarantee to? How little would it actually cost your firm? If a mistake was made and a client wasn’t happy, what would you do? Can you state that as your personal guarantee? What do other firms do in this case?
Perceived Level of Service:
This is how you are compared in the marketplace by your customers. Because it becomes very subjective, it is referred to as “perceived”. How can you tip the scales in this perception?
Value-Added to Perceived Level of Service: By fully understanding your market and your competition, how can you change the emphasis of the buying process or customer experience to be unique? Do you “look” better than any of your competitors? We all know people buy and judge with their eyes? Spend what is necessary to look your best to your customers. Be their ideal.
The bottom line:
Why would you want to go through this exercise and make changes in the way you communicate about your firm? When you come right down to it, think of what the value of a client is? What is the “lifetime” value of your clients? What would they spend over the years with you if you kept them satisfied? What would you be willing to pay to get one of these clients? What would you pay to keep one from leaving you for another firm?
So, even if some of the value or value-added offers you integrate into your practice cost a little more than what your competition is offering, is it not worth more in the end to distinguish your firm as possessing something of greater value when new clients are weighing their choices?
If you and your competitors can swap law firm names on your advertising because they pretty much say the same thing, you have not differentiated the value you provide and you’re not saying much more than “me too.”
You always get more by giving.
By: Dennis Kunkler