What are The 4Ps of Marketing™?
The Four Pillars of Marketing™ create the framework for implementing your marketing plan. They reflect an organizational system under which we provide customized implementation strategies. From leveraging current relationships, to new business development, to increasing your name recognition and measuring ROI, The Four Pillars of Marketing™ have the power to transform your marketing strategy. Following is a summary of The Four Pillars of Marketing along with examples of strategies we employ to help you implement a balanced marketing plan.
Pillar I. Retain + Grow Existing Relationships
Most people equate marketing with sales and new business development. But really, the most important growth strategies revolve around leveraging and growing your existing relationships by staying connected, relationship building, communicating, and engaging on social media.
Social Media Engagement
Client Satisfaction + Service
PSM recommends you proactively communicate with your clients and contacts at a minimum of quarterly. If you have a lot of timely, relevant information to share, some clients send a monthly e-communication. E-communications tools like MailChimp, Campaigner and Zoho, have analytic tools to quantify and measure the success of your communications.
Existing Referral Sources
Referrals are the lifeblood of your business. Remember when you build relationships with those who refer business to you, you are employing a “one to many” strategy so that one solid referral source will refer you a steady stream of new clients.
Pillar II. Develop New Business
When marketing for new business, there are myriad strategies we employ at PSM to help you develop new business. We believe a targeted approach is a lot more effective than dropping your flyers from an airplane! New business development should be strategic and targeted by leveraging your best relationships along the way. Here are some of the ways in which we help our clients develop new business:
Targeted Business Development
The most effective way to develop new business is to use an extremely targeted approach. Dropping flyers out of airplanes is no longer the way to land your A-level clients. PSM will help you identify individual clients, referral sources, or industries, conduct the research you need to ask great questions, seek a warm introduction through an existing relationship and land new business.
At PSM we can help you nurture a lead through the sales process by the use of strategic website contact forms, live chat, and e-communication automations. If a prospective client provides contact information, they flow into a system where they will receive regular (but not too many) pre-written communications to encourage them to work with your company.
Establishing New Referral Sources
We discussed leveraging referral sources above. Once you know the type, level, occupation and industry your best referral sources have in common, we help you set out to meet more like them!
PSM can help you develop a professional proposal template for responding to Requests for Proposal (RFP), or simply having a well-designed capabilities presentation. We will help you determine if you should respond to the RFP, all the way through writing, designing and sending the proposal.
Trade + Professional Association Involvement
One of the best ways to build name recognition and relationships with prospective clients is to become an active member of their trade or professional associations. By writing and speaking you will become their go-to professional and can engage with prospective clients and referral sources at every meeting you attend.
Your website is often the first point of contact with prospective clients and customers and must be designed to reflect the essence of your company. Our award-winning website development team will work with you from the site map phase through the design, content development and optimizing the overall user experience. Learn more about our custom website development work.
Search Engine Optimization (SEO)
SEO is the engine that makes your website fly! When PSM builds websites we SEO optimize each page of your website. Read more about What is SEO? Once the site launches, we focus on building your organic search engine rankings so your clients and customers can find you online through keyword searches. You can also impact your own SEO by proactively asking clients to leave five-star Google Reviews for your company. Read our blog on The Power of Google Reviews. You can also review How to Get Found Online: Onsite and Proactive Backlinking and How to Boost your SEO Without Breaking the Bank.
Pillar III. Increase Name Recognition + Awareness
You can be an industry-leading award-winning company. But if you aren’t communicating to current and prospective clients and referral sources, they simply won’t know who you are. Building name recognition and awareness for you and your business can catapult you to become the go-to company in your industry. We help our clients increase their name recognition in many ways including:
The look and feel of your brand must reflect the personality of your company. It must be professionally designed and graphically interesting. At PSM we not only help you develop your brand, but we bring it to life in everything you do! Learn more about our unique branding services.
Public and Media Relations
When you see an article in a magazine, or someone quoted in the newspaper, you likely believe their messages because they have the third-party credibility of the publication, radio station or TV station’s endorsement of you and your business. PSM will help you develop a proactive PR strategy designed to attract positive media coverage for your company. Read our blog on Public Relations 101 – while written for lawyers it applies to all businesses!
Social Media + Thought Leadership
We tell our clients that social media and thought leadership are two sides of the same coin. To boost engagement on social media, it’s important that your voice, experience and accomplishments are creatively curated into memorable and engaging social media and blog posts. We find and post content for your social pages and help you engage on social media by liking, following and sharing the content of your connections. Read our blog on How to Engage on LinkedIn.
Writing + Speaking
Pillar IV. Measure Return on Investment (ROI)
We tell our clients it’s critical to have metrics in place to measure the return on investment of your marketing efforts. In general, marketing is hard to measure, so at PSM we have identified myriad ways in which to measure the ROI of your marketing efforts. We wrote a blog on How to Measure the ROI of your Marketing Efforts that you may also find interesting. A few tools we use on a regular basis include:
We have built a science around tracking and measuring the results of your website. From unique visitors each month, to tracking climbing organic rankings, PSM works every day to ensure your website is helping drive new business into your firm. See our blog on Making Sense of SEO – Tricks, Tips and Lingo to Know.
Social Media Analytics
The biggest gauge of marketing success is continued revenue growth. PSM has clients now experiencing nearly half of their new business coming from website leads, with jumps of revenue in the 30 – 40% range. This is what an outsourced marketing approach can do for your business to free you up to do what you do best – deliver services and continue to grow.
How Can The 4Ps of Marketing™ Help You?
The 4Ps of Marketing guide the implementation of every client’s strategic marketing plan. The Pillars ensure that your marketing plan is well balanced which increases the likelihood and probability that your marketing efforts will pay off for you in strengthened relationships, more referrals, a steady stream of new clients, and a reputation where you and your company are sought after – where your reputation precedes you! You will be surprised how cost-effective outsourced marketing can be! If you are interested in a turnkey, full-service marketing approach to your growth, contact PSM today for a free, confidential consultation. You can also use our assessment: Is Your Company a Good Candidate for Outsourced Marketing?
We look forward to implementing the 4Ps of Marketing in your business!
The 4Ps of Marketing™ for Lawyers
So what are The 4Ps of Marketing? The Four Pillars provide the construct for lawyers to use as they seek to develop and implement a marketing plan that will cover all the most important elements and best practices for lawyers. It’s not enough to just write articles, or just attend networking events. The 4Ps of Marketing will provide a structure for you to make sure you are touching a host of marketing best practices for lawyers.
My goal as a consultant and coach to lawyers is to boil “all of this marketing stuff” down into categories and tasks that make sense to you and, most importantly, are manageable. I know that you don’t have a lot of time and likely feel consistent pressure to bill hours and deliver legal services. That said, it is equally important for you to make the time to keep your marketing efforts moving forward.
The Pillars acknowledge how important it is to retain and grow your best relationships while also proactively developing new business, increasing your name recognition in the marketplace, and pursuing targeted communications.
Pillar I – Retain and Grow Existing Relationships
Before you launch into meeting new people, first leverage the best of what you have. I like to consider this the most important pillar. As you know, a significant portion of next year’s revenue will come from your existing clients, contacts, and referral sources. These activities make sure you are acknowledging and building upon your best current relationships. Consider your efforts in the following areas:
- Client Satisfaction – Administer a web-based “end-of-case” or “end-of-matter” survey to keep your finger on the pulse of client satisfaction.
- Client Service – Read The E-Myth Attorney, by Michael E. Gerber and develop systems and processes to run your practice.
- Cross-Marketing – Create a spreadsheet to ensure you are fully serving your existing clients (Client names in rows and services as column heads).
- Referral Source Development – Review a list of your clients over the past two years. Who referred those clients to you? Create a list of your best referral sources and schedule coffee or lunch.
Pillar II – New Business Development
I know you didn’t go to law school to become a sales person, but developing new business is and will continue to be the lifeblood of your practice. Developing new business will keep you in new clients now and into the future. You should have a steady stream of new clients – not just new cases or matters for existing clients. A minimum of 30% of your revenue each year should come from new business. To do this, you should commit to:
- Networking – Identify your top clients, prospective clients, and referral sources. Weave relationship building throughout the fabric of your practice and stay in touch with your best contacts.
- Targeted Business Development – Think about what your best clients have in common, then identify companies or referral sources who interact with these groups every day. Identify creative ways in which to get in front of these groups.
- Market Research – Before you meet with a new person, take the time to review their LinkedIn profile (see if you have contacts in common with them), read their website, do a Google search for their name. Even basic research like this will allow you to ask brilliant questions and find out what you might have in common.
- Trade and Professional Association Involvement – Join an association that attracts your best clients or referral sources. Attend meetings, write for their publication, speak at their monthly or quarterly meetings.
Pillar III – Increase Name Recognition and Awareness
With blogging and social media, keeping your name recognition high is easier than ever. If people don’t know who you are because of low name recognition in the marketplace, it will be a LOT harder to build your practice. Since the inception of LinkedIn in 2007, the process of developing and maintaining high name recognition has skyrocketed. It’s easier now than ever to keep your name recognition high. Consider these ideas:
- Social Media – Never stop connecting with people you know on LinkedIn. If you come across something interesting or just published a blog, post it on your profile. Make social media part of your daily life – not just something you do if you ever have the time.
- Branding – Take a look at your brand (website, materials, letterhead, how your dress). Would you hire you? Make sure you not only look the part of a successful lawyer, but that your website and materials convey the class and sophistication you bring to your clients.
- Public Relations – Tap into the third-party credibility of the media. Watch for the reporters who cover stories in your area(s) and reach out to them with your thoughts, comments, and other related story ideas.
- Community Involvement – Consider serving on a non-profit board. Your fellow board members will see the commitment you have and will assume you are also a diligent and thoughtful lawyer.
Pillar IV – Measure Return on Investment (ROI)
As a law firm, it’s essential to ensure that your marketing efforts are providing a positive return on investment (ROI). However, measuring the ROI of marketing can be challenging due to its intangible nature. At PSM, we understand this challenge and have identified numerous ways to measure the ROI of marketing efforts. We stress the importance of having metrics in place to track success and provide guidance to clients on selecting the most effective metrics for their specific business goals.
We have written a blog post titled “How to Measure the ROI of Your Law Firm’s Marketing Efforts,” which offers practical information and tips on measuring marketing ROI. In this post, we highlight various tools that we regularly use to measure marketing ROI, including website analytics, conversion tracking, social media engagement, and client feedback surveys.
Our team of marketing experts also helps law firms develop a comprehensive marketing strategy that aligns with their goals and tracks the effectiveness of their marketing campaigns using the selected metrics. By tracking and analyzing marketing ROI, law firms can better understand their target audience, optimize their marketing efforts, and ultimately, increase their revenue. Contact us to learn how we can help your law firm measure and improve its marketing ROI.
By having a basic understanding of The 4Ps of Marketing, you will ensure your marketing strategy is balanced and that it will produce the results you need. Consider The Four Pillars of Marketing as your checklist to ensure you attract the highest quality clients.
How to use The 4Ps of Marketing™
By Terrie S. Wheeler |
Many years ago when I was a law firm marketing director, I realized the need to summarize and synthesize best marketing practices for lawyers. Thus, The 4Ps of Marketing™ concept was born. So what are The 4Ps of Marketing and how can they help guide your marketing efforts? The Four Pillars of Marketing provide a construct within which to develop your marketing plan. The Pillars acknowledge how important it is to retain and grow your best relationships while also proactively developing new business, increasing your name recognition in the marketplace, and pursuing targeted communications. This post will discuss specific tactics under each of The 4Ps of Marketing™ so you can develop a balanced and effective marketing plan.
Pillar I – Retain and Grow Existing Relationships
This pillar is about leveraging the relationships you already have. It also includes the concept of how important it is to run your practice like a business. You can read more here, You are the CEO of your Practice: Now Act Like an Entrepreneur. You can also watch our free webinar on the same topic. Think about how you assess and measure client satisfaction. You know a very large percentage of your clients have been referred to you by satisfied clients, so it’s important to make your client satisfaction and client service practices a priority. Also, Pillar I is where you set goals surrounding how best to leverage your current referral sources. You can find more Pillar I activities here.
Pillar II – New Business Development
Did you go to law school to become a sales person? You may say NO WAY! But the truth is that in order to be successful in private practice, you need to feel comfortable in a sales role. The good news is that the very best sales technique for lawyers is to ask questions – good questions that help you uncover what the real issues are for your clients. Some of the very best business development strategies include networking, targeted business development, and trade and professional association involvement. Each preceding link connects you to an article I wrote on each topic! You might also like to read more about the Difference between Sales and Marketing and why Lawyers need Both.
Pillar III – Increase Name Recognition and Awareness
This is an extremely important step, and today, it’s easier than ever. Some of the best ways to increase your name recognition are to develop great content on a consistent basis and promote that content (including blog posts) on your website, in e-communications, and through social media posts. You can read more about this important pillar here.
Pillar IV. Measure Return on Investment (ROI)
Measuring the return on investment (ROI) of marketing efforts is crucial for businesses to ensure they’re spending their resources effectively. However, marketing can be challenging to measure due to its intangible nature. At PSM, we understand this challenge and have identified numerous ways to measure the ROI of marketing efforts. We emphasize the importance of having metrics in place to track success and provide guidance to clients on selecting the most effective metrics for their specific business goals.
To help clients with this task, we have created a blog post titled “How to Measure the ROI of Your Marketing Efforts,” which provides useful information and tips on measuring marketing ROI. In this post, we outline various tools that we regularly use to measure marketing ROI, including website analytics, conversion tracking, social media engagement, and customer feedback surveys.
Our team also helps clients develop a comprehensive marketing strategy that aligns with their goals and tracks the effectiveness of their marketing campaigns using the selected metrics. We believe that by tracking and analyzing marketing ROI, businesses can better understand their target audience, optimize their marketing efforts, and ultimately, increase their bottom line.
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PSM has a long history serving lawyers, recruiting firms, renewable energy companies, contractors, small businesses and non-profits. The majority of clients we serve fall into one of these categories:
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