Studies show that 20% of your client base will refer new business to you, even if you do nothing.
Another 20% will never refer cases to you, no matter what you do.
The remaining 60% will send you referral business – IF…….
you create a referral system that reminds them about your firm and educates them on how to refer cases to you.
So the big question is: What are you doing right now to reach this magic 60% to create the Top-of-mind awareness that leads to new case referrals?
Many lawyers make the mistake of assuming that getting a good result for a client will make them a raving fan. But that’s not how it works.
Just because you represented a client well 4 years ago, and got them a fantastic settlement or verdict, doesn’t mean they will automatically tell their friends and family about your firm when they need a lawyer.
It’s up to you to continue to reach out to your past clients to solidify the relationship. Top-of-mind awareness doesn’t just “happen.”
The good news is that it doesn’t require rocket science or cracking the code on an elusive algorithm to harvest this low-hanging fruit.
Far from it.
You need simple, straightforward systems that allow you to maintain contact and communication with your past clients.
As you start thinking about the Marketing initiatives and plans you want to launch in 2024, don’t neglect the magic 60% – The past clients that you can turn into raving and referring fans of your law firm.
THE LIFETIME FINANCIAL VALUE OF A PAST CLIENT IS FAR BEYOND THE FEE YOU EARNED IN THEIR REPRESENTATION.
The key to reaching the Magic 60% and skyrocketing your Referral rate is to create and foster an ongoing relationship with your past clients.
Each client that walks through your firm’s door is not only bringing the potential of their own repeat business, but also bringing all the potential clients they can refer to you over their lifetime. It can be a powerful ripple effect with a staggering ROI – if you commit to leveraging this potential.
Each past client – and especially those in the magic 60% segment – has the potential to be mini-marketers for your law firm. They can help you grow your law firm exponentially.
But they won’t do so automatically.
If you are too focused on the latest digital marketing tactics and social media platforms, it’s easy to overlook some of the best lead generators you already have at your fingertips- your past clients. This is your firm’s low-hanging fruit. Leaving it to die on the vine is a huge, missed opportunity for you and your law firm – that could be costing you hundreds of thousands of dollars in lost revenue.
Make today the day you recognize the powerful opportunity you have in leveraging your past clients and turning them into a systematic referral source that brings you new cases week after week.
If you want to learn more about how you can start reaching this Magic 60% and leverage their potential to sign more cases, make sure you check out Ken’s upcoming Presentation at NTL’s Business of Law Conference in Phoenix, November 9th-11th, 2023.