“He that is everywhere is nowhere.” Thomas Fuller
One of the best ways you can accelerate the growth of your practice is to focus your marketing efforts on the select few who will bring you the maximum return on your time and financial investment. The statement, “you can’t be all things to all people” is important to remember as you build a family law practice that is fulfilling and financially profitable.
Applying the 80/20 rule or the “Pareto principle” to your practice is an essential strategy for accelerating your practice. The principle states that 80 percent of results flow from 20 percent of causes. This means if you concentrate your marketing efforts on the 20 percent of clients who bring you 80 percent of your desired results, you will increase your opportunity for achieving growth goals faster and with less work.
Developing 80/20 thinking
The first step in applying the 80/20 principle to your practice is to identify your most and least desirable clients and referral sources. Your best clients are the ones who:
- Pay their bills
- Send referrals
- Listen to your advice
- Value your core expertise
- Want and need what you do best
Your worst clients are the exact opposite. Once you have identified your best clients, create a message and action plan that attracts these clients to your practice.
Your objective is to know who your best clients are and clearly speak to the needs and interests of a smaller but more attractive segment of clients and referral sources. This means your services and your message will not be for everyone.
For example one of my clients is Schiller Ducanto and Fleck, the largest family law firm in North America. I asked Don Schiller, what was the key to the firm’s success? He told me,” We turn away as many clients as we retain. Our services are not for everybody.”
Schiller Ducanto and Fleck has built a reputation on helping high net worth family law clients achieve the best results possible. By carefully selecting targeted clients, SDF has created a unique and distinguished family law brand. High net worth clients who want a sophisticated level of representation and in-depth expertise specifically seek out SDF.
It does not matter who your target market is as long as you can clearly articulate who your best client is, and how you solve their problems. Your objective is to focus your marketing efforts on the 20 percent of clients who provide you with 80% of your results.
Implementing 80/20 thinking
Action: You have limited time and resources and can’t be all things to all people. Take the time to assess your current clients and referral sources. What clients are most desirable? What kind of clients do you want to attract to your practice? And most important, what clients don’t you want to attract to your practice? Proactively attract desirable clients to your practice by communicating your expertise in helping them to solve problems and achieve their goals.