As an Estate Planning attorney, you are doomed to fail if you compete on price. Instead of trying to position yourself as the most affordable option, you need to focus your law firm marketing efforts on establishing credibility and building a professional reputation.
Fighting with your competitors for the lowest price is like tossing a bunch of pit bulls in a cage and throwing in a single steak. Not only will most of the dogs miss out on the prize altogether, but even the one that wins will come out hurt!
Competing on price not only cheapens your services, but it also cuts into your profit margins; leaving you with a poor value offering and an empty bank account.
However, successful injury attorneys understand there is another option! Instead of setting your rates low, you need to put a high value on your knowledge, ability and time while convincing your prospects that you are worth the money.
The more valuable your services are perceived to be, the more money you can charge! Plus you'll avoid the feelings of regret every time you accept a fee less than what you believe you are worth.
Here are three keys to focus on when you are explaining your value proposition to potential clients. By touching on each one of these subjects you will enable yourself to raise your rates and make more money than other estate planning attorneys:
1. Qualifications: If you have a lot of experience as an estate planning attorney, you can surely use this as a selling feature. If you have a special area of expertise, this will improve your client's chance of winning their case. For example, perhaps you focus on physicians or small family business owners. Almost any experience that goes beyond the regular call of duty for lawyers can be used to enhance your image.
2. Solutions: An inexpensive lawyer cannot afford to spend the same amount of time on each client as one who charges more money. By going into detail about the unique solutions you offer that other lawyers don't, you will quickly separate yourself from the pack.
3. Results: At the end of the day, the most important thing to your client is whether or not you are able to get the job done. By having a long list of successful results, client testimonials and letters of recommendation, you will raise your level of prestige and prove to others that you are worth every penny you charge...and more!
The amazing thing about charging a high fee is that it is actually easier to explain than a low one! Instead of having to discuss why your prices are so cheap, which usually portrays a lack of confidence or expertise, you have the opportunity to differentiate yourself by showing your prospects why your services are so valuable. Law firm marketing is about differentiating yourself from other competitors.
In the end, you must demonstrate that value is more important than price. Any client would prefer to pay a high fee to a qualified estate planning lawyer to protect their assets and preserve their wealth than to pay a small fee for results that are less comforting.
Author Resource:-
Stephen Fairley is CEO of LawFirmMarketingStrategies.com and The Rainmaker Institute, the nation's largest law firm marketing company that specializes in helping small law firms. Attorneys visit http://www.LawFirmMarketingStrategies.com to claim your FREE marketing CD '7 Keys to a 7 Figure Law Practice'.
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