Do You Understand Marketing?

Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.

Law Firms Must Adapt to Market Segmentation

The law firm of the future recognizes what it does best and for whom. It segments its services and fees by the nature of the work, with a menu of services with rates for each. It follows a “best in breed model” for those things that it does well, and positions itself as one of the stable of law firms on the clients’ preferred provider list. The foundation is the delivery model for each service, with differentiated cost, talent models, and profit structures. The art is in how to bundle and price the services for the big customers, and the services that the others get.