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May 31, 2004
Ask The MAM -- Media Budgets
Dear MAM: How do I determine what percentage of my advertising budget goes to yellow pages, radio, tv, cable, newspaper, billboards, etc? Is there a proven formula that works for attorneys? Can you show me what works? Sincerely, Connie P., Parts Unknown
Dear Connie: First of all, anyone that gives you an answer to this question is as a fortune cookie might say, "one without clue." While people throw around percentages ranging from 2-5%, the reality is that appropriate budgeting is going to be based on more factors than I'm willing to discuss. You do not tell me how big your firm is, how long you've been practicing, what the practice areas are, the types of clients you are looking for...I could go on and on. To give you another example, in the "real business world", the amounts spent on advertising in the first few years can be more than your total revenue. It is about building buzz, a customer base, name and brand recognition. For my law marketing business, I spent more than I took in during the first year. The goal was not revenue, but establishing the business. In year two, I cut back on marketing spending and focused on revenue. In year three, I now look for a balance. Anyway, my point is that you need to develop a short and long-term plan, and then decide effective ways to spend the allotted budget. Thanks for writing. Sincerely yours, THE MARKETING ATTORNEY
Posted by Micah at 03:25 PM | Comments (0)
May 20, 2004
IMA Welcomes LIMA
The Internet Marketing Attorney welcomed LIMA -- the "Lil' Internet Marketing Attorney" -- to the world on May 15. Lily Helena Buchdahl weighed in at 7 lb., 6 oz.
Posted by Micah at 01:52 PM | Comments (0) | TrackBack
May 14, 2004
NLJ Misses The Boat on Law Firm Web Site Development
If National Law Journal Reporter Lisa Stansky is new to the beat, I'll give her a pass. Otherwise, the NLJ's front page story entitled WEBMASTERS was one of the most non-worthy articles I've seen in the publication. Thank goodness the 2004-05 IMA Reviews and Nifty Fifty are on the horizon! You can read the "story" for yourself. It basically re-hashes things that were written in, say, 1996 or so. Calling "extranets" a new hot area looked good in articles from before the new millenium. Same goes for stale quotes from "industry experts". I do not know how much research she did on large law firm web sites, but outside of accurately providing the usual kudos to Greg Siskind and Siskind Susser's Site, it provided nothing new, and a lot of old...
Posted by Micah at 01:51 PM | Comments (0) | TrackBack
May 12, 2004
Philadelphia Chamber of Commerce Expo
Once again, law firms were practically non-existent at the Philadelphia Chamber of Commerce Exposition. In some cities, law firms are slow to take part. In others, everybody is there. For the second year in a row, Intellectual Property boutique Volpe and Koenig was not only a participant, but a major corporate sponsor. I was quoted in this month's ABA Journal on lawyer trade show participation, as a follow-up to a trade show marketing program presented at the ABA Mid-Year Meeting. I've become known as somewhat of a "law firm trade show expert" since penning an article on the subject at IMA a few years back. While there is a great deal of thought and strategy involved, it can be a lucrative use of firm marketing funds.
Posted by Micah at 05:39 PM | Comments (0)