Law firms need to leverage stars and relationships, not content
Mathew Ingram (@mathewi), a senior writer for GigaOm, shared a tip with the New York Times this week: “Monetize people and relationships, not content.”
Ingram’s point being that rather than produce more and more content to get more paying subscribers, the Times ought to leverage the draw and influence of their star reporters and columnists.
In an age when social connections and interaction are so crucial to the way we perceive the world, and when information overload has made trusted filters and usable insights even more imperative than ever before, I would argue that the single most powerful resource the Times has are people like Carr and Nick Kristof and even (God forbid) Tom Friedman — voices that are unique and compelling, and are therefore sought out by readers.
Relationships with those readers, once formed and strengthened, can be monetized in a host of ways…
What does this have to do with law firms and business development? Everything.
With the advent of blogs and easy to use content management systems content marketing is all the rage with law firms. Editorial calendars run amok. Getting associates who are not as busy to write content. Heck, some firms even hire people to write content for their lawyers.
Content is fine. Blogs are even better. But the goal is not more content – or even more traffic to your content or website.
Your goal is landing more business of the kind you are looking for from the kinds of clients you want to work with. That comes down to having good lawyers with strong reputations and relationships.
When it comes to business development through the net, you need to leverage the stars at your law firm. They have followers. When they talk people listen.
Promoting those stars with profiles on websites, press releases on their awards or presentations, or even media appearances is not enough today. You need to empower these stars to nurture and build on their relationships and reputation.
That means getting them blogging, using Twitter, and maybe even Facebook – in a strategic, not random fashion. Sure it’ll time on your part as the marketing team to encourage, teach, and support the stars and yes, it will take time on their part.
But if this star can originate an additional $5 or $10 million in work it’s worth it. If you’re a firm attracting and keeping more stars because you’re seen as supporting stars in innovative ways (use of social media), it’s worth it.
Don’t get me wrong content, especially engaging content written in a conversational and pointed style from any lawyer is worthwhile and effective for business development. My point is not to overlook how you can leverage your stars.
Some firms are leveraging their stars already through having them blogging and using Twitter. But most are not. Give it some thought.