Attorneys Should Own Their Marketing Assets
Today, we’re going to do a quick follow-up to my discussion of whether lawyers should pay for sponsored AVVO listings.
In that discussion, I talked about how attorneys get a better return when they own their marketing assets rather than renting ad space (such as sponsored listings) from third-parties such as AVVO.
In this post, we’ll touch on why not owning your marketing assets creates two enormous problems for your firm.
The first problem?
Problem #1: You’re Vulnerable to Future Price Changes
When your marketing relies on a third-party, you’re placing your marketing costs in the hands of a platform you’ve got no control over.
For example, in 2008, many Las Vegas family law attorneys relied on pay-per-click ads and paid roughly $8-10 per click. Today, those same clicks would cost around $25-30.
Now, let’s get into imagination land for a second.
Let’s suppose you’d built up an effective practice a few years ago by relying on pay-per-click. What would’ve happened to your profit, and your firm, when that 300% increase in marketing costs hit?
For many attorneys, the answer isn’t all too great.
If, instead, you’d been investing in their website content, your profits wouldn’t have even been affected by that 300% increase.
Want to ensure the long-term sustainability of your practice? If the answer is “yes,” you need to own your assets rather than rent ad space.
Think about it: 78% of people buy from a local business after finding it in search.
Problem #2: You’re Gambling Your Success
The second potential problem with renting ad space from third-parties is that you’re banking on the popularity of a given platform you don’t own or control.
You’re taking the gamble that said platform is going to succeed.
If it fails, there’s a good chance you fail with it.
Say, for example, an attorney put time into branding themselves on Myspace ten years ago.
Well, how’s that working out in 2015?
What if you were paying for web directory listings before Google came along and changed search in the late 1990s?
Well, those directories, on which many could have built their practices, aren’t people’s primary source of finding the 411 anymore.
By owning your assets and controlling your strategy, you ensure that you’re not relying on others to keep up with the changing web. This is crucial to your future.
Want to ensure your firm’s long-term future? Stop wasting time and money on third-party advertising. It’s time you focus on owning your marketing assets.