Day 9 of our challenge is going to continue your march towards a more profitable law firm. On day 8 we discussed why lawyers make more by investing time in their blog rather than spending money on advertising. In this article we’ll continue to shift you away from “spending” and more towards “investing.” This approach is how you truly get ahead in your practice.
We won’t rehash our last discussion. It’s important to remember a few things we talked about though. We mentioned how an attorney earns a much higher return by investing time in quality web content, such as blog posts, than they do by spending money on Google Adwords or other forms of advertising. Now we’ll look at a place where you should be spending a few bucks each month that will blow away any advertising spending – quality video production for your firm.
Attorneys earn a far higher return on investment from web video than they do from other forms of advertising
Web video is one of the best investments an attorney can make and yet the medium remains largely unutilized. Like blogging, this is an area most attorneys haven’t gotten into and, of those who have, most are doing it wrong. The numbers are simple. In January of 2014 we lined up a quality videographer for a client and she shot her first video for a total cost of $200 (this included production, editing, etc.). As of this post that video has been live on her site for roughly four months and has already been watched 163 times. If an attorney is spending $20 per click on Google Adwords then this exposure would have equaled $3,260 (163*20). More importantly, our client owns this video and one $200 investment is now going to return her value for the rest of her legal career.
One thing I can’t stress enough is to have your videos professionally done. A good videographer will help you establish talking points that resonate with potential clients and really streamline the process. Quality video production will bring your firm quite a bit of business and low quality production can drive it away just as quickly. As an example, we had this video shot for our company at a whopping cost of $200.
Let’s talk about two things to do in planning your new video empire.
First, if you do not want to pay an exorbitant amount of money, do not use a videographer with a studio. This increases the videographer’s overhead which, in turn, increases your cost. Look for an independent videographer who works from their home. We’ve been able to line up videographers on behalf of our clients (who are spread across the country) for prices from $200-$400 per shoot. DO NOT attempt to be your own videographer. While as attorneys we like to think we can be good at most things, not hiring a professional to help you with video content is a huge mistake.
Second, you need to “spruce up” your You Tube channel and do videos in conjunctions with your blog posts. Here’s a discussion I previously gave on how you can tie videos together with your blog and make yourself stand out on You Tube.
Quality video is the second best return on investment you will receive besides blogging. Investing in video, rather than spending on ads, will really drive your profitability.
Day 9 action items for attorneys who wish to increase profits
Today we’re increasing your investment in your firm and continuing to reduce spending. Remember that when you invest a little time and/or money in your firm you wind up with assets that provide you with value forever just from that initial investment. If you spend money on pay-per-click ads then the money you pay out for that one click is gone forever and will never give additional return. This is why investing is better than spending. Today you’re going to invest in the following ways:
- Start a You Tube Channel and make it look nice
- Find a good videographer and schedule a recurring shoot
- Make sure that your videos are in conjunction with your blog posts.
Tomorrow we’re going to check in, see how everything is going, and make sure you’re on the right path.