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It’s hard to market law because no one wants to buy it – new or old

It’s hard to market law because no one wants to buy it – new or old

By Jim Thompson

There’s a lot of noise about out there about “New Law” but the only ones who seem to be excited about it are lawyers.

As a buyer, I say welcome to the world everyone else has lived in for decades if not since commerce was invented.

Sure, it holds some value for a buyer if it provides them greater certainty over their spend and even better if it saves them some money, but I wouldn’t be hanging my hat on it.

Why?

A few obvious reasons spring to mind;

  • The average buyer doesn’t even know what it means – I’m still not 100% sure myself
  • It’s easily replicable by any firm
  • And most importantly no one wants to buy law, they might need it, but they don’t want to buy it.

What they want to buy is some sort of outcome – i.e.

  • Protection
  • Risk minimisation
  • Compensation
  • Compliance
  • Restitution

So, from a marketing perspective “New Law” may give you a short-term competitive edge like Xero did for accountants but everyone eventually catches up if it matters.

Instead of waiting for the next big thing or wave to ride you’re far better to position yourself for the long term.

That doesn’t mean you can’t do new law or ride the next wave, but you don’t have to rely on it or be the first to catch it.

Sustainable marketing comes from positioning, the deeper the better to a specific market segment, underpinned and supported by deep expertise.

Remember your buyer is really buying an outcome not the means to get there.

The means are a necessary evil and therefore to a buyer a balance between price, time and perceived risk.

The less the perceived risk the more they are willing to pay and the longer they will wait.

As an example, if you thought that your life depended on one particular expert surgeon, you would pay as much as you could afford and wait as long as it was safe to do so.

Pay more and get in the queue!

That is the panacea.

Sell the outcome, not the means, narrow your focus, lift your head from the client files regularly and make yourself and your expertise visible.

The path to marketing sustainability is hard, it takes courage and time which is exactly why most of your competitors won’t follow you there.

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