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Subjects - Law Firm Marketing – Increasing Your Revenue by Grading Clients
Law firm marketing is comprised of many different elements. The analysis of your firm in law practice management can be complex, however, lets begin with a key success variable – your current client base. Managing your client base is the most impor
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
tant aspect of your law firm marketing efforts. I suggest you begin with grading your clients.
The ABCD Solution
In looking at your client base for law firm marketing purposes, you can use a time-tested method of analysis. This is the key
The ABCD Solution
In looking at your client base for law firm marketing purposes, you can use a time-tested method of analysis. This is the key
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
concept of “ABCD clients”. Service professionals of many types use this method to accurately rate and organize their client base. And for effective marketing for law firms, this method is priceless. By the way it is not just about marketing. It is
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
also about serving your clients better than ever.
As you certainly know in schools we use the letter grading system to rank the students in order of how well they perform on papers, tests, quizzes, etc. Similarly we will “grade” our clients. So th
As you certainly know in schools we use the letter grading system to rank the students in order of how well they perform on papers, tests, quizzes, etc. Similarly we will “grade” our clients. So th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nk of your client grading system for law firm marketing as summing up all the aspects of a good client.
A client who gets an “A” would be one who has reasonable expectations, follows your instructions, is grateful for the work you do as well as co
A client who gets an “A” would be one who has reasonable expectations, follows your instructions, is grateful for the work you do as well as co
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
urteous and professional in their demeanor with both you and in particular your staff. In fact if you are ever wondering if someone is an “A” client or a “D” client just ask your staff. The “A” client sends you referrals that turn into “A” clients
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
as well. The “A” client is never concerned with the fees you charge since they know your services are worth the cost. They pay their bills on time all the time. And finally, their cases are interesting and substantial matters. Now isn’t this the ki
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
nd of client you are aiming for in your law firm marketing in the first place? Additionally, have you ever heard the old saying “birds of a feather flock together”? This means your “A” clients know a lot of other “A” clients who they can refer to
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
you if you play your cards right.
Of course a client with a “B” grade would have many of the same qualities of the “A” client, but not all. A client with a “C” grade would be closer to a “D” client. A client with a “D” grade is the complete opposi
Of course a client with a “B” grade would have many of the same qualities of the “A” client, but not all. A client with a “C” grade would be closer to a “D” client. A client with a “D” grade is the complete opposi
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
te of all the characteristics of an “A” client. They don't have reasonable expectations, they pay their bills late (some not at all), try to negotiate lower fees or retainers, don’t follow your instructions (may even think they know better than you
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
do), are rude or unprofessional, they do not send referrals (or if they do they are also “C or D” clients), their matters are not substantial and interesting, and they often complain about normal fees. Not a pretty picture these "D" clients. Let
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
your competitors have them!
In targeting your law firm marketing, “C & D” clients are not the kind of client you want to attract. Most firms find that “C & D” clients take up between sixty to eighty percent of their time and efforts, while only
In targeting your law firm marketing, “C & D” clients are not the kind of client you want to attract. Most firms find that “C & D” clients take up between sixty to eighty percent of their time and efforts, while only
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ringing in twenty to forty percent of the firm’s revenue. Does it make sense to cultivate this type “C & D” business? Of course not. You need to stop taking “C & D” business and “fire” (ethically of course) any “C & D” business that you can. Ev
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
en if you only begin with the “Ds” it is a beginning. Quite liberating as well my clients report to fire these folks.
Effective marketing for law firms includes a realistic look at what will bring the best benefit for the best clients. Ridding you
Effective marketing for law firms includes a realistic look at what will bring the best benefit for the best clients. Ridding you
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
rself of clients who are graded a “C or D” is one of the best things you can do for your “A & B” clients. Without spending all your time on the “C & D” problems and concerns, you can pour your attention into your “A & B” clients (moving their matte
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
rs to conclusion faster thus you can do more of them). Thus the “A & B” clients will be even more satisfied, resulting in more referrals and more business from them. Clearly a “win/win” for all.
Another big, big advantage of spending less or no ti
Another big, big advantage of spending less or no ti
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
e on your “C & D” business is you can focus more time on developing your “A & B” referral network. Your increased marketing time and more focused law firm marketing will result in more quality “A & B” business.
What I have found working individual
What I have found working individual
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ly with over 500 attorneys is most of you will need to limit your practice areas to one, two or maybe (and I do mean maybe) three practice areas in order to drop your “C & D” cases. Too many attorneys are practicing “threshold law” that is defined
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
as taking anything that comes across the threshold of your office. In selecting your practice areas try to incorporate cross-salable areas, such as wills and trusts, real estate, and/or estate planning for example. Select the most lucrative practic
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
e areas you have and then pour your law firm marketing efforts into those targeted practice areas while focusing on “A & B” clients and referral sources. This may be a bit frightening at first and in the long run you will be extremely glad you did
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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