Speakeasy Marketing May 2018

GROW YOUR LAW FIRM IN 2018

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WHAT TO DO IF BUSINESS SLOWS DOWN

It reminds me of an old Chinese proverb:

I call them emergency marketing tactics because the optimal time to invest in marketing isn’t after you notice that business is drying up — it’s something you do early in the game to prevent business from slowing down in the first place.

One thing I’m hearing from attorneys more often these days is, “Business is starting to slow down, and we need new clients now. What kind of marketing should we do?” Depending on their particular situation, I will suggest various “emergency marketing tactics” that can get leads flowing again quickly.

“The best time to plant a tree was 20 years ago. The second- best time is now.”

However, if

you weren’t able to set up a proper marketing strategy in the

past, and you’re now in a situation where you need

clients fast, you can deploy a few of these “emergency marketing

tactics” and turn the flow of leads back on within about a week.

I cover five of the most powerful of these tactics in my “Five Tweaks” report that you can download for free here:

speakeasy.marketing/5-tweaks- report

–Richard Jacobs

Published by The Newsletter Pro . www.NewsletterPro.com

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The Radical Transparency of Ray Dalio’s ‘Principles’

CREATE A DETAILED AND ACTIONABLE PROGRAM.

From the outside, it might seem that such an uncompromisingly honest vision would create problems. After all, Bridgewater employees describe “public hangings” of those who don’t rigorously follow Dalio’s rules and meetings that sometimes stretch for hours due to disagreements about a single item on the agenda. But Dalio argues that creating this fluid back- and-forth is a vital component of a healthy organization. SYSTEMATIZE THE DECISION- MAKING PROCESS. Aside from Dalio’s trademark transparency and sometimes brutal honesty, “Principles” has one thread that runs through the whole book: Everything can and should be boiled down and understood with a simple system. By acknowledging how reality operates, you can transform your business and achieve clarity in every aspect of your life.

If you grew up in an ordinary, middle-class neighborhood on Long Island, proceeded to found an investment

Since its publication last year, Dalio’s book has risen to No. 5 on Amazon’s charts, become a No. 1 New York Times best seller, and been touted as revolutionary by some of the most successful businesspeople of our time. It’s a thick volume of just under 600 pages but nonetheless compelling. Dalio’s dedication to the idea of openness in all things is evident through the organization of his life’s work into a detailed and actionable program.

firm out of your apartment in NYC, and went on to make more money for your clients than any other hedge fund in the history of the industry, you would assume there was something uniquely special about you, right? Not according to Ray Dalio, founder of Bridgewater Associates and one of the most successful — and influential, as 2012’s Time magazine attests — men in the world. He’ll be the first to tell you that there’s no secret to his genius. Just open his book and memorize the 200-plus “Principles” he honed over his career. Dalio believes these are the real reason he stands in such a prominent position today.

RECOGNIZE HOW TO GET BEYOND DISAGREEMENTS.

Dalio’s transparency extends to creating an open forum for

disagreement. In an earlier 2011 draft of Dalio’s “Principles,” he wrote of the importance of “creat[ing] an environment in which everyone has the right to understand what makes sense and no one has the right to hold a critical opinion without speaking up about it.”

THE SIMPLE SOLUTION TO DEADBEAT CLIENTS

That way, you can stay focused on what you do best — without all the collection malarkey. If this interests you, I’ve put together a page that explains the ins and outs of how iQualify’s service works and how you can get started:

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plan (with an interest-free grace period), and immediately sends you your full fee.

What if there were a straightforward solution to get paid up front and in full — while someone else worried about the deadbeats?

speakeasy.marketing/iqualify

Turns out there is.

You can do exactly what my most successful attorney clients do: Let a company I recommend, called iQualify, do all the dirty work. iQualify finances the client’s bill up front, puts the client on a payment

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HOW TO DEAL WITH CLIENTS WHO ‘GHOST’ YOU

When a business owner first sets out in a new market, it can be hard to determine how to establish a customer base, especially with a tight marketing budget. However, one of the most cost-effective and ingenious ways to tap into a new client base is through host-beneficiary relationships. Host-beneficiary relationships are loose partnerships between complementary, noncompeting businesses. They use trust, relationships, and credibility to generate leads and close sales through a special offer presented by the beneficiary as a gift from the host. These relationships cost much less than advertising, which means they reduce the amount you spend acquiring a new customer. This marketing strategy is a great way to enter a new market or take advantage of an opportunity that requires a specific and personal approach. For example, a new hairdresser might want to create a partnership with an established local aesthetician to help him build a core clientele. The aesthetician sends coupons to her own clients, offering free highlights as a gift for their patronage. The hairdresser honors those coupons. Since most people would purchase a cut in addition to highlights, the hairdresser would be able to build his own clientele while making a profit in the process. If you are starting out, it may seem like you have nothing to offer the host; however, in the eyes of her customers, the host is providing a reward or exclusive offer for the customers’ continued support and loyalty. While the newcomer gains a client list, the host gains goodwill. To enter a host-beneficiary relationship, you must have a clearly defined market or market segment. Not knowing or understanding your target market will render your relationship ineffective and a waste of money and time. After you’ve defined your audience, make a list of potential host businesses you can approach. These businesses must have your same target market, an established customer contact list, and a credible reputation. Approach your potential hosts with thought and strategy. Introduce your product or service the way you would present it to new customers: heavy on the benefits and light on the features. Establish your own credibility by providing materials, testimonials, research, and the exclusive offer. Above all else, let the host know how this potential relationship can benefit them as much as it benefits you. Though simple, host- beneficiary relationships are an invaluable tool for businesses looking to tap into new markets. With the Help of Noncompeting Businesses GENERATE LEADS AND CLOSE SALES

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you can retain a higher percentage of leads (and dramatically reduce time wasted).

In my experience, it’s worth your while to keep chasing them. Frankly, if you don’t pursue potentials who ghost you, you’re leaving money on the table and donating them to a competitor. That’s why, a few months back, I created a cheat sheet you can use to do the following:

Download a complimentary copy from my website:

speakeasy.marketing/ghost

• Reactivate past potentials who’ve

gone ghost, and find out

quickly if there’s still a viable case on the table.

• Figure

out why potentials are ghosting you so that

REAL SECRETS OF ATTORNEY MARKETING LAW SCHOOL DARES NOT TEACH

(2nd Edition)

• Five new chapters, live chat, what’s changing for personal injury attorneys marketingwise in 2018, and more • Completely revised and updated for 2018 • Complimentary copy mailed or emailed upon request

Available on Amazon Kindle or by emailing rj@speakeasymarketinginc.com.

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PAGE 1

WHAT TO DO IF BUSINESS SLOWS DOWN THE RADICAL TRANSPARENCY OF RAY DALIO’S ‘PRINCIPLES’

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GENERATE LEADS AND CLOSE SALES

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THE SIMPLE SOLUTION TO DEADBEAT CLIENTS

HOW TO DEAL WITH CLIENTS WHO ‘GHOST’ YOU

HOW TO DEAL WITH CLIENTS WHO ‘GHOST’ YOU You’ve probably heard the term “ghosting.” If you haven’t, it’s when a potential client calls your firm and wastes an hour of your time as you patiently listen and help them understand their case. Then, they vanish. From that moment on, it’s nearly impossible to contact them — they won’t answer the phone, they ignore your emails and voicemails no matter what you say, and sometimes they reply with a terse, “Not interested.”

THE SIMPLE SOLUTION TO DEADBEAT CLIENTS It’s a real head-scratcher:

It’s a damage-control nightmare no attorney should have to deal with. After all, you’re a skilled legal professional, not a bill collector. Nonetheless, some attorneys phone the deadbeats daily and leave multiple voicemails. Others pay a collection agency a hefty percentage to essentially “pinch hit.” The rest throw up their hands and walk away because they’d rather not risk a ridiculous counterclaim or an angry (and irrational) former client running around posting scathing reviews online.

You’d think clients would seriously reconsider dodging legal bills when they’re dealing with someone who’s trained in winning lawsuits.

Yet it happens anyway.

You offer a payment plan to a potential client. Contracts are signed. You shake hands, show them to the door, and everything is square.

Then the games begin.

I don’t blame them. Who needs the hassle?

The question is, should you pursue them... or tell them to go to hell?

Right on cue, they find creative ways to avoid coughing up the cash. They nitpick, question every bill, ignore multiple notices, pretend to be broke, never answer the phone, promise to have the money “next week,” and so on.

But what if none of this fee-chasing were necessary?

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Ad nauseam.

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