UNIQUENESS: THE SECRET TO CLIENT VALUE

Among the biggest challenges law firms face, today is the issue of client value. While technology seems to amplify every aspect of legal practice, clients’ perception of the service they receive remains largely subjective.

Certainly, industry reports give statistical insight into the satisfaction of large groups of clients. But how do you understand your clients’ perception of value?

Gaining an understanding of the individual components your clients evaluate is critical. It can help you proactively demonstrate and increase the value your clients perceive.

A key formula of thinking about value is your uniqueness. Yes, your uniqueness. What differentiates you from the pack?

Plainly put, these are what makes you different, what makes you stand out from others you’re competing with.

If you line yourself up against 10 of your competitors, some of you may share a unique quality. Some of you may even share two, but no one else should have everything you do.

You need to settle on some unique qualities that will truly make your company unique to the ideal customer. Unique qualities, which put together differentiate you from the competition.

Again, what you’re creating here is a focus. The most common mistake that most organizations make involves competing in too many sectors, markets, services, or product lines, and trying to be all things to all people. Be rest assured, that It’s a game you will not win.

In 1988, two McKinsey & Company consultants defined a value proposition as, “a clear, simple statement of the benefits, both tangible and intangible, that the company will provide.” In the years since major brands have developed increasingly-clever ways of conveying their value.

For instance, Target’s value proposition is “Expect more, pay less.” Even though most legal clients seem to expect this to be their firms’ value proposition, it is a useful case study for law firms.

It says nothing about the products Target offers. It makes no specific claims to price either. Instead, it speaks directly to the notion of perceived value.

For law firms, the application of a formal value proposition can be in proactively addressing the value conversation and shifting focus to the client. Rather than a distinguished heritage, world-class client service, or unmatched legal talent, consider what those things mean for a client. Such as Confidence? Peace of Mind? Predictability?

Expressing your firm’s value in terms of what your clients truly need can be an important step toward differentiating from your competition.

In an industry full of players touting the number of lawyers and offices they have, a firm that can translate those stats into meaningful, client-focused benefits will stand out.

For Legalpedia, we believe that if you believe in your uniqueness, and you believe they matter to your ideal customer, you should never apologize for them.

 

Excerpts from: Traction – Get A Grip On Your Business by Gino Wickman.