We see it all around us. There are the television ads offering bargain-basement wills, there are the books and software for clients who want to do it themselves, there are other firms down the street and around the corner. It’s easy to feel the squeeze and think that competition is ruining your marketplace.
In truth, however, we all have the power to create a new marketplace. It’s not easy. It definitely takes time, effort, and, most of all, nerve to break from the crowd. However, if you watch and track your competitors, develop a game plan, and then commit to playing the game according to your plan, the rewards can be amazing.
You can bypass your competition by taking a look at your marketplace and assessing what products and services the other firms are offering. What’s not being offered? Can your firm fill that void? What about the products and services that your firm is currently offering? Is there something that you can subtract because it’s already being done by other firms?
Distinguish yourself from your marketplace not only in terms of the services you’re offering but also by having a compelling story to tell. What kind of experience do you offer your clients? Are you just generating documents for them to sign or does every client who steps into your firm have a transformational experience? If you’re familiar with the Academy blog, you know that we stress the importance of developing lifelong relationships with your clients.
What things have you been able to do to reinvent your practice and bypass the competition?
Sanford M. Fisch
CEO & Co-Founder
American Academy of Estate Planning Attorneys, Inc.
6050 Santo Road, Suite 240
San Diego, CA 92124