Account Based Marketing (ABM) is a growth strategy focused on creating more personalised experiences for top current and prospective clients. ABM is an effective way to grow a law firm’s practice, and it’s a strategy for legal marketers and law firm partners to win more clients with less effort.
With ABM, law firms run target marketing and business development exercises for the best-fit, highest-value clients and prospects speaking to their specific pain points. An advantage of this is that it preserves time by avoiding marketing and engaging with unqualified leads who aren’t the right fit for your law firm.
An ABM strategy will align practice groups, marketing efforts, and business development teams by having a transparent and focused growth strategy with a clearly defined client profile. This will create visibility and clarity amongst practice groups on whom they are targeting, why they fit the ideal client profile, and how they match the firm’s values.
Once the targets have been identified law firms create content and execute a messaging strategy that is customised and personalised for each high-value client. Firms recognise that the more they speak directly to a client’s specific pain points, the more likely they are to engage their practice.
Nexl has produced a full ABM article and summarised some of the key outcomes from using ABM below:
- Stand out from your competition
- Increase your law firm’s sales velocity
- Deliver a consistent client experience
- Increase cross-selling and practice group collaboration
- Increase client retention
- Leverage existing relationships and your lawyers’ networks.
- Keep everyone in your firm aligned
We recognise that a well-implemented ABM strategy will be beneficial for the firm’s top-line growth and overall financial performance. The link to Nexl’s ABM article will provide more detailed information on the key outcomes listed above and links to other resources.