Posted by Kyle E. Krull, Esq., President INTEGRITY MARKETING SOLUTIONS There is an old story told about the prospector who searched the world for diamonds only to find an acre of diamonds in his own backyard. The moral of the story, in estate planning terms? Your current clients and their friends, family and acquaintances are you best source of new clients. Likely you have a database of current clients. Question: Are you ignoring the potential value in your existing clients and always focused on new business? If yes, then you have been snared in a dangerous trap. Why? Write this down: "The most valuable source of new clients is your existing clients." Have you ever heard of "word-of-mouth" marketing? If yes, then you know it is the most powerful form of marketing. Economically speaking, it's much cheaper to retain existing clients than to market to new prospective clients (although it is very necessary). The key is to cultivate a deeper relationship with your existing clients and focus on their long term needs (e.g., long-term care planning, trust administration, estate planning for their children). Regardless, keep the lines of communication open with your existing clients through newsletters, e-newsletters, phone calls, blogging, workshops, and social media networking. In the end, all of the little things you do now for your existing clients can pay big dividends in terms of the future prospective clients they will refer. We can help you, not only with your retention rate, but with full service website, newsletter, e-newsletters, workshops, blogging and social networking. In short, you need to do whatever is necessary and will give you and your practice "top of mind" awareness with your clients. Teaching Point: If you are ready to make all of these "little things" an automatic part of your marketing plan, with minimal effort on your part, then you may be ready to take your practice to the next level with The ESSENTIAL Solution®. It's a comprehensive marketing system, tested and proven effective in my own law practice. We are here to help when you are ready to have an ever more profitable and enjoyable estate planning and/or elder law practice.
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