Marketing Plan

A marketing plan is crucial for any startup or existing business, especially with an increase in market competition. Therefore, a marketing plan can be defined as an advertising strategy outline that an organization has to implement to reach its targeted market by generating leads (Cherney, 2020). The marketing plan is tailored to the overall marketing strategy of an organization. As the manager of our legal company, it will be necessary to develop an effective marketing plan since the company has suffered the effects of a slow business environment and has also lost new clients. The company specializes in real estate and business litigation; hence our marketing plan will be developed around this audience to increase get new leads that will improve conversion rates. As a law firm, developing an effective marketing plan will depend on the marketing strategy; we cannot execute our marketing plan without first creating a market strategy to understand our consumers.  

Developing a Marketing Plan

Before we embark on developing our marketing plan, it will be necessary to have a marketing strategy; as a legal service provider, it will be essential to consider our target market. Our target market is small and medium-sized businesses, as we specialize in real estate and business litigation. Marketing strategy answers the whys behind any organization's marketing, and it also drives the marketing efforts forward (Baran et al., 2016). Developing a market strategy before creating a marketing plan helps capture our marketing goals, analyze competitors, analyze the market, and define our target market. Our marketing goal is to attract new clients and maintain existing ones; hence, our marketing plan will have to be aligned with our marketing goals. 

 

 

Conducting a situation Analysis

We have been in the law firm business for quite some time; as the manager, I understand the company well; hence it will be appropriate to address some of our strengths, weaknesses, opportunities, and threats (SWOT Analysis). The law firm prides itself as a reputable organization that has settled many business litigations, and we can use some of the clients for referrals. However, the company has recently had a financial crisis that made it submit our client's compensation money in due time. We see an opportunity in the real estate market as many firms are joining the business; hence we can onboard them to our company. Our company's main threat is our competitors who have developed new approaches in customer conversions and retention. The competitors have partnered with the real estate companies by offering a discounted legal fee charges for clients having multiple real estate businesses. 

Defining our target market

Our firm focuses on real estate and business litigation; hence our target market is small and medium-sized businesses. We already understand our target market; hence it will be appropriate to create a market strategy that will reach them inclusively. The small and medium-size firms currently drive the economy since their business portfolio is not extensive, but they make good profits due to the low cost of operation. They are our target market since their daily business revolves around the drafting of contracts, and these contracts have to be witnessed by an attorney. I believe this is a particular area that we can extensively utilize to get business. Besides, stakeholders in the small and medium-size firms lack proper legal knowledge of operating the company; onboarding them will create business opportunities for us and equip them with the necessary legal solutions for business operations. 

 

SMART Goals

Our goal is specifically to focus on the small and medium-size businesses hence we need to measure our strategy; we need to use a market strategy that will achieve success within a specified time to save on resources. Our goal is attainable if we use a strategic marketing platform. We have not been able to onboard new clients, but a target of 10 clients per month is attainable with a strong marketing team. We have assigned each marketing team to onboard at least one client per month to achieve our target of 10 clients per month. We have given them the necessary resources to help them in marketing.

Analyzing our tactics

We have seen an opportunity in the small and medium-sized businesses; we know what they lack; hence it will be our obligation to prioritize their needs. We want to convert them as quickly as possible. Since we have a target of 10 clients per month, it will be good if we seek a market strategy that will entice them. These businesses, especially the stakeholders within the real estate fraternity, always have expos. Investing in the expos will assist us in getting new leads that can be converted to new clients. We will sponsor the real estate expos twice a year, where different real estate companies will showcase their products and services. Another market strategy to win more customers will be offering free legal services for our new clients on their first visit. We will also invest in educating small and medium-size businesses on the relevant legal advice around their businesses. The firm will set aside a budget for organizing a legal training workshop for the small and medium-size companies within the town. 

 

 

 

Setting our budget

We have already identified the areas of our marketing strategies hence a drafting budget will be essential. We have a budget of $ 100,000 which will be enough for our marketing strategies. 

We will outsource a consultancy firm that will assist in organizing the expos on our behalf, from our total budget of $ 100,000; we will spend $ 50,000 in sponsoring the expos. 

 

 

Item	Cost($)	In charge
EXPO permit	10000	Office admin
Hiring of a ground ( twice a year)	15000	Company legal secretary
Food , beverages and transport	10000	Company legal secretary
Consultancy services	25,000	Company legal secretary

 Total expense $ 50,000

 

The other strategy will be to offer free training workshop for the small and middle-size companies and the budget is also $ 50,000. We will use advocates in our team to offer the training services. The breakdown will be as follow:

 

 

  

Item	Cost($)	In charge
Conference hall renting for 1 week	15,000	Company legal secretary
Staff facilitation and allowance during training	15,000	Human Resource
Food, beverages for the whole week	20,000	Manager

Total expense $ 50,0000