How Lawyers Can Offer Info Products that Bring in Real Money
Lawyers sometimes complain about always having to trade time for money. If you are still billing hourly, then you are really feeling the pain of trading time for money unlike those of us who are benefiting from flat fee pricing. But this article isn’t another rant about why you should leave billable hours behind. Instead, I’m talking about using your services as a basis for a product.
We service professionals sometimes get jealous of the product creators whose work appears to be done once the product is finished (of course that isn’t really true but we like to think these guys and gals are lying on the beach somewhere collecting funds while we continue to slave away in our offices for client after client). The reality is that lawyers, like any service professional, can create products right out of their services.
Lawyers are natural teachers. We distill complex information into comprehensible briefs, contracts and arguments for a living. We also spend much of our time educating our clients and potential clients about the law in a way that is relevant and accessible to folks who didn’t spend 3 years in law school. So why not put your teaching talent to work for you?
Selling a workshop, webinar or ebook is a great way for you to educate your clients and provide a cost-effective way for people to recognize you as an expert. It works especially well for virtual law offices who are focused on marketing their services online.
BUT … you’ve got to have a strategy.
You can’t just throw your ebook or other info product on your website and expect clients to swoon over it. As if! Instead you must have a plan for how the info product works in your overall marketing plan to strategically help you achieve your marketing goals and bring in the dollar, dollar bills ya’ll! (I’m just full of pop culture references today!)
Without a strategic marketing plan, creating your info product becomes a huge waste of time. Time that you could be spending doing client work or otherwise building your practice (or spending quality time with your family). As a solo lawyer, my guess is you have absolutely no time to waste!
So here are my 3 tips for using an information product to make real money in your law practice:
1. Launch the s*** out of your product. In order for the info product to do anything for your practice, you have to sell it. The only way to sell it is to have a launch strategy. That means not just announcing on Twitter that its for sale and calling it a day. Nope, that alone won’t work. Using social media to promote it is a good start. Additionally, you should ask your colleagues and friends to share it with anyone they know that would benefit from it (be sure to let them know what type of person would benefit from it). Write blog posts on your own blog and guest posts on other blogs or media outlets that your potential clients read. Contact potential clients that have reached out to you before but not become clients and let them know you are now offering this low cost solution (of course, check the ethics rules in your state to make sure you are not violating any professional responsibility rules when doing so.)
2. Build out the sales funnel. The sales funnel is an essential marketing strategy for selling high end services. Lawyers’ services are definitely high end services and potential clients might like what they are hearing from you on your blog or newsletter but may not be ready to part with several thousand dollars to work with you … yet. Offering a low cost way to work with you is a great way to give potential clients a taste of your expertise. It places clients who are interested in working with you into your sales funnel. When you over deliver with a $20 ebook or $100 webinar, then those clients will trust that you will over deliver when they hand over $5,000 for your full services, as well. Of course, its essential that the product you offer builds on your free offer (blog articles, newletters) and naturally leads to your legal service packages or full services.
3. A paying client is a paying client. Once you have a paying client, even if that client only paid $50, that client is in your sales funnel and you can begin to upsell them on your more high end services. This is why having a strategy is so essential. You don’t want to waste your opportunity to further deepen your relationship with a client by not following up. Once you deliver the webinar, ebook, etc. you must get back in touch with the client to find out if they need additional help. Something as simple as asking them if they would like to schedule an unbundled legal advice session (I call them Legal Strategy Sessions) with you to further discuss the material in your product and how it applies to their specific legal situation.
Done right, an info product can provide a bit of supplemental cashflow to your practice and to your visibility. But more importantly, it can be a way to serve your client base and show them what you’ve got so you can serve them in even bigger and better way as full service clients.
I offered my first info product to my young and women entrepreneur clients this summer. I had less than 20 people sign up for the class (I was really busy so didn’t really have the time to promote the heck out of it the way I wanted to), which isn’t great. But almost everyone who took the class expressed interest in becoming a client and several of them did become clients and also referred other clients. Collectively, my practice has brought in many, many thousands of dollars from the $200 class, so far.
Have you offered an information product in your practice? Was it worthwhile? What did you learn from the experience? Let me know in the comments below.
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