Stay Competitive On Social Media: Tips for Law Firms

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As I sat in my EMBA class learning about some of the most influential and well-respected business strategy frameworks, I thought to myself: why do so many firms ask the same question when it comes to social media?

When it comes to social media, many firms ask the unanswerable questions:

•    How long is it going to take to see in ROI from a social media campaign?

•    How much is it going to cost?

•    How long will it take to implement and get people comfortable with social media strategy?

When devising a marketing strategy, it is all too easy for firms to focus heavily on their direct competitors, but it’s vital for firms to take a step back and decide what’s really influencing their position in the market. Strategy tools have been devised to help firms understand that competition stems from the client and not necessarily from other firms.

Business Strategy Frameworks like Michael Porter’s Five Forces could provide insight and them look at positioning themselves better in the market.

To apply Michael Porter’s Five Forces, one would need to work through these questions for each area:

Force 1: Threat of New Entry?

Force 2: Buyer Power?

Force 3: Threat of Substitution?

Force 4: Supplier Power?

Force 5: Competitive Rivalry?

After reviewing Porter’s Five Forces, firm should ask the following questions when it comes to social media:

1.    How competitive is the current environment? What does it take to become a  thought leader in your industry? How strong is the rivalry and intensity trying to create brand on social media?

2.    Will a good social media strategy make it harder for other firms to enter the market space?

3.    What will the impact be on your firm’s growth with no social media strategy?

4.    What happens if your prospects start only using social media to vet potential firms?

5.    What happens if clients only use social media to examine law firms and potential relationships?

In order to drive the development of a marketing strategy, firms need to understand competition stems from the client, not from other firms.  Business strategy framework can help any firm understand that a good social media strategy will help meet the demand of their clients and the additional sources of competition clients add a competitive environment.