Les Binet, the Group Head of Effectiveness at adam&eveDDB, shares that there are two ways to sell products and services.
First, organizations can create campaigns to evoke an immediate response. He calls this process activation. It doesn’t require influencing prospects’ decision-making process.
On the other hand, companies can design brand-building strategies to develop memory structures. This technique is much more challenging because it involves influencing future behavior.
However, the Les Binet theory suggests that learning to do both is crucial to success. This article will discuss this proposition in more detail and how law firms can use it to their advantage. Let’s get right to it!
Activation Versus Brand-Building
The Les Binet theory classifies marketing activities into two:
- Activation: Getting an immediate response, like a quick sale, and nothing more.
- Brand-building: Ensuring a long-term influx of revenues and profits now and into the future.
According to him, all marketing efforts affect both activities to some extent. Every time firms connect with potential customers, they influence both activation and brand-building ventures.
Ultimately, businesses should aim to build their reputation long-term and activate it efficiently. The former encourages preference for the brand, and the latter converts it into sales. These efforts enhance each other, so it’s crucial to find the right mix to maximize their impact.
The 60/40 Rule
Les Binet isn’t surprised that many brands have become addicted to performance marketing — paying agencies or advertising platforms for results achieved, including sales and clicks. Naturally, it’s easy for decision-makers to notice instant spurs in conversions and engagement. They will immediately see that such efforts pay off.
Unfortunately, these short-term metrics may distract firms from long-term development. For brand-building to work, top executives should understand its importance in their activation efforts.
To do this, it’s essential to present other key performance indicators (KPIs) necessary for predictable growth. The list includes brand recognition, a stellar reputation, and market expansion.
The Les Binet theory suggests that the 60/40 rule as a brand-building-to-activation ratio is ideal for most brands. Experienced marketers should create a media plan to address their company’s unique requirements. Otherwise, they might fall into a short-termist trap that will eventually hurt their brands in the long run.
Benefits of Using the Les Binet Theory 60/40 Rule on Law Firm Marketing
Getting clients now is crucial to your firm’s success, but so is positioning yourself as an expert. Remember, in this industry, image matters.
For this reason, applying the Les Binet theory 60/40 rule is a must. Below are some of its advantages.
Boost Brand Awareness
In the U.S. alone, there are now almost 450,000 law firms. Many don’t have a memorable brand that stands out in a sea of competition. If you want to remain profitable for a long period, you should prove your worth to your community and neighbouring areas.
Strengthen Client Relationships
Content creation is essential in today’s modern world, but how you treat your clients is just as crucial. For this reason, we recommend spending as much time nurturing connections as you do capturing leads. You can use various tools to achieve this feat, including website content, social media posts, and email campaigns.
Enhance Your Credibility
Law firms come in all sizes, from small boutique businesses to megacorporations. No matter how big or small your team is, making a mark on the industry involves gaining people’s trust.
To achieve this feat, you should highlight your practice in your campaigns. Let your audience know your focus, whether it’s personal injury law, criminal law, family law, or something else.
Pay-per-click (PPC) ads can help you gain new prospects quickly, but brand-building efforts will make it easy for future clients to trust your team. After all, leaving your legal battles to an unknown firm would be hard.
Create the Perfect Marketing Mix Today
The Les Binet theory is a great reminder that marketing is a multi-faceted practice. Keep in mind that putting all your eggs in one basket can lead to catastrophic results for your firm.
Instead, you should spread your budget across activation and brand-building efforts. Doing so ensures you stay profitable as long as possible.
At TBD, we know what it takes to enhance your business longevity. Our team has helped dozens of law firms achieve their short and long-term marketing goals.
TBD is an agency that helps marketing, recruitment and management teams to successfully position law firms in the UK market and beyond. If you have any queries, please get in touch: email@example.com.