Posted In: Assessments, Business Development
Law Firm Positioning – Consider the Wal-Mart, Apple or Ritz Carlton Approach
What can law firm marketers learn about market positioning from Wal-Mart, Ritz Carlton and Apple? You might be surprised. Most law firms struggle to differentiate themselves from other firms. So instead of joining the pack of generic, faceless law firms, consider the three strategies of Wal-Mart, Ritz Carlton and Apple.
- Price – Wal-Mart has built a $250 billion company on one premise, low price. Not my favorite strategy, but certainly an option for smaller firms competing for large firm work.
- Service – A two-time Malcolm Baldridge Award winner, Ritz Carlton is the envy of the hotel industry with a relentless commitment to service. The service strategy takes significant training and commitment to do right, but certainly a viable option for law firms.
- Innovation – Apple innovates better than any company on the planet, and gets a cult like following as a result. One of the best brand building strategies, innovation significantly changes the competitive landscape (who can compete with Apple?). Many firms have created unique practice areas such as outsourcing, software and wealth management services.
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