‘Own label’ Legal Services
Retailers are masters at persuading you to buy.
Pile them high sell them (not so) cheap.
We got this (a long time ago now).
And then came …
For many loyal aficionados of the brand, it was a giant leap of faith, particularly when the real thing wasn’t so expensive.
But, given today’s landscape?
Everyone, and I mean everyone, is looking for a bargain.
We have gone beyond the original notion of own label, and now have premium own label which in many cases has substituted the whole market.
And what of your brand?
Have your considered how you will compete?
What is your model for the delivery of services? It hasn’t changed much.
What choices do you have?
1) Abandon ship;
2) Fight until the death;
5) Differentiation – personal vs. impersonal;
6) Loyalty (but you are doing a poor job of that…); and
7) Nothing (which isn’t really an option).
Before you do anything, think of an outreach campaign. What do your clients love about your service? What is Ho Hum. And what do they disdain but are forced to put up with?
No, this is not a clarion call to assemble en masse a group of lovies (“Oooh we love you”).
It’s a reminder to think more from the buyer’s perspective. In some cases, firms haven’t got a clue. They cling to the notion that clients, much like the banks, wouldn’t have the motivation to change.
They will, eventually.
And when they do, it is unlikely that they will give you prior notice.
You need to do more than sharpen up your act. You need to innovate.
One thing that is key is to turn the bloody time sheet off. Stop looking at the clock. How do you measure the value of an idea before it has developed, been quantified and been deployed?
If you have anyone amidst your ranks who keeps pulling your chain (a reference to the late Steve McQueen) then embrace them with open arms. I don’t mean give in to their perpetual moaning. No, I am talking about the person who shows real enthusiasm and passion for what they do, and how the firm delivers on its promises. Treasure those people. They are hard to come by.
Own label legal services will happen. Will it decimate your practice? Probably not but it will make your clients much more insightful to what is out there and what they can expect.
If you don’t deliver, then don’t be surprised if they turn on their heels and disappear out the side door.