This morning CBS news featured a story on the demise of iconic American companies including Hostess and Kodak.
What are the factors contributing to this defeat and how do businesses and law firms protect themselves from becoming obsolete?
Factors that contribute to the downfall of business include, not staying in touch with rising costs, changing tastes or new technologies, not evolving and maintaining the status quo.
Kodak originated the technology for photography and in the 1970's held 90% of the photography market, yet has lost market share by not leveraging this technology in a digital world. Hostess, the creator of Twinkies, was slow to adapt to the changing tastes of a new market.
Scott Galloway, marketing professor at New York University's Stern School of Business, said reinvention is the key for the struggle of survival.
Businesses and law firms that find ways to reinvent themselves are the most successful. Apple is an example of a company who understands the power of reinvention.
What is your law firm doing to reinvent your law practice? The following are a few questions to consider;
* Do you use LinkedIn to build your network, make a contribution and stay connected or do you think LinkedIn is a waste of time?
* Does your web site provide updated content and value to your target client or do you have pages on your site that have been unchanged for 5-10 years?
* Do you stay informed on what is happening in your market by reading high value blogs, following thought leaders on social media sites including Twitter, and participating in targeted LinkedIn group discussions, or are you too busy?
* Is your bio updated and informative about the value you provide clients and what distinguishes you or is it chronological description of your educational background and dates of employment?
* Does your service to clients include collaboration with other professionals or are you going it solo?
* Does your search engine strategy include writing relevant blog posts, informative web site content, useful YouTube videos and on-line press releases or are you relying on “key word stuffing” and outsourced “link building” and content writing to increase your on-line visibility?
* Are you listening to your clients, conducting client evaluations, and providing remarkable service or are you doing what you have always done?
* Does your firm hold law firm retreats to review its strategic vision and target market annually to align marketing activities with your most important goals or are you winging it and hoping you will meet financial and billable hour targets?
The above questions are not inclusive and are meant to stimulate your thinking about how you are reinventing your law practice to maximize your success for prosperous and continued existence.
What additional questions would you include in the list above? What strategies have you implemented to reinvent your law practice?