Let’s assume you run a personal injury defense law firm and that you represent clients throughout your municipality. Suddenly, a new firm moves in across the street, and you start to notice several of your clients have “jumped ship” and hired the new firm. Well, what gives? Why are you suddenly losing clients to a new, less experienced firm?
As unfortunate as it is, sometimes law firms and other companies steal customers and clients from their competitors. It’s a common practice that causes several firms to pivot their focus to other areas of law and types of business. However, client theft is also quite possible to mitigate. There are several things that you can do to help prevent competitors from stealing your clients. However, that begs the question: how? Let’s break it down.
Be Proactive and Communicate With Your Clients
As in other business dealings, communication with your clients is key to long-term success for law firms and bail bonds agencies. Even if you haven’t noticed a new firm stealing clients out from under your nose, it’s always good to be proactive and maintain regular communication with your clientele.
Some of the various strategies you can employ to increase communication with your clients include:
Making phone calls
Sending them a text message or email
Interact with your clients on social media (Facebook, Twitter, etc.)
In addition to helping understand what your clients want from a law firm or bail agency, simple communication can also help you discover why your stolen clients left for another firm or company. Sometimes, simply asking why they left can provide your firm with tons of helpful information. Then, making changes based on that information can go a long way towards preventing other clients from doing the same.
Add Value that Your Competitors Lack
Another helpful thing you can do to prevent clients from moving to other firms or companies is to add something of value your competitors lack. Even something as simple as information on similar cases or situations can help in that endeavor. Another way to add value that your competitors lack is to offer a discount on services or a coupon for future services rendered. Whatever you do, make sure that what you offer provides value to your client that they can’t find at another firm or agency.
Steal Some Clients Back
If you’ve lost clients to a competitor, why not return the favor and steal some of theirs? While it seems petty, only fighting back can help to prevent your competitors from taking additional clients. Once they see that your firm or agency isn’t backing down, they may back down themselves. Just be aware that engaging in a counterattack may prompt a price war.
So You’ve Started a Price War. What Now?
Okay, so fighting back entered your firm into a bitter price war with your competitor. A price war occurs when competing companies lower their prices below those of their competitors to steal business. The unfortunate reality is that, in a price war, your competitor may wind up dropping their prices below your profit point. If that happens, don’t be discouraged. Remember that sometimes, just offering more value can help you maintain your client base, even if your prices are still higher than your competition.
Conclusions on Preventing Competitors from Stealing Your Clients
It is possible to safeguard your clients from your competitors. You can do several things to help mitigate your losses and maybe even steal some of your clients back (as well as some of the clients of your competitor). For example, you can increase communication, offer more value, ask your customers why they made the switch, and make counterattacks. So, if you’ve faced customer losses, don’t worry. It is entirely possible to take the loss and turn it into a win with a little hard work!
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