A Revenue Generating Secret – from a Law Firm!
Try to guess the most visited law firm web site in the world today. It’s not Baker McKenzie (#1 in worldwide revenues at $2.3B), or DLA Piper (#2 worldwide), and definitely not LA’s biggest firm, #4 worldwide Latham and Watkins, which didn’t even make the top 10.
The answer is Murthy Law, an immigration law firm from Owings Mills, MD with just about $10M in revenues.
Who?????? And more importantly, Why??????
Sheela Murthy, the firm’s founder recently quoted in a NY Times article, stated that when she was dealing with her own immigration status, she was “struck by my attorney’s lack of sensitivity and how little he cared.” She decided that her customers deserved better, and even more importantly, wanted and needed better.
So, she decided to build a law firm who demonstrated those principles and decided to use her web site as the medium to communicate, and demonstrate, her firm’s priorities. Her web site’s priority was “not to bring in clients but to help and show we care and know our stuff.” In other words, she decided to utilize one of the most important recipes for revenue success:
“Find out what your customer truly needs and provide it for them”.
Her customers needed knowledgeable attorneys who truly cared. And, to demonstrate those core benefits of interacting with her firm, she determined her web site that would become the most comprehensive source of free information and community interaction about immigration. As she explained, her customers think, “If they give this much away for free, what must it be like if you pay them?”
And, as it turns out, she was right. Focusing on making her customer’s web experience a glimpse into their potential experience with her firm was the best way to demonstrate her firm’s commitment to caring and knowing their stuff. As a result, Murthylaw.com not only attracts eyeballs (165,000 registered members of their online community), but also both business and individual clients – the firm has grown 36% in the last three years.
Often, companies focus more on what products and services they are able provide to their customers and less on understanding the core needs of their customers. And, very importantly whether their products or services truly satisfy their customer’s core needs.
Take an objective look at your customers. Do you really know what they truly need? And, if you were to look at your product or service offerings with your customer’s real need in mind, would you make it a priority to rush out and buy what your company has to offer?