Leadership In Law Podcast

11 Unlocking Hidden Revenue: The Power of Database Reactivation for Law Firms

• Marilyn Jenkins • Season 1 • Episode 11

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Ready to unlock hidden revenue streams for your law firm? Discover the transformative power of database reactivation in our latest episode of Leadership in Law. Host Marilyn Jenkins shares actionable insights on how reconnecting with past clients can substantially boost your sales and profitability. Learn why reactivating lapsed customers is more cost-effective than acquiring new ones, and how this strategy can help you thrive even during economic downturns. We’ll explore the compelling statistics behind customer retention and profitability, and reveal why your next big client could be someone you’ve already served.

Join us as we delve into practical tactics such as email and SMS campaigns to re-engage your audience, highlight business improvements, and introduce new services. Marilyn discusses essential strategies like monthly newsletters to keep your firm top of mind and foster long-term loyalty among clients. Don’t let your competitors outpace you—ensure your firm’s success by mastering the art of database reactivation. Whether you’re a seasoned law firm owner or new to the industry, this episode is packed with valuable tips to help you build a thriving legal practice.

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Speaker 1:

Welcome to the Leadership in Law podcast with host Marilyn Jenkins. Cut through the noise, get actionable insights and inspiring stories delivered straight to your ears your ultimate podcast for navigating the ever-changing world of law firm ownership. In each episode, we dive deep into the critical topics that matter most to you, from unlocking explosive growth to building a thriving team. We connect you with successful firm leaders and industry experts who share their proven strategies and hard-won wisdom. So, whether you're a seasoned leader or just starting your journey as a law firm owner, the Leadership in Law podcast is here to equip you with the knowledge and tools you need to build a successful and fulfilling legal practice.

Speaker 2:

Welcome to this episode of the Leadership in Law podcast. I'm your host, marilyn Jenkins. Today, we're going to talk about database reactivation and how it can help grow law firms. Slow months and recessions are tough times for businesses, but there's still opportunity to grow. One effective strategy is database reactivation reaching out to lapsed customers and leads and you might win them back.

Speaker 2:

Reactivating your database is a cost-effective way to reach potential customers. It's cheaper to reconnect with previous customers than to find new ones, and past customers are also more likely to be interested in your services. One key reason to reactivate your database is that past customers are more likely to buy again. Studies show that the probability of selling a new customer is only 5 to 20%, where selling to existing customers or people who already know who you are is 60 to 70% if they've already had some sort of interaction with you. So by reconnecting with past customers, you significantly increase your chances of making a sale. Increasing customer retention can boost your profits by up to 125%. Companies that focus on customer retention are 12 to 18% more profitable. Even a 5% increase in retention can result in significant profit gains. So by reactivating your database, you can positively impact your bottom line If you haven't been in touch with a customer for a while, their interest in your product or your service may have diminished, but reaching out to them again can reignite that interest and bring them back on board.

Speaker 2:

In today's world, email is one of the most effective ways to reach a large audience. A database reactivation campaign can reach a significant number of past customers through email, making it a very sufficient strategy. Also, sms is a hugely popular way that people like to communicate these days, so adding in a text messaging strategy in that, say, automation or workflow have that pre-set up is a good way to reach people where they like to communicate. If you've made changes in your business, a database reactivation campaign is a great way to showcase these improvements. Also, if you had new team members, maybe you've moved office, done some redesign, anything like that whether it's better customer service or a new service, let your past customers know about it. You never know who they know may need your service, and reconnecting with past customers show you value long-term relationships. This can help build loyalty among your current customer base.

Speaker 2:

Now your competition is likely running reactivation campaigns, so you want to stay ahead. You need to do the same, so don't let them outpace you. Make sure you're front of mind when people have a need. If you've launched new services, definitely a database reactivation campaign is a great way to introduce them to your past customers. They're already familiar with your brand, so they're more likely to be interested. A database reactivation campaign shows customers that you care about maintaining a relationship with them, and this can go a long way in creating loyalty and boosting profits.

Speaker 2:

So, as you can see, there are many reasons to run a database reactivation campaign during slow month. It's cost effective, it boosts your sales and profits and it builds long-term customer relationships. So that's the great reason to do database reactivation. Just because it's great for the bottom line. It reaches out to the people who already know about you or have inquired for your services in the past, and maybe they know someone that has a need as well.

Speaker 2:

So now let's talk about taking that one step further. Let's go and think about okay, we've reactivated our database one step further. Let's go and think about okay, we've reactivated our database, what about rolling that into a monthly newsletter to keep your clients and past leads up to date on your firm? So if you just do a simple, well-crafted monthly newsletter, that can elevate your law firm's growth, your client satisfaction and your market positioning. This is yet another way to make sure people know what you do and the type of firm that you run. This keeps your firm front of mind and past clients and lead, and they'll help with referrals as well. So a well-designed, visually appealing newsletter can increase the likelihood that your contacts will read it. So if you're interested in learning more about how database reactivation or a monthly newsletter can help your business, schedule a free consultation today by visiting lawmarketingzonecom.

Speaker 2:

Thanks for joining me today for this episode. As we wrap up, I'd love for you to do two things. First, subscribe to this podcast so you don't miss an episode. And if you find value here, I'd love it if you would rate it and review it. That really does make a difference in helping other people to discover this podcast. Second, you can connect with me on LinkedIn to keep up with what I'm currently learning and thinking about. And if you're ready to take the next step with a digital strategist to help you grow your law firm, I'd be honored to help you. Just go to lawmarketingzonecom to book a call with me. Stay tuned for our next episode next week. Until then, as always, thanks for listening to Leadership in Law podcast and be sure to subscribe wherever you listen to podcasts so you don't miss the next episode.

Speaker 1:

Website at lawmarketingzonecom. From there, connect with other listeners, access valuable resources and stay up to date on the latest episodes. Don't forget to subscribe and leave us a review on your favorite podcast platform. Until next time, keep leading with vision and keep growing your firm.