Top
Marketing

The Importance of Value Propositions in Bankruptcy Law Marketing

Find out the best ways to communicate the value proposition of your bankruptcy law firm.

As a bankruptcy lawyer, you are serving your clients in a great time of need. When they choose a firm to work with, they will want to know exactly what you can provide them. That is why, in bankruptcy law, value is everything. Likewise, a value proposition is key when marketing a bankruptcy law practice, attorney, or firm.

Just as bankruptcy clients want a fair market value for their assets, they also want a bankruptcy attorney that provides the most benefit for their dollar. Value propositions should fully explain the benefits that bankruptcy law firms and attorneys can leverage to win work over the competition. A client-focused value proposition helps potential clients find and hire the right bankruptcy lawyer based on their needs and expectations.

Identifying and conveying what makes a law firm or attorney different can be challenging. Indeed, in the 2020 Altman Weil Inc. Law Firms in Transition Survey, only 55% of law firm leaders reported that they think their firm is “clearly and specifically differentiated.” In a highly competitive market like bankruptcy law, projecting a distinct and compelling value is imperative to distinguish yourself from other similar firms. Doing so helps potential clients and new clients tell the difference between law firms and select the one that offers the best value.

How To Create A Bankruptcy Law Value Proposition

A value proposition begins with creating a list of the practice’s, firm’s, or individual attorney’s unique characteristics and offerings. This means thinking hard about the true value clients receive from your services.

In addition, bankruptcy law attorneys can utilize other sources for information about their value proposition. These sources include:

Client Feedback: Use existing notes and communications from current, former, and potential clients to identify areas where you excel. You can also solicit feedback from these clients through surveys and interviews. Use online sources, such as reviews, Google Alerts, analytics, and social media listening to gain perspective about what interests clients. Learn more in this article titled 3 Proven Ways to Gain Client Feedback.

Competitive Analysis: Reviewing your competitors’ websites, social media, and other materials will provide insight into their services and priorities. Compare and contrast their digital marketing and social media marketing approaches with yours to help you identify what sets you apart -- that’s your value.

A value proposition to a prospective client should accomplish the following:

  • Convince clients that you are the right solution to their problem

  • Directly address specific and potential client needs

  • Provide enough information to get clients interested in learning more by contacting you

  • Relate your empathy

  • Include evidence of your successes

  • Highlight your unique qualities

  • Build credibility

Propositions for bankruptcy attorney marketing can include:

  • Messaging that shows an understanding of the emotional and financial worries that bankruptcy proceedings carry

  • Statistics on the number of filings you handled over a period of time, the types of clients you represent, or specific outcomes of bankruptcy cases

  • An offer of a free marketing consultation

  • Communication on your affordability compared to competitors or your willingness to arrange payment plans

  • Statements about your accessibility, including offers to meet virtually

  • Your prioritization of responsiveness with a commitment that you and your staff have for responding quickly to clients’ questions

  • Information about how you use technology to expedite filings, communicate, and be organized

  • Demonstration of your knowledge in the bankruptcy field

  • Evidence of your contributions to the advancement of bankruptcy law through precedent-setting cases or authoring legislation

  • Statements regarding the commitment to transparency and honesty of your bankruptcy law firm

  • Information about the size of the firm and other legal services available that the client can benefit from, such as estate planning or family law

  • Information about your longevity in the community

  • Details regarding your commitment to diversity, especially through hiring and promoting female and BIPOC attorneys and staff

  • Examples of your commitment to the community by highlighting your support of local and charitable organizations

  • Examples of the firm acting responsibly with its financial support of organizations that promote things like the environment or ethical business behavior

After this exercise, you should have a list of adjectives and services. These are your value proposition, and they lay the groundwork for the rest of your law firm marketing strategy.

How To Use A Bankruptcy Law Value Proposition

Once you have your value proposition(s) identified, there are many ways to put it to use in marketing your bankruptcy law services. Review your legal marketing plan with an eye toward communicating your value proposition in your legal marketing activities. (If you don’t have one yet, the work you just did in identifying your value proposition gets you nearly there!)

There are many ways to use your bankruptcy law value proposition throughout your content and your bankruptcy law firm website:

  • Consider creating a catchy tagline incorporating your main value proposition, then use that on your website home page and all your marketing materials.

  • Simply list one or several of your value propositions on the website, in brochures, and on social media profiles. Be sure they are incorporated into professional bios and practice area descriptions.

  • Create website pages or sections around the value propositions to showcase them. For example, have a box highlighting relevant statistics on the home page or add a page for client testimonials, awards, or client successes.

  • Use blogs or videos or write articles to be published by other outlets to showcase your knowledge and expertise in bankruptcy law. The same tactics can also be ways to communicate about your firm’s community contributions.

  • If you advertise your bankruptcy law services, your value proposition should be front-and-center in your ads.

Value propositions make it easy for potential clients to notice you. The more unique, detailed, and focused on client service your value proposition is, the more it will stand out. People going through bankruptcy are often already feeling a range of emotions, from confusion to fear. Quickly and succinctly let them know you will support and guide them so that their bankruptcy lawyer hiring decision can be made without hesitation.

Bankruptcy firms have relied on Scorpion to help market their practices for more than 20 years. Contact us to learn how we can help you.