Last week I selected 100 people from my list of Rainmaker Minute subscribers and I made them an irresistible offer.
You see, I’ve developed a new self paced coaching program and I need 10 new lawyers to test it each month. So last Thursday I sent an email to 100 people on my subscriber list and offered them the opportunity to be Pioneers in this program.
This means the lawyers selected will receive one video DVD, audio CD and workbook/transcript from me with three recommendations each month. As Pioneers they agree to evaluate the information and if appropriate, implement the recommendations in their law firm. They also agree to provide feedback.
These 10 lawyers get to participate in this new program for a fraction of what the investment will be in the future. (The people who get in this month are only paying $97).
Within 6 hours of sending the initial offering email, I received 17 applications (yes, I make people apply and I evaluate them before accepting them). Within 12 hours I had 22 applications and I am still receiving a few here and there.
But even with that virtual stampede to sign up for this great deal, there were still a few skeptics. And there is a lesson we can learn from a couple of them.
Two people who received the email offer said they would be interested if I sent them some references of people who had already been through the program. This proves two things:
1).These folks do not read carefully. The reason I am looking for “Pioneers” is because nobody has been through this program yet. That’s why I am taking 10 new people each month and adding them to the client roster. As I add new recommendations I am adjusting based upon the feedback of other clients.
As a way to compensate for a lack of track record in this program I do not require any commitment. If you want out, just say so and you do not need to pay for future months. Just send an email and you’re out. It’s easier and quicker than a Las Vegas Divorce.
2). These folks have a distorted sense of value. Think about all the things you spend $97 or more on with no guarantee of success:
- Dinner for two in a chain restaurant (without wine)
- A trip to the movies for a family of 4, with popcorn, soda and candy
- The gym membership you have not used in 6 months
- A Craftsman Drill at Sears
- A tie, on sale, at Saks
- Your cell phone bill without a data plan
- A box of crappy cigars
None of those things or any of the hundred other things you could “invest” your $97 in will have a significant return on investment.
The coaching program I offered to these lawyers will certainly have a return on investment. Quite a few people were astute enough to recognize this fact and they applied immediately.
Could I have done more to demonstrate the value of my service to the skeptics?
I could have given them the names and phone numbers of my clients who graciously serve as volunteers for references. Some of these folks appear on my website with full name and law firm affiliation available for the world to see.
But in this case I chose not to “sell” anyone on working with me.
Because I have earned the right to be selective. Demand for my service is high. People see the value of working with me at $3,000 per month. Dozens of people see the value of being involved with me at $97. I like working with clients who recognize value.
So what does this mean for you and your law firm?
It means you should price your service fairly based upon the value you provide. It also means you should understand the demand for your service and not worry about the few people who do not recognize your value. They were not meant to be your clients…especially when dozens or even hundreds are out there waiting to work with you.
Filed Under: Practice Management
About the Author: Dave Lorenzo helps solo attorneys, large law firms and small independent law practices make a great living and live a great life. People say his down-to-earth personality reflects more of his street smarts than his Ivy-League education.