Marketing for the legal and debt industry

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1. Why is it worth investing in marketing for the legal and receivables industry?
The legal and debt industries are characterized by advertising restrictions. Nevertheless, it is worth investing in promotional activities, as they can increase brand recognition . They will also allow you to reach a wider group of customers. As a result, this will translate into significant financial profits .

1.1 Marketing in the legal industry and its limitations
When planning marketing activities in the legal industry, it is important to remember to comply with ethical standards . It is also important to follow the principles of "white SEO", i.e., creating original content, optimizing the code of the site to speed it up, providing support for mobile devices, etc. Legal ethics specify certain restrictions, which additionally complicates advertising in this industry.

What specific restrictions are there on advertising legal services?
Attorneys are obliged to comply with the Collection of Rules of Ethics for Attorneys of 10 October 1998 (resolution no. 2/XVIII/98).

According to the Code of Advocate Ethics:

"§ 23 An attorney is prohibited from using advertising, as well as from acquiring clients in a manner contrary to the dignity of the profession and from cooperating with entities acquiring clients in violation of the law or the bahrain telemarketing data principles of social coexistence."

As you know, advertising is a very broad concept. Fortunately, the code has changed, so legal marketing is not prohibited .

"§ 23a 1. An advocate is entitled to provide information about his/her professional activity [by means of – my note] (...) d) placing entries in address and telephone directories; e) sending information by electronic means of communication at the express request of a potential client; f) placing information on websites and placing data about this website in catalogues and search engines; (...) publishing brochures or guides."

This means lawyers can benefit from content marketing .

1.2 Marketing in the receivables industry and its limitations
The debt collection industry is concerned with collecting receivables from debtors . It is absolutely necessary to plan a well-thought-out strategy here, taking into account the restrictions on advertising debt collection services and designing it in a manner consistent with ethics.

What specific restrictions are there on advertising debt collection services?
The ability of debt collection companies to operate is limited, among others, by the Criminal Code, the Petty Offences Code and the Civil Code.

The most important rule they must follow is the ban on blackmailing anyone in order to recover the debt. What's more, there is also a regulation regarding the protection of personal data, which states that debt collection companies cannot collect or process them without the consent of the Clients.

Another important provision is the Act on Combating Improper Market Practices , which speaks about the reliability of advertising. Remember that effective marketing must take into account all these restrictions - otherwise, you must reckon with the consequences.

2. Market analysis - the basis for marketing activities in the legal and receivables industry
Accurate market analysis is key when planning marketing activities . In order to communicate accurately to recipients, we need to know what their needs and expectations are. Only then do we have a chance to interest them in the services we offer.

Market analysis for legal industry brands

2.1 Competition Research
A thorough competition analysis is one of the most important elements of building a law firm marketing strategy because it will provide you with real data on where you stand in relation to companies providing similar services to yours.

Brand positioning

Researching your competitors is primarily a way to gain valuable information about what strategies they are using and which of them may be useful for you. Thanks to the analysis, you will also learn:

what are its weaknesses (and this will give you a chance to gain an advantage and fill a gap in the market),
What marketing channels does it use to communicate with its audience (maybe you should use them too?)
What are the goals of competitive research?
Identifying competitors' strengths and weaknesses

As we mentioned earlier, competitive analysis will give you information on what is worth introducing into the marketing strategy of your legal or debt collection company. Don't copy activities, but be inspired by them and open yourself to using new patterns of action. Be critical - also notice those areas that you think require more attention and commitment . By responding to them, you can gain an advantage.

Detecting gaps in the market

This is one of the most useful aspects of a well-conducted market analysis . It will allow you to offer your customers what they are currently missing. It is a response to unmet needs and a chance to develop original strategies that others are not using. In the legal industry, filling gaps in the market may be, for example, taking on a niche area of ​​law . Find out what your competition is doing and focus on the less popular ones.

Understanding the expectations and choices made by customers

To effectively respond to the needs of your target group, you need to know them well . Focus on understanding what makes customers make specific choices. Understand what they expect and what channels they prefer to reach you. Try to think like them - then you will be able to communicate more accurately to them and maybe offer the services they need.

Target group preference research is a long-term process. However, if done properly, it can actually translate into profit, so it is worth working on it continuously.

What should you pay attention to when researching the competition in the legal and receivables industry?
Regardless of the specifics of your industry, there are a few factors that are absolutely worth paying attention to when researching your competition . Missing any of them could mean you lose the chance to gain an advantage in the market. Here are the most important ones:

Products/Services Offered

Find out what services a competing legal or debt collection company offers. This will allow you to assess what is worth implementing or eliminating in order to reach a wider range of customers.

Marketing strategies and communication

Perhaps your competition is using specific strategies that are working well and resonating with your audience? Or maybe you see something completely opposite in their actions – poorly designed communication that needs improvement? Respond to it!

Prices

Analyze your competitors' price lists. Pay attention to the cheapest and most expensive services. This will help you better understand the market structure! Maybe you are pricing your services incorrectly? Analyze carefully how it looks in the case of other companies and optimize your prices.

Market position

It is extremely important to analyze the reputation of competing companies in the area. Try to find out what influences the fact that one of them has a higher market position than the others? Draw appropriate conclusions.

Tools are also useful in researching the competition - they will allow you to gain valuable information about companies providing similar services to yours . A good idea would be to use, for example, Ubersuggest, thanks to which you will find out what keywords they are positioning for.

Competition Research
Keywords - competition research
What’s more, you can also check what backlinks your competitors have and then try to acquire your own on those same sites – this is fundamental in legal marketing and can help you with better positioning and ultimately, attract clients for your law firm .