#2 To acquire new IP clients or to expand the existing accounts?
Marketing is everything and anything you do to generate new business. Unlike the common belief seems to be, marketing is also everything you do to expand your existing IP accounts.
It is way easier to expand your current IP client accounts than to acquire new IP clients.
There are three primary reasons for that.
First, the trust and confidence of the IP client has already been won previously and (hopefully) maintained during the relationship. When acquiring new IP Clients, you have to build the trust from the start and go through the competitive selection process with your competitors.
Secondly, marketing costs are not as high when you are marketing to existing IP clients. When acquiring new clients, you have to do prospecting, industry research, awareness building, attend conferences and so on which is not required when marketing to existing clients.
Thirdly, the services your IP client is going to require later on, usually are larger in scale and in compensation. For example, after your IP client filed their first national trademark, they may wish to expand their registration by filing it also in other countries or maybe they got into a dispute resulting in litigation.
When an IP client is committed to your service, the cost of changing the advisor is big. But if you do not nurture the client relationship they will start weighing the options. In the competitive market such as the field of IP, there are also other IP law firms and law firms after your clients.
The future IP business of your existing client must be earned as clients do not like to be taken for granted.
Getting new IP clients is very important. However, nurturing and pleasing your existing clients is even more important and that should be your number one marketing strategy.