Wy'East Law Firm
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Wy'East will be courting new technology clients through networking and advertisements in both the telephone directory and Internet Yellow Pages, Business Journal of Boston, and other technology specific regional journals such as the Software Association of Massachusetts's (SAM) newsletter. As stated earlier, Wy'East has a sufficient amount of business as of day one, however, more technology clients means the ability to perform more public interest work.
Richard will be attending the Boston Venture Group meetings as well as other informal gatherings of technology companies to network with the different technology firms in the region. These networking activities along with advertisements in appropriate media forms will allow Wy'East to steadily grow their list of clients.
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The mission of Wy'East Law Firm is to provide the Boston community with technological and public interest legal guidance. We exist to attract and maintain customers and to support the public interest community. When we adhere to this maxim, everything else will fall into place.
Wy'East's customers can be divided into two groups, technology firms and public interest organizations.
Wy'East will be targeting high technology companies for two reasons.
Wy'East will be targeting public interest organizations for one simple, altruistic reason, a desire to give back to the community. Public interest work is inherently altruistic to some degree. Generally, the person performing the work receives a good feeling for their contribution, but in today's capitalistic society, someone who donates their time at far below market wages should be considered altruistic.
Wy'East Law Firm will position itself as the premier boutique law firm serving Boston's growing high technology sector companies. Wy'East will leverage their competitive advantages to achieve this positioning:
The single objective that Wy'East pursues is to achieve the image of a high-end high technology law firm, rapidly increasing market penetration within three years. The marketing strategy will seek to create customer awareness regarding the services offered, develop the customer base, and work toward building customer loyalty and referrals. Wy'East seeks to communicate it marketing message through several different methods. The first method is through the use of networking. In a close knit community, networking is a very powerful communications tool. Having practiced in this community for three years, Richard has developed an extensive "Rolodex" of contacts. Richard will leverage these contacts to generate visibility for his company,
A second method of communication is advertising. The advertising will take several different forms. The first form is the simplest, Yellow Pages ads in the regional telephone directories and on Internet. These ads will, in essence, announce to everyone who is interested Wy'East's existence and service market niche. The second form of advertisements will be in the Business Journal of Boston, a well respected business journal for the community. Within this journal is the Who's Who in Boston index and a calendar of all the most current local business events.
The last method of advertising is with the Software Association of Massachusetts (SAM), this association is an active organization that is acting as a cheerleader and band leader for the software/high technology community in Massachusetts.
Wy'East's marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.
During the initial phases of the marketing plan research and writing, Richard developed two different surveys that were distributed to officers in high technology compamies. The surveys explored how the companies choose legal counsel. Specifically, what factors were instrumental in choosing a service provider, what factors caused them to sever the professional relationship in the past, in what areas could their attorneys improve, and what are some unmet needs.
The surveys were developed with the help of a graduate student in probability and statistics, ensuring the validity and usefulness of the surveys. Richard received a 60% return rate with a lot of thoughtful comments attached. Part of the explanation for the good results was a well written and administered survey. The other reason for success is that Richard knew a lot of the people that participated so they went out of their way to assist him.
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