Some firms have taken the approach that they no longer wish to spend money on exposure. They believe that through healthy partnerships, they will be able to increase revenues with current clients and through the referral process continue to grow their business. Is that possible, quite likely but are there possible problems, absolutely.
By exposure I’m referring to everything from advertising to sponsorship to community events. There are so many different ways to spend money and countless people hoping you will spend it with them but there is only so much that can go around. How do you decide how much, for what and for whom?
The right mix will depend on the strategic plan for your firm. If extensive expansion is in the cards, than spending more will make sense. Being recognized at industry events through sponsorship and participation are great ways to “get known.” Advertising and other forms of promotion certainly have value even if the ROI is difficult to measure.
If slow and steady makes more sense than spending needs would decrease but you will still need to be visible where you clients are. Contacts change firms all the time which provides great opportunities for firms to expand client bases through these good contacts. However, there is the possibility of losing the client when a contact leaves if no one else knows who you are and what you do.
Exposure is critical in ensuring that other people know who you are and how you can help them. The level of exposure is really up to you.