Equitech Marketing Strategy

Mk 421 - Group Project

Marketing Strategy

A. In marketing the ODW software, our target market is overwhelmingly individuals in the legal field. These individuals can include lawyers and paralegals involved with organizations ranging from large legal firms to small individual practices. Due to the nature of this specific market, our core customer profile is comprised of individuals ranging in age from their mid-twenties up. The individuals involved in the purchasing for these organizations generally exhibit a mid to very high level of income ($40,000+). They are inherently moderately to very educated, possessing either paralegal training or a law degree and are very knowlegible about matters in the legal field. This experience in legal matters may not be matched with an underlying skill in the management of legal firms or organization. They generally exhibit a need for exact data, rendered quickly and easily.

B. Equitech's Operational Data Warehouse software allows for our customer base to continually amass and store legal data both effortlessly and flawlessly. Our integrated one source approach allows for law firms to increase the productivity as well as efficiency of its company by having all data in one central location that can be accessed from numerous settings whether it be on-site or from a remote location via a hand-held device. Firms can cross reference cases, track clients, or manage time and expenses all from universally connected repositories. This allows attorneys to spend more time away from the office with clients yet still have their files accessible as well as have the assurance of their data's validity since it is continually updated. Also, our time tracking and expense report feature permits the accurate recording of billable time as well as expenses. Accurate billing is essential in keeping costs under control.

Because technology, as well as the legal environment, is ever changing, many companies are hesitant to embrace new software because that they feel it will inevitably become obsolete. Equitech has taken a proactive stance against such apprehensions by leading the way in research and development and providing our clients will upgrades as soon as they become available. Thus, our customers will always be up to date on the newest advancements.

C. According to the ReferenceUSA database, the state of Alabama consists of 7,876 companies that are classified as legal service companies. Equitech Legal Solutions has had great success in Alabama and has expanded sales to all 50 states. The ReferenceUSA database also shows that the legal service market consists of 536,733 companies nationwide. The legal service market currently growing with 9,083 new companies established in 2006 compared to 1,257 new companies in 2005. There also was a four percent growth amongst America's top 250 law firms in 2006 according to Leigh Jones. The continuing growth of the legal service market makes Equitech very confident that there is a active market for their product.

D. Advertising and Promotion-Equitech Legal Solutions is going to introduce our product through promotional product training and throughout newsletters that our provided amongst legal firms. In order to gain market share our product training sessions will be delivered to desired law firms throughout the Birmingham area. Through the product training customers will be able to ask questions as well as get their hands on the software and become familiar with our services. Most of our advertisement will be done throughout the legal community. Our technique progresses through aggressive promoting while still maintaining a professional, sophisticated tone that most lawyers carry.

1. Media Used-To gain a competitive advantage on the industry Equitech is going full throttle with an ad campaign with lcoal newsletters such as Find Law Legal Solutions and on a national level with Can Law and most importantly LexisNexis.com. Can Law has over 85,000 monthly visitors. We will also have Phone Book accounts with yellow pages. We will have a bold listing in the legal services section with a 2" x 3" border consisting of twenty words with a total cost of $350.00 per year.

2. Media Cost-Placing a link on CanLaw.com is $150.00 a year. 3 Month contracts $50.00 for top right hand corner of section head pages. Also we will have a full page that inlcludes all types of ad forms that include referral forms, descriptions, contact information, and sales information. This will cost $500.00 per year.

A. Promotion Cost-We will be using our office as a meeting place therefore will have no cost in space. Also for conveneince the company will travel to surrounding locations to speak with the companies as well as setup meetings in their conference rooms which will also be free of charge. The cost will only inlude the hourly rate per employee sent to each product training usually computing to $65.00 per session. Some costs include the coffee, food, and drinks as well as promotional products such as cups, pens, and mouse pads that will amount to $225.00 per session. The actual costs of each item will be given in our financial statements.

3. Frequency of Usage-Full page ads will be used everyday through the whole year for the one time fee. Our advertisments in the yellow pages will be delivered every year. Our product sessions will be available at anytime