My friend has an agency and considered broadening his practice and serving less successful clients– because he thought clients are getting cheaper and it’s harder to stand out.
Here’s what I said to him– about why that path is wrong:
Expertise and word of mouth will never go out of style. Clients (your law firms and the clients they serve) will always pay a premium for who they perceive to be best.
So call it “thought leadership” or whatever, still continue to tell stories via one-minute videos and share expertise via blog posts you distribute.
Don’t make the fatal mistake of serving a smaller business, going broader, or lowering your prices.
The best can always command a premium.