What can we learn about marketing our law practices from the recent iPhone phenomenon?

First consider this quote from a recent Bloomberg news story about sales of the much hyped iPhone:

Apple Inc.’s U.S. debut of the iPhone drew thousands of shoppers over the weekend, emptying most of AT&T Inc.’s inventory and causing network glitches as the flood of customers began activating the device.

Shoppers snapped up as many as 200,000 iPhones the first day after the device went on sale June 29, according to Global Equities Research. While it was still available at all 164 Apple stores yesterday, AT&T said most of its 1,800 stores no longer had the phone in stock. AT&T is the only mobile-phone service that works with the iPhone.

“A lot of our stores have sold out,” said Mark Siegel, a spokesman for San Antonio-based AT&T, the largest U.S. wireless service. “We’re restoring our inventory as fast as we can.”

So, what can we learn about marketing our law practices from Apple’s example?  If you guessed that it has to do with supply and demand you are correct.  Later in the article, Jobs is quoted as saying that Apple tried to estimate demand and increased manufacturing. “We’ve taken our best guess, but it wouldn’t surprise me at all if it ain’t enough,” Jobs said in an interview with the Wall Street Journal.

There is a valuable marketing lesson we can learn from this Jobs quote.  It is subtle, but extremely important.  To get it though, you have to understand that when discussing supply and demand there are actually three different aspects to consider.
(1) There is the objective supply and demand - this is the supply and demand as it really is.  There really are x number of iPhones available to be purchased.   This is what most people think of when they consider supply and demand, but it is the LEAST important aspect of the supply and demand formula;

(2) There is your subjective perception of your own supply and demand - i.e. if you think “I’ve got so much time on my hands”, “I need more cases”, “I wish the phone would ring”, or any such other desperate thoughts then the demand for your services (at least based on your subjective perception) is far less than the supply of it.  This is not a position you want to be in.  You want Jobs attitude - the supply will probably not meet the demand.  Attitude does matter, and it not only effects you but it also effects your prospective clients and referral sources.  But, this is still not the most important aspect of the supply and demand formula.

(3) There is your prospect’s perception of supply and demand - now this is the one that matters most.  And, again Jobs gets this.  Do you think it a coincidence that he is quoted in the Wall Street Journal the week before the release stating that he won’t be surprised if the demand for the iPhone outweighs the supply?   Of course, it is no coincidence.

The question for you is what are you doing to foster the perception in your prospect’s minds that the demand for you outweighs the supply of you?  And, to be clear I am not suggesting you lie or deceive your prospective clients.  I am suggesting that you cultivate a particular perception.   I will get into this in much more detail in the e-book I am working on regarding Premium Pricing (there’s a hint right there about one way to cultivate that perception).  That e-book (ok, book is being generous-it’s really a report) will be ready in about a week.  I’ll post to the blog when it’s available in the resources tab.