In last week’s Bright Idea for marketing your law practice, I outlined the questions you need to ask yourself in order to calculate how much of your gross revenue you should spend on your marketing. Using examples from my own law practice, I illustrated how the amount you need to spend depends on how many new cases you want, your cost per lead and your conversion rate.
The conversion rate for my law South Carolina SSD law firm is 24%. For approximately every 4 leads, I’ll get one new case. Each lead costs $38 so each new case costs me approximately $150-$160. From this I can calculate what I need to spend, whether I want 500 or 5,000 new cases this year.
More Bang For Your Buck
However, I can reduce my expenditure for the same number of cases, or get more cases for the same amount of money, by increasing my conversions.
I see many law firms make the same mistake by focusing purely on increasing their leads. Improving conversions is one area of your firm that can be fixed for little to no expense and truly transform your bottom line.
For example, if my law firm buys 100 leads per month, with a 24% conversion rate that means 24 new cases from those leads. An increase in my conversion rate by just 1% may not seem significant, but improving my conversions to 25% means one more case each month for my law firm or 12 extra new cases a year. If my average fee is $5,000, then that 1% increase in conversion is worth an extra $60,000 per year.
There are many ways to increase your conversions. Here are just a few suggestions:
- Use an after-hours phone answering service from a reputable provider, such as Alert Communications.
- Respond to Internet leads within 5 minutes of receipt.
- Train your intake staff to be more empathetic and have consistent scripting.
- Use cordless headsets to enable intake staff to perform other functions between calls, such as sending out follow-up mail. Cordless headsets also allow other employees to answer intake calls during peak periods.
- Record intake calls (if your state allows) and use to evaluate intake staff performance on closing to feed into script revisions and training.
- Hire a ghost call service and professional intake training from providers like Intake Academy.
- Use an auto-responder to instantly provide free information to your website visitors while capturing their contact details for follow-up.
- Use drip email campaign sequences to automatically follow-up with leads.
- Set up face-to-face appointments with potential clients within 24-48 hours of them calling your practice.
- If you can afford it, hire someone who can meet potential clients at their house or at the hospital within 12-24 hours of them calling your practice.
Improving your conversions is one of the most surefire ways of increasing your caseload and reducing your cost per case because it depends entirely on managing factors within your control.
One simple step you can take today to increase your conversions is to buy our new product, The Secret Weapon To Signing Up 99.9% of Intake Callers You Wants As Clients (But Are No-Shows for Their Appointments).
My secret weapon is my #1 investigator, my brother, Brent Hardison. More than just his 12 years of experience of meeting potential clients for my law firms, Brent credits his unique ability to build rapport and engage with people as the key reason for his massive success in signing up new clients.
In this 55 minute DVD, CD and accompanying transcript, Brent and I discuss the techniques needed to build that vital rapport and share the secrets to signing up those intake callers you want. You’ll discover the 8 different types of potential clients you’ll meet, how to identify them and then sign them up as clients. You’ll also learn Brent’s secret tactics to successfully arranging face-to-face appointments with each and every intake caller the firm wants as a client.