If you’re investing or planning to invest in marketing — this post is for you.
While it may not seem like it, investing in marketing is only half the battle. The other half? Tracking your marketing’s success.
Tracking your marketing’s ROI will give you answers to challenging problems like:
- Struggling to understand why your audience isn’t converting.
- Finding it hard to know where and why prospects convert.
- Lacking the justification behind a marketing campaign investment & more.
If you are working with a digital marketing agency for law firms like Consultwebs, it shouldn’t be difficult to prove the effectiveness of your marketing investment. PS — The firms partnered with Consultwebs are focused on having ROI-focused conversations because, ultimately, that’s where all your marketing roads should lead: more business.
If this is something you’ve been looking for, read ahead. In this post, we’ll cover everything your firm needs to know about marketing ROI for law firms.
Why Measuring Marketing ROI For Law Firms Matters
Consultwebs, a digital marketing agency for law firms, conducted a study to test the level of importance law firms place on their marketing effectiveness.
Surprisingly the results show that almost 60% of law firms do not track marketing ROI!
Even though this may or may not sound alarming to your firm, let’s look at the real cause and effects of measuring marketing ROI — or lack thereof.
Let’s look at both sides of the coin.
The consequences of not measuring your firm’s marketing ROI:
- Wasted budget – Perhaps you may continue spending on campaigns that aren’t producing the results you need.
- Fewer clients – If you’re not looking into your marketing ROI and checking to see which campaigns are working the best/least, your firm might either be attracting the wrong clientele or less than others.
- Decreased trust in marketing – If there is no clear evidence or, worse, clear communication between you and your legal marketing agency, you may begin losing trust in your campaigns and your team’s efforts.
- Lack of vision – Often in marketing, there’s the concept of being ‘data-driven’ to make the best-informed decisions, but this all comes down to the same root: measuring. Without proper measuring of your ROI, it may be difficult to plan for the future ahead.
Now, let’s look at the bright side.
The benefits of measuring your firm’s marketing ROI:
- Better informed decision-making: Once you know what’s working and what isn’t, your firm can swiftly reallocate the budget where it’ll have the best results.
- More clients: Your firm can yield far better results when you know ‘where the money is at’ — knowing which campaigns are working, resonating, and converting the most prospective clients.
- A clearer understanding of your clients: Clients constantly change their wants and needs; what worked for them before may or may not work in today’s market. However, you can stand against time and all odds by capitalizing on your data.
- Enhanced understanding and trust in your marketing: How do you build trust with your marketing agency? By justifying your marketing expenses. If you are having clear, honest, and transparent conversations (even in difficult times), then you are getting the most out of your partnership.
How Law Firms Can Actively Measure Their Marketing ROI
Now, let’s get to the fun part: how to start measuring your ROI.
There are quite a lot of marketing metrics law firms should track, but when it comes to ROI, here are the ones you should focus on:
- Number of leads
- Average cost per lead
- Average cost per case
If you want to find the smartest way to track your leads in real-time, calculate your average costs, and take charge of your firm’s marketing investment, we’ve got a FREE resource to help you track your firm’s costs.