Why More Law Firms Are Diversifying their Marketing Investments to Boost ROI
Today, we often hear the concept of ‘diversifying,’ but what does that mean in marketing?
Diversifying marketing strategies is the new power tool of many law firms. These firms are the ones currently dominating the digital landscape while their competitors are struggling behind them.
There are many reasons why law firms are boosting their marketing investments, including:
- More internal pressure to generate revenue
- Corporate counsel reducing the number of firms they work with
- Pressure from other law firms that use marketing
However, despite the many winning firms experiencing success through a diversified marketing approach, some law firms are still skeptical.
Some might even wonder: if diversifying marketing investment is effective, then why are some firms still not leveraging it?🤔
Let us share with you the common questions, best insights, and proof of data law firms are all searching for…
Being Informed Is Your Law Firm’s Best Tool for Staying on Top of the Competition
So, to enlighten firms who are still weighing their thoughts about expanding their marketing efforts, we asked Austin Zsedely and Carolin Knight, digital marketing managers at Consultwebs, a top Marketing agency for law firms.
What are the common misconceptions or hesitations law firms have when considering expanding their digital marketing investments?
“Based on my experience and observations, these concerns can stem from a lack of familiarity with digital marketing strategies. Some even have negative experiences from previous investments or are apprehensive about losses in ROI. While other firms are just accustomed to traditional marketing methods, such as print advertising and sticking to referrals. These methods are still valuable, but neglecting the power of digital reach can cause firms to miss out on a vast potential client base.”
– Austin Zsedely, Digital Marketing Manager at Consultwebs
“One of the biggest hesitations I see with my clients is the worry that the investment won’t pay off. This is where tracking ROI becomes more important; matching actual cases back to leads generated from digital marketing efforts allows us to calculate the firm’s ROI from all investments they have with Consultwebs. Hard data affords us the ability to make educated decisions, rather than making decisions based on ‘hunches.’”
– Carolin Knight, Digital Marketing Manager at Consultwebs
The Hard Facts
Now, we’ve gone over why law firms innovate through different digital assets and why firms shouldn’t stay stuck in static strategy.
But is there proof that marketing works for law firms?
100%
Let’s look at the hard facts. 📈
To provide you with the best and most accurate result, We compared and contrasted 200+ law firms partnered with Consultwebs that:
- Remain stagnant with their digital investments
- Actively diversify their digital investments
But before diving in, let’s clear out what digital investments and expanded marketing strategy means.
Law firms that:
- Remain stagnant with their digital investments: The law firm invests in 1 type of digital marketing campaign, e.g., a legal web design. These firms continue to use the same type of investment in hopes of achieving greater results.
- Actively diversifying their digital investments: The law firm invests in more than 1 type of digital marketing campaign to achieve greater results. These firms are not ‘putting all the eggs in one basket’
The Results of Firms With Diversified Digital Campaigns Versus Firms That Remain in 1 Strategy
- The unique visitors for firms expanding their digital campaigns are higher
While unique visitors may go unnoticed, this is a critical indicator of a law firm’s reach and growth. In this case, firms who expand with 1+ digital campaigns see over 2X the number of site visitors.
- The cost per lead for firms with fewer digital campaigns is higher
As you can see, the firms that remain stagnant with their campaigns end up paying a higher cost per lead than those that chose to upgrade.
- The firms with a greater number of digital campaigns have increased conversions
The firms leaping towards digital marketing campaign expansion eventually reach success. You can see that the firms with 1+ campaigns see their conversion rate increase by ≈32% over time.
- The firms with a more significant number of digital campaigns have more leads
Here’s how conversion rates translate to lead acquisition.
By far, the firms expanding their investments take the most leads. Eventually, the firms diversifying their digital campaigns increase their number of leads by 192%, which is over 3X compared to those with the same strategies. 🔥
Now, let’s analyze the difference between upgrading to 1 digital campaign and upgrading to 2+ digital campaigns.
Let’s start with…
The Results of Firms Upgrading to 1 Digital Campaign
- The conversion rate for firms with 1 digital campaign increases.
By upgrading to PPC services or increasing reach through Local Services Ads, firms see over 100% increase in conversion rates.
- The cost per lead for firms with 1 digital campaign decreases.
All law firms investing in at least 1 campaign expansion eventually see their costs decrease by ≈50% – whether that be SEO for law firms, social media, or others.
- The leads acquisition for firms with 1 digital campaign increases.
Businesses investing in marketing aim for a common goal – get more leads!
Leads indicate interest and an opportunity for law firms to turn them into cases.
The average of over 200+ law firms expanding to an SEO service sees over 333% increase in lead acquisition. Moreover, these law firms that diversify to Agile Digital Advertising services with Consultwebs see a 355% boost in leads. ✅
See more here:
This is exactly why law firms must adapt and expand their digital marketing investments beyond traditional methods!
Honoring what worked before is plausible, but expanding into more avenues of success is necessary if your goal is to succeed.
“Firms that diversify their marketing investments are much more successful in bringing in quality cases, we see this time and time again. Furthermore, firms that diversify beyond just digital see even more success. In the current legal landscape, you need to make sure you are visible to your potential clients online and offline if you want to win.” – Carolin Knight, Digital Marketing Manager at Consultwebs
The Results of Firms Investing in 2+ Digital Campaigns
- The conversion rate for firms with 2+ digital campaigns increases the most!
Law firms expanding to 2+ digital campaigns, e.g., mixing SEO with PPC, see an even more incredible combined boost in conversion rates. Using different campaigns in harmony secures your law firm’s short-term and long-term sales activation.
- The cost per lead for firms with 2+ digital campaigns decreases the most.
You can see that the firms that do not expand at all end up paying a higher cost per lead. While the firms that decide to put money into their future with 2+ campaigns eventually see over 9X savings (186% decrease in costs) over the ones that remained stagnant.
- The leads acquisition for firms with 2+ digital campaigns increases the most.
Lastly, firms investing in 1+ digital marketing expansion see an increase, which is good, but great results start for those investing their capital into 2+ marketing campaigns.
With a significant increase in case acquisitions of 1,724%, these trailblazers in law and marketing are taking home the most money! Which is 3X the number of cases compared to those with 1 expansion and over 18X compared to those not diversifying their investments.
Don’t Rely Your Success on a Single Plan
Law firms investing their money in various strategies are seeing incredible results because of one common blueprint — they have plans from A to Z.
These winning firms have already discovered that although experience is the best teacher… learning from other firms’ achievements and mistakes is the smarter way to uncover strategies.
Knowing what produces results and causes other businesses to fail can help you outline what move to do next.
See what legal professionals have to say about Consultwebs and succeeding:
“We saw a marked increase in the cases we were getting off the web. I like to get at least 6-times my return, so if I spend a dollar, I want to make six. But with Consultwebs, we were constantly doing between twelve and fifteen dollars for every dollar we spent.
I think Consultwebs is just really good, honest people, and that’s what I like to deal with. If I have a concern, I can pick up the phone and call them, and they’re very attentive, and that’s what I want. If someone were thinking about hiring Consultwebs, I would tell them, ‘Do it now, do not put it off because you’re costing yourself money.’” – Ken Hardison, Hardison and Cochran
Now, it’s your turn. Are you interested in testing your law firm’s marketing performance?
Unlock your FREE Blueprint, and you will:
✅See where you shine and where you lag. We paint a full picture, showing you the path ahead.
✅Discover what strategy your firm needs based on distinct challenges and ambitions.
✅Identify their gaps and leapfrog ahead.
✅Transform dreams into deadlines
