Many law firms are struggling to measure their marketing ROI — you’re not alone.
But it doesn’t have to be this way.
With a few simple best practices in mind, you can start tracking your ROI and, ultimately, stop running business decisions on pure gut feeling.
This post is for the law firms that:
- Don’t know if their marketing is working and want to find answers.
- Feel like they’re wasting money on ineffective campaigns.
- Aren’t able to track their progress from beginning to end.
- Seek to make necessary adjustments to their campaigns, e.g., allocate money to another type of digital asset.
- Need to justify their marketing budget to stakeholders.
Let’s start with the basics:
Your firm’s marketing ROI signals what’s working and what isn’t working.
For example, if you are placing a significant portion of your marketing budget on one marketing asset, e.g., Facebook ads, while your marketing agency suggests you should also complement this with video. It’s critical you understand your budget from start to finish to allocate your marketing dollars where you will get the best results.
If you are investing in marketing, you deserve full transparency.
Stay with us to find out everything you need to know about marketing ROI.
Why Your Firm’s Marketing ROI Matters More Than You Think
Before jumping into specifics, let’s take a look at the current state of legal marketing:
As more and more firms realize the importance of marketing to grow business revenue, it’s incredibly important to look into the other half: measuring success to come to your own conclusions about what’s working and what isn’t.
This allows your firm to not only work smarter but also place your dollars confidently even when there are many moving pieces like:
- Your competition
- Your practice area
- Your audience(s)
- Your needs
- Your current digital investments & more.
The four main reasons why firms look into their ROI include:
Now that we’ve covered the why let’s dive into the what.
Why Your Firm Needs to Start Measuring Marketing ROI
There are a multitude of marketing metrics law firms can begin tracking. However, when it comes to ROI-focused metrics, you need answers to:
- Lead Tracking – How many leads are coming through?
- Average Cost Per Lead – What’s the average cost per lead?
- Average Cost Per Case – What’s the average cost per case?
In this FREE guide to tracking ROI for law firms, you will find all the answers to this. But, we’ll give you a quick overview of one strategy: use a lead-tracking platform like LawEval.
With LawEval, you have real-time growth insights, and what’s more, one of the modules called Leads. Leads is designed for law firms looking to track their lead intake from start to finish. Take a look:
If you are investing in marketing, you should have answers to all your questions from start to finish. If you’d like to learn how to identify which of your marketing channels are the most effective and make necessary adjustments, we’ve got you.
