Is Marketing a Worthwhile Investment for Law Firms?
Many law firms are struggling to see the benefit from their marketing efforts, according to a recent report by Calibrate Legal and Totem Partners. While a significant number of legal organisations are spending the time and money on marketing, they are not all effectively tracking their return on investment, which means there is a lack of certainty when it comes to knowing whether or not their marketing strategies are working.
At Next Marketing we take a strong focus on tracking your marketing activities, no matter what industry you’re in. By keeping an eye on your return on investment and other measurable marketing data, you can enjoy a number of benefits including:
- Better informed marketing decisions to guide future campaigns.
- Less time and money wasted on ineffective marketing strategies and campaigns.
- The ability to effectively set goals and identify when you are or are not achieving them.
- A better understanding of your target customers and their needs and priorities.
Without the knowledge and understanding of the benefits your marketing is bringing to your business as a whole, there’s a good chance that marketing will be cut in the event that you need to save costs. I have seen this happen a lot in the organisations I work with and it’s almost always a mistake as without a good marketing strategy in place, it’s unlikely your organisation will be able to bring in new leads and sales.
As well as tracking your new leads gained as a result of your marketing efforts, it’s also important to measure your customer interactions with your organisation. This will give you an indication of how well you are meeting their needs and retaining your clients. Measuring client interactions with your staff members will also let you identify any areas of weakness that could be sending your clients in the direction of your competitors.
I recently read a great piece from Beaton Consulting, which offered some really useful advice for anyone wanting to implement a marketing strategy for their legal organisation. Here are some of their suggestions:
- Choose the right metrics to keep track of. For a legal firm you should be looking at figures that demonstrate that you have been able to effectively influence buyer behaviour as well as the metrics that reinforce your success in line with your marketing strategy.
- Divide up your analysis into stages. Look at the metrics for customer awareness, consideration, purchase, frequency of using your services and how often they switch from another firm to yours and vice versa.
- Look at where you are investing your time and money. Pay particular attention to which strategies are getting the best results across each area. For example, you may be paying to list your firm in business directories but are you getting the best results from that or would you be better off spending your money on other marketing strategies?
- Set clear targets that you want to achieve. These targets should be measurable and quantifiable so you can easily evaluate whether or not you have met them.
- Review your results regularly. Once you have been tracking your marketing for a while, take the insights you gain and use them to set new targets for your marketing. Only by reviewing on a regular basis and using the information you gain from looking at your marketing metrics will you be able to improve your marketing over time and get better results for your business.
If you’re among the many legal firms that aren’t tracking your marketing results, now is the time to start. By keeping an eye on your return on marketing investment and other crucial data you can more effectively plan your marketing and grow your business in the future.