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Tracking the Effectiveness of Your Marketing

Tracking the Effectiveness of Your Marketing

marketing

Many law firms are unaware of just how important it is to be tracking the effectiveness of their marketing campaigns and strategies. If you are spending time and money on your marketing efforts, you should know about its payoff, to see what is working and what is not.

When you know how these campaigns are working, you can allocate your funds to your more profitable channels rather than wasting time and money on the things that are not adding value to your law firm. Tracking your marketing effectiveness also allows you to see the effects of changing things like headlines, images, landing pages, and how they generate clicks and conversions.

Even if you are working with an agency or third party for their marketing services, you should still understand if these activities are successful and how they can benefit your law firm.

Conversion Rate

A conversion rate is the recorded percentage of users that complete a desired action. This helps law firms understand how many of their visitors are becoming leads, and how many of those leads are turning into clients. Once they are able to see where their weak points are, they can make changes where needed in their marketing campaigns.

Some ways to improve conversion rates include:

  • Adding reviews and client testimonials
  • Removing any unnecessary fields or distractions on your site
  • Add a pop-up to your website
  • Make your Call to Action copy better
  • Add a live chat feature to your website

Return On Investment (ROI)

Return on investment, more often known as ROI, is a key performance indicator (KPI) that helps define a business’ profitability of a certain expenditure. All law firms should know if they are getting their money’s worth out of their financial investments. This can help measure success over time and when making decisions for the future based on data and what needs to be worked on or improved. 

There are different ways that ROI can help you make business decisions, such as:

  • Purchasing any new tools or services
  • Hiring new employees
  • Adding a new department
  • New sales strategies

Cost Per Acquisition

A cost per acquisition is also known as a CPA, which is a marketing metric that measures how much it costs the law firm to generate a new client. CPAs are also known as “cost per action” and are used to measure the revenue impact of the marketing campaigns in the past, that allows a law firm to prepare for expenditures that win over prospective clients. 

Lifetime Value

A client lifetime value is a metric that shows how much net profit your company can make from one client over an amount of time. This helps businesses plan their marketing activities strategically and think about the long-term revenue that a new client can bring, rather than the first purchase they make. 

Your CLV rate is your client revenue x client lifespan. For even further insight, you can take both the client revenue and the average profit multiplied by the client lifespan. Both will give data on how your clients are responding to your services and how you may want to change your marketing efforts.

Retention Rate

Retention rates will calculate a percentage of clients that continue to use your services over a given amount of time. Higher retention rates mean your clients value your services and keep them coming back which provides a sustainable revenue for your firm. Regardless of how many new clients you may gain, if they continue to churn, you may continue to lose money.

Retention rates can tell you:

  • The loyalty of your clientele
  • Your client’s experiences 
  • The value of your services to your client’s
  • If you can sustain your law firm with your current models

It can cost five times more to attract new clients over retaining existing ones, making it crucial to always take the opportunity for any post-sale marketing and nurturing your client relationship. Good client experiences will create better client retention, and also offer trusted future referrals from long-time existing clients.

Referral Source

When you understand where your clients are coming from, you can focus your marketing efforts on continuing to find that niche audience as your source for long-time clients. With great experiences from your business, it is natural for a client to share their experience and your contact information to anyone looking for your areas of expertise. Referrals typically become more loyal clients because they have already seen or heard of your work or service and know that you are potentially able to fit their needs.

Create The Best Law Firm Website

Building great content for your website is one thing, but getting people to visit your page and convert visitors to clients is another. There are many marketing activities you can perform when growing your law firm and you may not know where to start. It can be an afterthought to understand the analytics of your website or the marketing campaigns you put into effect, but it can only benefit you in the long run to create lasting client relationships and run a successful firm.

At Conroy Creative Counsel, we help law firms expand their reach online with a deep understanding in digital marketing and effective content strategies. We can leverage the power of marketing to help you grow your law firm and gain the clientele you desire.

Contact us today so we can guide you in creating the best marketing campaigns and elevate your reputation to potential clients.

kc

I'm Karin Conroy

Founder of Conroy Creative Counsel, an award-winning recognized leader that has cracked the code of smart, sophisticated, and strategic marketing for law firms.

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