For every dollar spent on attorney marketing, you should be asking yourself, what is my return on investment (ROI)? ROI is extremely tricky, but new platforms and advancements allow you to track every dollar spent on advertising. In areas that are not as easily quantifiable, you can still trace your ROI to determine where you should be spending the bulk of your marketing dollars.
Law firms who don’t keep track of their spending can spend themselves out of profits with too exorbitant an overhead. And law firms that don’t keep track of their marketing ROI may not discover that they’re spending far too much for far too little. This is why a key piece of marketing is measurement. How can you quantify your effort and how much is it worth?
5 Tools to Measure Your ROI
When it comes to measuring ROI, there’s the tangible and the intangible. In some cases, you’re expending effort solely in the hopes of attracting more attention and increasing traffic to your website. This can be difficult to understand, but the value here is that your law firm’s website will soon create regular traffic flows, brand recognition, and over time, trust in consumers. In other cases, you’re watching to see how closely your attorney marketing dollars spent correlate with dollars earned. Let’s see how you can find out your quantifiable ROI.
- Make use of Facebook’s new ROI tool. Facebook is beta testing a new ROI tool which can track what consumers do after they click on your ad in Facebook. By installing code on your primary website, you can track the response of consumers and understand whether your campaign has been successful to attract new traffic to your website, new clients filling out contact forms, or whether it was a bust. Whether you win big or lose terribly, there’s inherent value in a tool like this. Think of it this way, if you fail, you now know what consumers obviously don’t respond to. And you may find out that you cast your net too wide to attract the clientele you want.
- Google Ad Words and Google Analytics. Google Ad Words is a powerful tool that allows attorney marketers to keep close track of the dollars spent, the cost per click, and the success rate of your words. You’ll want to keep a close eye on the conversions. Sure, someone clicked on your ad, but did that lead them to click onto your website? Did the visitor stick around a while, fill out a form, and call you to obtain your services? Keep a close eye on the conversion rate in these powerful programs.
- If you’re using press distribution services, keep a close eye on their analytics and statistics. Press releases can be tricky because they combine the tangible with the intangible such as reputation and brand recognition. However, if you’re spending big bucks on press releases, you can figure out whether you should keep spending that money, switch services, or stick to free distribution networks. You can find this out by analyzing the impressions, full page reads, and any associated cost per click estimate the wire service provides. When I compared 2 different recent press releases, I found that one release cost me 2 cents per click compared to the other, which cost me 18 cents per click. This tells me that one was more popular than the other. When you determine the reason why, you can save yourself some money. Was this written too broadly? Did you miss calls to action? Was the product/ service/ good unpopular? Measuring your analytics can help to determine where you should be spending your time and your resources when it comes to costly press releases.
- Search Google to see where you’re mentioned. Unless you’re already engaged in high volume attorney marketing, the odds are your law firm isn’t on the first page of Google. The odds are also pretty high that you barely even rank in a search for your own law firm’s name. As attorney marketers, it’s exciting for us to see firms like yours go from barely on the radar to high in the search rankings. Do a Google search and see if your press, your blogs, your social media, your advertising campaigns come up. You may find that you’re virtually nonexistent, which means you need to either adjust your methods or up your efforts!
- Ask your clients where they found you. Often times, just asking your clients can provide valuable insight. You may find that your clients are finding you on free directories, social media, review sites, advertisements, or any number of unique places. It doesn’t hurt to ask your clients and you may find out that you’ve been overlooking a valuable resource.
When the Marketing is Done, Measure its Effectiveness!
With these tools in mind, it’s time to start measuring the effectiveness of your attorney marketing. Once you adequately understand your ROI, you can tailor your marketing spending to support that which nets you the highest clients, and minimize any wasteful spending that doesn’t net you large returns. Think of it as a necessary last step to attorney marketing. Only by measuring and studying your efforts’ effectiveness can you know where to adjust your attorney marketing efforts.