Episode 008: How Do I Know if My Marketing is Successful?
As the owner of a law firm, your highest goal is probably to get more clients coming through your doors. This is why we do all of the marketing that we do. However, we need to do more than just apply some marketing techniques or hire a marketing agency. We need to figure out a marketing system and know if our marketing is successful.
Melanie thought about this issue with regularity when she was running her law firm. We get questions on it all the time, too. Obviously, many law firm owners ask themselves how to know if their marketing is successful.
This is a very important topic. Knowing the benefit of any investment you make in your firm is crucial and marketing is one of those significant investments.
So today we are talking about why we measure our marketing and what to measure. We’re discussing which metrics matter and which actually aren’t that important in the beginning. Finally, we will talk about ROI (return on investment) and some practical tips for figuring out and applying your ROI number.
- Why we measure.
- Which metrics matter.
- What vanity metrics are.
- Why you should work backwards.
- What ROI is.
- How to find your ROI and why it doesn’t need to be a perfect number.
- Actions steps for you to start measuring your marketing today.
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1. Let’s get a sense of your conversion rate at different steps in your intake (sales) pipeline. If you don’t have tools to track, in a spreadsheet start tracking:
- How many people contact your firm and set up a consultation?
- How many show up to a consultation?
- How many become clients?
2. Do you know where your leads are coming from? Try to have real numbers behind where your leads are coming from. With a great system set up, you can get these from your CRM system, but if not just starting at least ask people how they found you. It is not perfect but better than nothing.
3. Pick one marketing strategy that you are working on and figure out the cost over time and how much profit you made that you can tie to that marketing strategy (see action step 2) to figure out your general ROI.