We get questions all the time from law firm owners who are wondering what kind of marketing will work best for them. They want to know what’s working right now and what marketing tactics will bring them the most results. The problem is, our answer is always, “It depends.”
Of course, we have some general rules of thumb. We share marketing tactics all the time here on the show. The key is, how you apply them largely depends on your firm’s revenue and profits.
In this episode, we’ll cover what your marketing budget should be depending on the size and revenue of your firm, from brand-new to established and growing firms. We’ll also give you some marketing strategies to guide you through all of this information. Tune in!
- What percentage of your revenue should go towards marketing.
- How much you should spend on marketing if you’re a smaller firm.
- Marketing tactics you should implement at the beginning stages of your business other than hiring a marketing agency.
- How much you should spend on marketing as a more established firm.
- How to track marketing metrics.
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- Think about where you are revenue- and profit-wise. Do you want that to grow or stay steady?
- Set a budget for marketing based on your revenue. If you are under $250,000 in revenue, budget TIME for marketing and maybe create a small financial budget for outsourcing tasks.
- If you are looking to grow, think about what you need to adjust in your operating expenses and take-home to be able to budget 10%-15% toward marketing and business development.
- Have a strategy for how you will spend this budget and measure its success. You can refer to a number of our earlier episodes on marketing strategy, marketing KPIs, and business KPIs.