Ep 71 – Measuring Marketing ROI in Your Law Firm

Ep 71 – Measuring Marketing ROI in Your Law Firm

Today we talk about what’s measurable and what isn’t when it comes to legal marketing and then we chat with Consultwebs VP of Business Development Tanner Jones about measuring ROI in your law firm.

 

 

 

 

 

 

Measureable vs Non-Measurable Marketing & Sales Activities

Today’s Hot Take takes a different path than we normally do –  instead of an article we’re headed to YouTube. The video we discuss is from Charles Gaudet of Predictable Profits, called “The Case For Non-Measurable Marketing & Sales Activities.” 

It’s a hard truth in the advertising and marketing world that sometimes the ROI is not 100% clear. Raising awareness for your firm may include advertising, organic posts, marketing, social outreach, podcasts, networking, tweets, staff meetings, surveys, videos, newsletters, strategies, campaigns, seminars, and significant investments of time, money, sweat, and tears.

So what’s the ROI on all that? Shouldn’t you be able to draw a clear line from marketing efforts to revenue? And if you can’t, doesn’t that mean it doesn’t work?

Charles Gaudet explains that solid marketing strategies contain 80% measurable activities, (things that are direct response, strong CTAs, trackable, and scalable) and 20% non-measurable activities, (things that ensure awareness, strengthen relationships, or help to establish your brand over time).

Measuring marketing’s effectiveness is an essential aspect of success, but knowing what to measure, and what can’t be measured, is the secret to staying in the game.

Effective Marketing Strategies for Law Firms

Tanner Jones is Vice President of Business Development at Consultwebs. He’s passionate about law firm marketing and helps his clients understand how effective, unique marketing strategies can expand their presence, expand their business, and ultimately connect them with more clients. Tanner got his Bachelor’s degree in Business Admin and Management from Berea College, has worked as a Student Advisor, Sales Associate, Marketing Director, and now brings his unique set of skills to the LAWsome Podcast.

Learn More about Tanner Jones

“I encourage firms to determine shared benchmarks.”

In this excerpt from the podcast Jake and Paul talk with Tanner about understanding your firm’s unique value, understanding your competition, gathering market data and then using all this information to your advantage: 

Jake: It’s a recurring theme on the show, knowing what you want and then asking for it. And I think a lot of people are just asking for things and not sure what they’re asking for. It comes to, essentially, the idea of strategy, you mentioned that there. And I think a lot of lawyers are convinced with marketing and advertising for their firm, they know they have to pay for it. But there’s still this disconnect on strategy which can make measuring return on investment shaky. So, you know, people are saying, “I know I need cases.” Some people are saying,”It’s not even important how much money I spend, just go, just go get it.” But how do you help clients focus their ambitions and get realistic about their marketing investments?

Tanner: Everyone’s different. I just got through saying you can’t be all things to all people. You have to identify who you are. So that’s step one. Understanding really, truly what makes you different. It’s funny, everyone’s stressing the same things, or it seems like. You can go to one law firm website in this market and turn around and go to another law firm website in another market and it’s likely some of the top level messaging that you receive is going to be the exactly same. Everyone’s just rip off, rip off and repeat. They’re trying to say the same things to everyone. So that’s step one, truly understanding who you are and what separates you.

The next piece is ultimately competition. Depending on the practice areas, depending on the market area, competition is either going to be fierce to the point of maybe you need to find another practice. Like it’s so saturated that you could spend, you know, tens of thousands of dollars on the web and still not come close to breaking even. Admittedly, there are certain markets starting to become that way, whereas there are some that are the polar opposite, there are definitely soft markets throughout this country based on market and market size and population, but also practice area.

So know the competition. Competition, ultimately, is what drives costs, drives expenses for marketing. If it’s a soft market, you have an opportunity to get in at a reasonable price and actually start to secure clients at a reasonable expectation in terms of cost per case, which we’ll talk about here after a while. But I think competition is definitely something you want to look at and determine…once you’ve determined your UVP, determine does it make sense to even pursue this, based on competition?

I encourage firms to determine shared benchmarks. And what I mean by that is, shared benchmarks between you, the firm, and whoever it is that you’re working with on your marketing, whether that’s an individual, a consultant, a marketing agency, whoever it may be, really have honest conversations about what are we trying to achieve together, because otherwise you’re going to be flying blind. You set yourself and your agency up for failure, if you’re not having those early conversations about what are we truly trying to accomplish. And not just general or even vanity metrics, I’m talking about the ones that actually make an impact on your business. Cost per lead, cost per case. And if an agency or consultant’s not able to have that conversation with you, I’m not suggesting that you walk away from them, but you should definitely work to understand why. Why don’t they have that context?

Get More Information About Measuring Marketing ROI In Your Law Firm

Be sure to listen to the entire podcast episode for more information and conversation about online marketing, marketing investment measurement and what questions you should be looking for answers to in your marketing data.  If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—