TRACKING METRICS
The calculation of return on investment ( ROI ) in legal marketing is challenging . Mass tort marketing requires a substantial investment of time and money , making it more important to analyze and continuously monitor , and at times adjust strategy and partnerships . Tracking marketing metrics will help to ensure a satisfactory ROI . This data will be useful when reviewing current campaign successes and pivoting , when the results are not meeting expectations . Using marketing software is highly recommended , but metrics can also be tracked using a spreadsheet . If cases are being acquired from multiple companies , it is essential to segregate each company and examine their individual campaign results . This data will help make informed decisions about which marketing firms to partner with for future campaigns .
REGULAR PERFORMANCE REVIEW BOOSTS ROI
Investing in data analytics is essential to be successful in legal marketing . Data will need to be reviewed and firms need to react accordingly . Mass tort marketing metrics fluctuate from week to week , so it ’ s imperative for firms to analyze their data no less than weekly . This weekly campaign analysis is key timely and accurately address any potential red flags . Adjusting marketing efforts is a necessary process , not only to capture leads that have not been converting , but more importantly to reveal windows of opportunity . If a campaign performs well , increasing investment in that area will increase ROI . Co-counsel meetings should be structured , focus directly on the key performance indicators ( KPIs ) of each campaign and any litigation updates should be shared . Referral firms need communication protocols in place to deliver KPIs and successfully evaluate marketing campaigns . There is substantial financial investment in mass tort marketing . Develop a measurable system and set expectations , to ensure it is a reasonable investment and routinely track analytics . Comparing your law firm goals against the outcome of the marketing strategies every few months will allow you to shift your budget to areas that seem to hold more promise .
PERFORMANCE METRICS TO EVALUATE
Too many law firms spend thousands of dollars every month on marketing activities without a clear view of what metrics could determine the investment ’ s success . Even worse , they don ’ t know if those metrics are moving them closer towards their business goals . Lead qualification is essential and tracking individual campaign ’ s return on investment , will help identify key performance indicators ; i . e ., cost per lead ; cost per signed retained ; cost per fileable case ; fall-off rate . This will outline the effectiveness of all advertising efforts .
THE WHAT AND WHY OF PERFORMANCE METRICS
Source : Understanding where your leads are coming from will help you focus efforts on the most productive marketing tactics . With the right marketing strategies and proper tracking in place , you will also start to discover that many people do not come to your firm from one source alone . It might start with a referral , followed by a visit to your website where they might sign up for your newsletter , and you may remarket to them with a branded Facebook ad . Finally , the process ends with them calling you one month later .
Tracking : You need to build proper ways of tracking your marketing efforts into your systems and standard operating procedures . Yes , it will take extra , consistent effort , but this effort is very important . I heard one lawyer say that they “ just have a feeling ” about where the firm ’ s clients are coming from . In a profession where the devil is often in the details , your clients do not want to hire a law firm that “ just has a feeling about how they should win a case .”
You need to hold to the same standard for your business and your hardearned marketing dollars . Law firms and marketers are fortunate to have access to great call-tracking tools , legal CRM tools , and practically free web analytics software from Google . When set up right , you may never again have to ask , “ Where did you hear about our firm ?” However , until that is all set up , you should at minimum have a paper or online form that you , your staff or your answering service fill out every time someone contacts you asking questions like : ( i ) where did you find us ; ( ii ) have you seen our website ; ( iii ) have you contacted any other firms ; ( iv ) have you worked with any law firms in the past ; ( v ) were you referred to us by anyone .