There are lots of moving parts in your firm's marketing machine. And sometimes it seems so .... overwhelming. After all, the practice of law - and not trying to balance your marketing budget - is what your business is all about. Still, you've probably had that nagging feeling for a while that while business is pretty decent, it's time to restart your marketing that's lain dormant for a tad too long.
Should you just jump in and spend money like all the other lawyers you know? How much should you set aside in marketing dollars? What should you focus on?
The answer lies in looking at your Marketing ROI. It's a way of analyzing what you've done thus far that yields guidance on what has worked, what needs tweaking and what needs to be dropped.
Working on your Marketing ROI isn't simply about filling out a form. It requires some consideration about what has worked best for you. This pre-supposes that you have tracked results of your marketing efforts. But what if you haven't? Then your best-guess would have to suffice. Luckily, all of us who are business owners have a fairly good sense of where our new business is coming from -- go down the the list and note the prospects and conversions (clients) that came from each source. It's not going to be a perfect assessment of your marketing efforts, but you'll start to see where to focus your attention.
That said, don't put all your eggs in one basket.
It's always so much better to have more than one source of prospective clients. For example, if you have had a number of clients come to you through friends, family and contacts, then host them to a special event (more of this in a later post). But don't stop there -- build a "secondary" source of leads. If you haven't tried boosting your online presence or maximizing the value of your website, then it's time to do so (you're already paying to have a website, so why not put a bit more marketing dollars into it to test what else could work). In fact, too often, I see business owners (lawyers included) spend quite a bit of money on online advertising, only to ignore the importance of a robust, engaging website. How many of us have clicked on an interesting ad, only to be taken to a lackluster website that provides little beyond a bio and table of services? If people are clicking on your online ad, then it means you've picked the right place to advertise. Which makes it all the more the pity that they leave your website as soon as they visit it.
Using the Marketing ROI can help you do more of what generates business for you, and less of what doesn't. It can mean spending the same amount of money (or less!) on your marketing and getting good results.
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