Different metrics should be measured in the course of marketing your law firm and used for analysis of business strategy, spend and law firm growth.
Generated revenue is a meaningful measurement, key to tracing a firm’s marketing efforts back to tangible results, and is essential in pinpointing different customer types and where they found you. Tracking advertising generated revenue gives you the potential to focus on a core demographic of your fee earners, is a lucrative marketing strategy and can drastically increase your turnover.
Once the source of a lead has been identified and the marketing initiatives that have converted potential clients into paying clients have been tracked, the next step to grow your law firm marketing is to link revenue generated by these clients back their marketing source.
The importance of tracking your revenue by source is clearly illustrated when running more than one campaign or testing out different advertising platforms. Take the example of a firm running two campaigns: one in a print newspaper and one online. A firm takes out an ad in a weekly newspaper which in time generates six paying clients, and $50,000 in billable revenue. Simultaneously, they run an ad online, generating ten times the amount of clients, but less income per client, at a higher expense. After one month of advertising, the firm decides to cancel the ad generating the lesser amount of clients. This may, however, be a poor judgement call because of the potentially higher overall revenue generated by the weekly newspaper ad.
By correctly analyzing the ROI per ad source, the firm would have a greater insight into the greater long-term benefits of a chosen platform, and which ad to cancel.
In sum, to accurately measure the success of a particular advertising campaign and leverage your future advertising efforts, every advertising firm should identify:
- The source of a lead.
- The marketing campaign that transfers leads to paying clients.
- The revenue generated directly by these clients and where it came from.
Clio’s Campaign Tracker allows firms to automate the lead tracking process in one integrated system. Effortlessly track clients through their customer lifecycle, and tie them back to the marketing initiative and associated revenue. Start your most impactful marketing campaign today.