The choice of marketing investments for law firms is problematic. There are always too many opportunities: events, conferences, consultations, PR notices, advertising, seminars, centers of influence, natural networks, etc.; and, either too little time or too little money to cover them all.Checkout Chandler Estate Planning Lawyer for more info.
Using the Legal Marketing Optimization tools developed by the Customer Research Center, the most effective allocation of investment dollars that will drive referrals, retentions, billable hours, and revenue growth can be determined with a few clicks in Excel. Those few clicks, of course, come at a price. There is a need for some systematic data gathering. You need to start today-whether you use these automated tools or a pencil and a calculator.
The most important source of data, which all firms have, and most firms throw out every day, is their appointment calendar. Once the appointment is kept, it is relegated to the dustbin, but the information which drove that appointment onto your calendar at that hour of that day is one of the most important pieces of information governing the future growth rate of your firm.
Everyone who books into that calendar can supply you, your assistant, the office receptionist, whomever, with the reason they called, wrote, or emailed in the first place. “Thank you for calling Mega Firm. You’d like to meet with one of our attorneys? Of course. How did you first hear of us?” A careful log of the answers, and a little bit of analysis, will tell you whether the yellow pages, those long lunches with your dentist, your website, your grandiloquent speeches at the community center or your pro bono work for the local Kiwanis drove these inquiries into your firm’s graces.
This information is gold. As the data tells a reliable story over time, you can shift your time and your money into activities which really attract potential clients. Start recording this information today, you are literally throwing away money until have this data.
Data in hand, you still have the question of which marketing activities make the most sense to pursue. A very simple tool in Excel, called the Solver, can sort this out in milliseconds. Set up a matrix with all your activities and their costs or time requirement. Enter the maximum budget or the maximum amount of time you can afford to spend on marketing. Click on the Solver and you will know before you can read to the end of this sentence: I should be sending no newsletters, I’ll kill my yellow pages spend, and I’ll spend another 10 hours this month talking to other professionals and attending community events.
The most common mistake made by law firms is drastic under-spending on marketing. With a shotgun approach, they seldom get the impact they anticipated and simply pull back on everything while waiting for the phone to ring. With tools like Solver, you can rapidly evaluate a few dozen different mixes of marketing activity and immediately see the projected revenue growth.
Most lawyers see immediately that there is a significant opportunity for increased revenue with a simple reallocation of their current efforts.