Measuring Your Marketing ROI: Part IV
By ESQCoach, Terrie S. Wheeler
Email: TWheeler@MarketYourLawPractice.com
This is the fourth and final post on Measuring Your Marketing ROI. This post will focus on the fourth pillar of marketing–Creating Targeted and Effective Communications. Below are listed Pillar IV marketing strategies, along with suggested techniques for measuring ROI.
Strategic Communications
Does your practice have the ability to send out truly strategic communications? Targeted and effective communications are not broad-based “firm newsletters” but instead are communications that are sent to various segments of your client base with targeted messages relevant to them.
If you invest your time and energy to create this level of targeted messaging, you can measure you ROI by tracking the number of direct responses from clients and referral sources because of your various communications. In addition, over time, you should see an increase in the level of client retention and flow of referrals into the firm.
Marketing Database
A marketing database is only valuable to you if you keep it updated. A strong marketing database should be easy to update, allow segmenting of client type for targeted communications, and interact with other firm data (like client revenue numbers).
Your ROI for creating your marketing database can be measured in saved time and increased client communications. In return for investing in your marketing database, you will save billable time by not needing to send individual lists to professionals for updating. Additionally, as a result of the database, you will find it easy to communicate with various groups of clients, contacts, and referral sources because you will have email addresses and other contact information for each person on your list.
Website
A website is a must-have for every law firm. When used correctly, a website can be a powerful marketing tool with the ability to attract new clients and retain current clients. The content on your website should be regularly updated and should reflect the overall branding and identity of the firm. You should also ensure that your website is search engine optimized, which will result in higher rankings on Google and other search engines.
Website ROI can be measured tangibly by tracking search engine rankings and by using Web-trends, Google Analytics or other programs to track and measure website visitors and activity on your website. You can also track your website’s strength by monitoring direct client inquiries from the website, seminar registrations using web-based registration options, and client comments on the website.
Learn more about maximizing your website. Read my blog post on “Online Marketing Strategies for Lawyers: Make the Most of Your Website.”
Client Events
Hosting a client event can be a time consuming challenge for any firm. Lawyers often wonder if the event is worth the hassle. How can you tell if your client event is a success?
Start by tracking the number of clients who attend the event—the more clients there, the better! Next, be sure to provide an evaluation form and ask clients what they thought of the event. In the evaluation, ask clients if they would attend the event again next year. Repeat attendees demonstrate that clients appreciate your event and see it as a valuable service. Track how many professionals from the firm attend the event and ask them if they were able to actively build relationships. Ideally, the event will lead to new clients or new matters generated from the event.
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About MYLP
Unique Web-Based Tool to Help Lawyers Develop New Business
ESQCoach, Terrie Wheeler has been helping lawyers attract new clients for more than 24 years. In 1996, she founded Professional Services Marketing, Inc. (PSM), helping professionals develop Targeted Strategies for Business Growth. In January 2011 Terrie merged PSM with Ingenuity Marketing Group in Saint Paul, MN.
Launched in 2007, www.MarketYourLawPractice.com (MYLP), is an innovative web-based marketing coaching tool for lawyers which replicates ESQCoach Terrie Wheeler’s individual marketing coaching process. Today, MYLP is helping lawyers across the US and in the UK develop new business, retain and grow current client relationships, increase their name recognition and more effectively communicate with clients.
Numerous bar associations across the country, including New York, California, New Jersey, Ohio, Vermont, Massachusetts, Wisconsin, and others, have recognized MYLP as a cost-effective marketing coaching and training tool for lawyers and have partnered with MYLP to offer the tool as a valuable member benefit.
MYLP was recently launched internationally in England, Wales, Scotland, and Ireland. Visit www.MarketYourLawPractice.co.uk, developed with our UK business partner, James Dunning of Geotrupes Consulting.
Join our Linkedin Group: The Legal Network - created just for lawyers and in-house marketing professionals to compare best marketing practices.
We have also launched a sister product for financial advisors, www.MarketYourFinancialPractice.com, and are marketing the site nationally to financial advisory firms.
For more information, contact Terrie: ESQCoach@MarketYourLawPractice.com
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