Measuring Return on Investment for Legal Leads

 

If you don’t actually measure the return on your legal leads, it can be more difficult than you think to know how your marketing budget is performing. Marketing outlets produce leads of varying quality—in their conversion rate, average case fees, and the legwork needed to make the sale. And then, of course, there’s still the price-per-lead to consider. What follows is not only an explanation of how to measure your return, but also why it’s so important to do so:

Online Legal Leads

Online lead generation companies (like Total Attorneys) are no longer optional for law firms now that so many clients are searching for attorneys online. We’ve worked hard over the last decade to perfect and implement the software technology that has made an industry. Yet, we also recognize that it’s difficult for lawyers to know who to trust and whose lead generation software is best. That’s why we don’t ask you to take our word for it. We also offer a free software tool that will show you step-by-step how to collect and analyze the data to determine which lead provider:

• Generates the most inquiries.
• Has the highest conversion rates.
• Produces the highest-fee cases.
• Produces clients who pay on-time.

If your lead marketing firm doesn’t offer a way to measure the performance of their leads, it’s time to think about a switch.

Top-Line Results vs. Deep-Dive Analytics

Many law practices zero-in on their “top-line” ROI numbers—in other words, how much they’re spending on their lead marketing vs. how much revenue this expenditure generates. No doubt, this measurement is worth plenty of analysis, especially for new law practices and smaller firms that need to closely monitor even their short-term business performance. If your legal leads are not producing like you expected, you need to know this right away so you can investigate the underlying cause and determine a way to get more from your marketing budget.

To this end, there are often valuable lessons to be learned from doing a deep-dive through this data—not only from your internal marketing data but also from market-based sources. We here at Total Attorneys generate a good amount of this information, both to help the attorneys in our network convert more of their leads and to develop more effective online marketing solutions overall.

For example, one hour after a lead is generated, conversion rates drop six-fold. It’s virtually impossible to invest in lead marketing without knowing that it’s important to contact prospects right away. Yet, this precipitous drop shows you’re doing more than just missing out individual clients when you fail to monitor your account for new contacts: You also won’t be able to effectively measure the inherent value of your lead generation service.

Legal Leads and Integrated Solutions from Total Attorneys

Of course, this is just one example of how you can better measure the return on your investment. Moreover, measuring your return shouldn’t overshadow your efforts to target your leads more effectively. To this end, our integrated solutions are designed to optimize not only the financial return of our legal leads but also the time and energy needed to pursue them. With our Lead Notifier app, Conversion Engine, automated follow-up reminders, and email drip marketing, you can implement a streamlined and robust process for converting more leads using fewer office resources. This unprecedented efficiency allows you to spend more time actually practicing the law and/or pursuing complementary marketing strategies for your law practice. In fact, in our section on marketing resources, you’ll find an extensive catalogue of webchats, radio clips, market research, and general advice on how to better market your law firm.