Maybe you have recently opened your law practice. Perhaps you have been practicing law for…
Data is a driver for companies, including law firms, and there are seven important key performance indicators (KPIs) your law firm should be measuring. KPIs help your business objectively demonstrate the efficiency of your marketing strategy. Take this opportunity to measure your metrics and discover how your firm can improve your marketing strategy.
What are KPIs?
KPI refers to a key performance indicator that measures the value of marketing activities which can demonstrate how effectively a business is achieving key business objectives. Law firms can utilize KPIs at various levels to evaluate their success at reaching their target audience. KPIs are a valuable resource and can prove returns to your firm’s marketing spending. Measuring the right KPIs allows your law firm to evaluate your marketing effects’ effectiveness and improve upon your marketing strategy over time.
KPIs that Improve Your Marketing Strategy
The following is a list of seven marketing KPIs your firm needs to be measuring to improve your marketing efforts.
1. Social Media Reach and Engagement
Tracking your social media reach and engagement is fundamental to evaluating your online marketing performance. Your law firm’s social media return on investment (ROI) can be calculated by dividing each channel’s revenue by the expenditures that went into your social media. Understanding your social media ROI can help your business better achieve an optimal marketing strategy.
2. Landing Page Conversions
If your law firm’s landing pages on your website are not attracting users and converting them into leads, then you are missing an opportunity. Landing pages exclusively guide website visitors into a conversion. If the content on your landing page isn’t working or optimized, people will not stay on your site, and you risk converting a visitor to a lead.
3. Email Marketing Performance
Understanding your email marketing performances can give your firm an overview of your email marketing strategy. Your email open rate is the percentage of people who open emails from your campaign, and the click-through rate is the percentage of people who click on the links within your emails. Measuring the performance of both email open rates and click-through rates can lead to better optimization for your email campaign strategy.
4. Cost Per Lead
How much does it cost your firm to bring in a lead from your marketing efforts? A lead is turning a member of your target audience into a contact. Understanding the breakdown of your cost per lead can reveal where your awareness level marketing is most effective.
5. Lead Conversion Rate
Your lead conversion rate represents the percentage of individuals that were potentially interested in your services and are converted into contacts. Your conversion rate is essential to understand how your sales funnel performs and what marketing efforts have the best repercussions for your firm’s ROI.
6. Sales Qualified Leads Generated
Sales qualified leads metrics provides your firm with the number of potential clients who become sales opportunities. If your firm understands the number of leads your business is converting to sales, you can objectively determine your lead generation and sales processes’ strengths and weaknesses. This measurement is an excellent indicator of your team’s effectiveness with their current resources.
7. Marketing Return on Investment
Your marketing return on investment focuses on marketing as a one-time expense. Customer lifetime value and brand value may not have immediate impacts measurably, but this should be considered when evaluating your business’s ROI.
Tracking your firm’s KPIs can help validate your marketing strategy and budget. Thanks to the countless tracking tools available, businesses have more opportunities for transparency in their marketing efforts than ever before. Understanding your KPIs can give your law firm an opportunity for improvement by discovering your marketing failures and fixing them.
Is your law firm ready to enhance its marketing strategy? Law as a Business (LAB) has the marketing tools your business needs to succeed. We work with elder law and estate planning firms on all aspects of marketing for your business.
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