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How to Measure Your Marketing ROI for Lawyers

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With all your marketing dollars accounted for, you’re able to allocate more of your budget towards initiatives that bring more clients through your door.

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How to Measure Your Marketing ROI for Lawyers

  1. 1. 1 2017 © AppFolio, Inc. Confidential. Money Out the Window: How to Measure Marketing ROI for Lawyers #2018MarketingROI
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  4. 4. 5 2017 © AppFolio, Inc. Confidential. Stacey E. Burke, P.C. • Nationwide law firm business consulting practice • Successfully employs online demand generation to increase case acquisition for clients • Stacey is a 16-year personal injury trial lawyer, licensed in Texas.
  5. 5. 6 2017 © AppFolio, Inc. Confidential.
  6. 6. 7 2017 © AppFolio, Inc. Confidential. Selecting the Right Marketing Vendors
  7. 7. 8 2017 © AppFolio, Inc. Confidential. Know Your Law Firm’s Needs • Make a list of everything you’d like your future digital marketing company to do. • Determine your overall budget. • Detail out in a memo which vendors you worked with before / are currently working with and why you chose them and why you are leaving them. • Determine any deadlines and convey them to anyone you talk to.
  8. 8. 9 2017 © AppFolio, Inc. Confidential. How Do I Pick The Right Vendor? • Know their strengths • Look at their current work • Experience counts • Size doesn’t always matter • How does their own marketing look? • How do they measure success? • How long will it take to see results? • Does it sound too good to be true?
  9. 9. 10 2017 © AppFolio, Inc. Confidential. How Do I Pick The Right Vendor? • Ask ALL of your questions • Talk to references in your same industry and/or city • Check them out online • Secret shopping of customer service • Are you a large enough customer to get their attention?
  10. 10. 11 2017 © AppFolio, Inc. Confidential. Why Measure ROI?
  11. 11. 12 2017 © AppFolio, Inc. Confidential. Why Measure ROI? • Justifying the marketing spend to the firm. • Determining how much each new client/case costs, both individually and on average by expenditure. • Deciding what to spend on. • Keeping up with your competition. • Optimizing your expenditures based on your findings. You can’t manage what you don’t measure.
  12. 12. 13 2017 © AppFolio, Inc. Confidential. ROI: Components to Measure
  13. 13. 14 2017 © AppFolio, Inc. Confidential. Calculating The Real Total Spend Don’t forget to include your total marketing investment, not just the media spend, including: • Media costs • Creative costs • Printing and postage costs • Software or technical costs • Management time (such as account management charges from your agency) • Labor costs (marketing staff) • Referral fees
  14. 14. 15 2017 © AppFolio, Inc. Confidential. Is My Marketing Working? • Google Analytics • Social Media Key Performance Indicators • Call Tracking and Recording • Tracking Emails • Form Submissions • Live Chat Conversions • Click to Call • Click to Email • Online Reviews and Ratings
  15. 15. 16 2017 © AppFolio, Inc. Confidential. I Don’t Know Have you logged in to Google Analytics in 2018? Yes No
  16. 16. 17 2017 © AppFolio, Inc. Confidential. ROI: Online Expenditures
  17. 17. 18 2017 © AppFolio, Inc. Confidential. ROI Online Expenditures • Email Marketing o Deliverability o Open Rate o Clicks o Unsubscribes/Spam • Social Media Marketing o Engagement (Clicks, Shares, Likes, Reactions) o Following • Content Marketing o Views o Comments o Time Spent on Page o Clicks From Inbound Marketing Initiatives • Digital Advertising o Clicks o Calls o Chats o Form Submissions o Video Views Define success metrics: Law firms should tell vendors what success means to them and vendors should explain back to law firms how they plan to monitor it (both short term and long term).
  18. 18. 19 2017 © AppFolio, Inc. Confidential. ROI: Offline Expenditures
  19. 19. 20 2017 © AppFolio, Inc. Confidential. ROI: Offline Expenditures • Types: o Events o Professional Networking o Publication Opportunities o Social Engagements oSpeaking Opportunities o Sponsorships What is business development? The selling that results from marketing.
  20. 20. 21 2017 © AppFolio, Inc. Confidential. ROI: Offline Expenditures-Events Events account for the largest item in the average B2B CMO’s budget, so we must track ROI. You can’t measure the ROI of offline expenditures without a solid attribution model in place. Measuring Success Metrics For: • Events o Registrations/Attendance o Social Media Traction o Media Coverage o Website Traffic o Create Opportunities/Generate Leads o Increase Customer Satisfaction and Retention
  21. 21. 22 2017 © AppFolio, Inc. Confidential. ROI: Tools To Use
  22. 22. 23 2017 © AppFolio, Inc. Confidential. ROI: Sample Tools To Use • Hubspot • Email Marketing Native Metrics • Mention • Call Tracking and Recording Software • Customer Relationship Management Software (CRM) • Hootsuite • Native Social Media Metrics • Simply Measured • Bitly • Google Search Console (Goals/Events) • SpyFu • SEMrush
  23. 23. 24 2017 © AppFolio, Inc. Confidential. ROI: Reporting
  24. 24. 25 2017 © AppFolio, Inc. Confidential. ROI: Reporting • How often should law firms review reporting? o Monthly o Quarterly o Annually • History Matters: analyze past efforts (make sure to compare year-over-year) • Competition Matters: research and monitor legal industry trends • What do we want to know? o Total Spend o Acquisition Cost Per Lead o Acquisition Cost Per Qualified Lead o Acquisition Cost Per Lead We Tried To Sign o Conversion Rate: Leads To Clients o Acquisition Cost Per Client o Acquisition Cost Per Qualified Client o Estimated Value Per Case o Revenue to Firm Per Case
  25. 25. 26 2017 © AppFolio, Inc. Confidential. ROI: Reporting - Implement • Revise goals throughout the year • Give lead quality feedback • Continue to look backward as well as forward across the year for trends and results • Engage in ongoing quality control Once we see data, how do we propose change to our vendors/internal staff and how do we hold them accountable?
  27. 27. 28 2017 © AppFolio, Inc. Confidential. Questions? Contact Us! mycase.com support@mycase.com 800.571.8062
  28. 28. 29 2017 © AppFolio, Inc. Confidential. Thank You!