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Looking for your practice to rake in more money? A huge key to your practice’s success is how you market it and bring in new clients. So how do you best market you firm? Well, first you have to have a plan. According to Agile Attorney here are 4 tips on how to market your law practice like a startup:
1. You must form a reasonable hypothesis about the ROI for your marketing spend. To do this you must know: (1) What is your typical value for a single client or matter?
(2) How many times does your phone ring before you land a client? (In other words, what is your conversion rate for phone inquiries? Same for emails or texts if those are ways that potential clients reach out to you.)
If you don’t have good information about your client/matter value and conversion rate, then you should spend money and/or time and/or effort on measuring those before you spend a dime on external marketing. Go back through your closed cases to do the math on what your average client/matter value is, and also understand your deviations from that average. Keep track of your prospective client inquiries and (or go through your records if you have them) and see what your conversion rate is.
2. You must capture and measure actual data on how well a particular marketing effort performs. So you know you should be willing to spend up to $4,999 to generate 10 phone calls, but how do you know that the medium you choose (AdWords, Bathroom Ads, whatever) will actually generate those 10 calls? Of course the people selling you those ads will tell you how great they are, but that’s their job.
You don’t know for sure whether they will generate 10 calls for you. You also don’t know whether the 10 calls from one marketing channel will be of equal quality to 10 calls from your current channels. So you need to run a test.
3. Make changes based on the new information you’ve learned and form a new hypothesis to validate the impact of those changes. Your ad actually generated 25 phone calls and you get 2 new clients/matters out of it. It would seem like you have enough information to justify buying another month’s worth of ads. Before you make the decision to possibly expand the number of ads, you should make a new reasonable hypothesis about what expanding that campaign will do.( E.g. I plan to double my Bathroom Ad spend to $4k in order to double the number of locations for my ad. I therefore expect to generate 50 calls instead of 25 and land 5 new clients instead of 2.)
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Any new venture must be planned strategically and must know the scope of growth and market either in the present or in the near future. Marketing a start-up in the correct segment is essential to have a successful campaign.