The days of approximating or estimating marketing campaign results are gone. You no longer have to guess if a promotion generated leads and turned into business. The internet has made marketing far more measurable and accountable.
The challenge now is knowing what metrics are important and how they contribute to your law firm’s bottom line. If you’re actively working to improve your internet visibility, then this list will help keep you focused on the numbers that matter. There are also more general marketing metrics included on this list because (let’s be honest) many firms aren’t tracking these in detail.
These metrics are in line with the inbound marketing approach to generating traffic, leads and sales through your website.
Inbound marketing involves promoting a company through blogs, e-books, white papers and other forms of content, which attract leads and customers through the different stages of the buyer’s journey.
Most of what we recommend tracking can be measured with Google Analytics, but we personally use HubSpot because it’s an all-in-one marketing automation tool that helps tracks our progress in much more detail.
Is there another metric you’re tracking? If there’s one you measure that isn’t on our list, include it in the comments section below.
This is a basic metric, but an important one. Are you reaching enough people through social media, email marketing and organic search ranking? And are you driving people to visit your website to learn more? With a low amount of traffic to your site, you likely won’t generate the number of leads needed for success.
We have traffic goals for all of our campaigns, and when we see this number fluctuate downward then we can respond accordingly – perhaps we need to increase the frequency of blog publishing or tweak our approach on social media.
Within this metric, you’ll also want to track the source of your traffic – organic, referral, direct, social, etc. This will be the first indication of what campaigns are working.
Driving traffic to your site is an important step in online visibility. But if you’re generating traffic without converting that traffic into leads, then there are likely some holes in your messaging, your strategy and perhaps your website design. Does your site’s content appeal to visitors? Are your calls to action enticing enough?
Make sure you have a law firm marketing plan that details your messaging and your strategy. If something isn’t working, then you’ll need to make adjustments.
The number of leads generated (and the quality of those leads) is one of the biggest indicators of the success of your marketing campaign. Depending on your business and the lifetime value of a client, a low volume of high-quality leads might be what you need for success – as opposed to a high volume of leads that are of poor quality.
Make sure you have a goal in place for the number of leads you want to generate from your website each month – remember what gets measured gets achieved!
As the external marketing team for our clients, we often measure our success based on leads generated because we don’t have direct control over the sales process our client’s implement – we can certainly advise on this process but we can’t do the selling for them.
Here’s what the buyer’s journey looks like:
Time spent on site
The average time spent on a site varies drastically by industry. Retail websites will often see site visits that last many minutes, whereas your law firm website might not see numbers that high.
In fact, 55% of visitors spend fewer than 15 seconds on your website. When you see numbers this low, you need to look at your messaging and your strategy. What’s missing? How can you better engage the people coming to your website?
Make sure your strategy includes buyer personas with an explanation about their pain points and the type of content they might be interested in. Quality blog content will keep site visitors engaged and will keep them on your site longer.
The bounce rate is an important metric because it’s a quick indicator of the engagement your site is generating. A bounce happens when someone sees your page (often the home page) and just leaves.
If you see a high percentage for your bounce rate, consider adjusting your home page design and the various calls to action. Make it easy for site visitors to find what they are looking for and start exploring your site.
Amount of content shared
Measuring social interactions is difficult. It’s hard to place a value on a re-tweet, for example. But there is still value in these interactions because it increases your visibility and helps create brand ambassadors who trust you enough to share your content.
If you want to understand if your buyer personas (target market) are truly engaged with your content, make sure you track blog comments. Yes, Facebook “likes” and re-tweets are good but many people don’t read the articles they pass along via social media.
Generating comments shows that people are reading the content and responding to the message.
Customer acquisition cost (CAC)
This is one that many businesses don’t measure, although it’s very important.
Add up all the campaign spending, salaries, consulting fees and your personal time for a given time period – let’s say for one year. Then divide by the number of new clients in that time frame. So if you spent $60,000 on marketing in a year and acquired 30 clients, then your customer acquisition cost is $2,000.
You can use this number to tell how effective your marketing truly is.
Return on Investment (ROI)
ROI is one of the most important marketing metrics to measure because it determines which tactics work, and which don’t. We look at ROI in terms of a percentage. A $15,000 investment that generated $18,000 worth of business is an ROI of 20%.
Whether or not a 20% ROI is ideal/achievable for your business depends on many factors. You have to consider the resources you have available (time, money and team members) when setting campaign goals. Success with digital marketing also takes time, so you won’t likely see an immediate ROI.
As you can see, marketing has become incredibly data-driven. Keeping your focus on the numbers that matter will help ensure that you get results. There are numerous digital marketing ideas for law firms, and many ways to execute a campaign. The only way to know if something will work is to test the campaign, collect data and measure the results.
Have more questions about law firm internet marketing? Leave a comment below and we’ll be sure to respond!