In the past, it was considered crucial for law firms and other businesses to place advertisements on TV, in the Yellow Pages and with their local newspaper. But this is no longer a financially stable marketing decision. In fact, research and case studies continuously prove that you can get a higher level of clients at a reduced cost by choosing Internet opportunities in favor of traditional methods. Additionally, inbound marketing techniques can drive twice as many leads as traditional paid marketing campaigns, which makes this option the clear winner.
A cost analysis of traditional marketing
Very large law firms might be able to invest in traditional methods such TV commercials and an ad in the Yellow Pages without blowing through their entire budget, but this is not a wise investment for smaller companies. Another approach to getting clients is to purchase leads and hope that some of those leads can be converted into clients. In one case study, a firm cut their paid advertising and increased their leads by 186% by using inbound marketing.
Alternatively, outside of the legal industry, a garden supply company was spending $60,000 annually on print advertisements. When they attached a tracking phone number to these ads, they learned that they were getting minimal results.
In order to truly compare Google and other search engines to the Yellow Pages, the company’s owner decided to place ads on the Yellow Pages website. After tracking all of their website visits, they were able to determine that search engines were sending them 6,742 percent more traffic than YP.com and other traditional advertising methods.
Digital marketing is a better investment
The divide between TV ads and online video advertisements is also extreme. It can cost as much as $1,500 just to produce a local, 30-second TV commercial – and that doesn’t include the cost to air the commercial. Meanwhile, it is possible to produce and publish an Internet video for much less than that. And the rates for online video advertisements can be much more affordable.
A recent survey indicated that 72 percent of marketing experts believe that video ads are as effective as TV commercials, and the gap between these two mediums is closing very quickly.
The benefits of inbound marketing
One of the most critical aspects of a successful law firm is learning how to take advantage of inbound marketing. For example, social media leads to a 100 percent increase in lead-to-close ratios versus outbound methods. Blogging daily has also been proven to increase website traffic and new customer acquisitions. Other benefits include:
- Drastically reduced marketing expenses that can save you an average of $20,000 per year.
- 54 percent higher lead generation than traditional methods.
- 13 times more likely to result in a positive return on investment (ROI).
Traditional law firm advertising techniques are not only outdated but could even be handicapping your growth potential. If you truly want to reach a large audience and grow your client base, you need a complete digital marketing strategy to improve your visibility.
Have more questions about law firm advertising? Leave a comment below and we’ll be sure to respond!