Your return-on-investment for your law firm shows the actual profit from your marketing and advertising budget. Most lawyers
(60%) never track their ROI. So, if you are like many of those practices, you are guessing that your SEO strategy is a success or failure based on no real data. Guessing was never good enough for a court of law, and it is not good enough for your law practice.
Why is Legal Marketing ROI Important?
Return on Investment (ROI) is the earned money generated from your SEO strategy, as part of your marketing campaign. Not all strategies involved a monetary investment, which is great if it works. If you are not tracking your results and determining your ROI, you have no idea how well your SEO strategy is working. Here are some top reasons ROI is important.
1. Target your marketing budget to those SEO strategies that work.
2. Focus on improving your SEO strategies.
3. Determine performance and the lifetime value of your leads.
4. Discontinue those SEO strategies that just are not delivering results.
Your ROI calculation helps you to determine how successful you have been with your marketing and SEO strategy efforts. Tune in on how your prospects are finding your law firm and then track the strategies that are most effective for converting those leads.
How to Determine ROI for Your Law Firm
It is not enough to have a general idea of the response rate. You need to measure your ROI and know which strategies are the most cost-effective. Your goal is to save money, convert ever-greater numbers of clients and grow your client list. So, where do you start?
1. Outline your goals and SEO strategies. Your strategic goals will evolve with time and experience. Start with the goals you would like to see, based on your marketing plan. Then, refine your expectations as you begin to see the actual ROI data for each campaign.
2. Set up unique tracking for each campaign with UTM Codes
links, or other URL campaign tools. These codes or links give you the source data you need.
3. Use your unique tracking URL in your web promotions, advertising, emails, etc.
4. Analyze your results with Google Analytics
or other Social Tracking program.
5. Run reports to determine the full life cycle of your leads. For conversions, when did the person first contact you? How long did it take before the prospect became a client?
While it is not a quick-and-easy process to determine your ROI for SEO strategies, you can learn an enormous amount of information. Once you have all the analytics data from your campaigns, the next step is to determine the ROI value.
Calculate ROI or R:C
While you can calculate ROI in a variety of ways, one of the most common determinations involves taking the sales growth for your law firm, subtracting the marketing cost/investment, and then dividing that value by the marketing cost/investment.
(Attributable Sales Growth in Attorney Fees - Marketing Cost) / Marketing Cost = ROI
You can also include other factors, including salary and rent, in a full evaluation of the costs involved. To get a more general idea of your return, you can calculate the Revenue-to-Cost (R:C).
Gross Revenue / Marketing Cost = R:C
To effectively calculate the ROI or R:C of your SEO strategy, you must implement unique tracking for each marketing campaign and analyze your results.
Next Step: Consult with an Expert
If you have never tracked your ROI for your law firm, consult with experts to determine your law firm ROI for SEO campaign
strategies. When you call or reach out for a free consult, the law-firm experts will offer their marketing expertise to walk you through the entire process. They will help you understand how to implement unique tracking and then walk you through how to analyze your results. The best way to achieve your law firm ROI for SEO campaign
strategies is to reach out to the experts for the tips and advise you need.
Calculating ROI makes sense. You need to know whether your campaign are profitable and which SEO strategies are delivering the best results. The truth is, though, that even though it sounds quick-and-easy, it might be more complicated than you first imagined. Reach out to a law firm marketing expert for the help you need to get it done right the first time. Then, continue to refine your marketing campaigns and SEO strategies to virtually guarantee the success you need for your law firm.