Part V: Monitoring the Law Firm Marketing Funnel
Monitoring the Law Firm Marketing Funnel
In order to make sure the marketing funnel is performing as expected, it’s important to monitor it.
No funnel is made perfect on the first try. With more and more insight and information from customers, law firms will be able to tweak their funnels and increase their conversion rates.
However, it’s impossible to improve something if there is no data, which is why law firms should use KPIs (key performance indicators) and tools that can help them understand their customers and their funnels.
The first metric to pay attention to is the overall conversion rate.
It’s the percentage that expresses the amount of people who have entered the funnel as leads and come out as customers.
This metric shows general marketing funnel health, but it doesn’t dig into details.
Stage-by-stage conversion rates offer more insights about particular parts of the funnel which are (not) working.
For example, if there is a bottleneck between top of the funnel and middle of the funnel, customers may need more information or the landing page is not clear enough for them to leave their contact information.
The duration of the sales funnel is also important.
In sales, it’s normal for different products to have different sales cycle lengths. However, your goal is progressing the lead through the funnel as quickly as possible.
Law firms should also monitor cost per acquisition (CPA) to make sure they’re not spending more on their customers than their customers are spending on their services.
Any metrics related to the interaction of customers with different phases of the marketing funnel should also be kept under close watch:
- Link clicks
- Email opens
Finally, in order to optimize marketing funnels, law firms have to understand what kind of clients they’re getting from different traffic sources.
For example, a practice could be getting the majority of high-paying clients through SEO, which means they don’t have to spend as much on paid advertising.
There are plenty of other metrics to keep track of.
However, every law firm is different, and the metrics which have to be tracked depend on the marketing mix.
While it is technically possible to track everything in an Excel spreadsheet, it just doesn’t give enough insight into how the funnel is performing.
The very first tool type law firms should consider is customer relationship management (CRM) software.
It’s especially handy for longer marketing cycles that require clients and attorneys to go back and forth, as CRM can store all important information on previous communications.
Additionally, CRM tools are great at developing deeper relationships with long-term clients, which is especially the case in corporate law.
When a marketing funnel consists of many channels, it’s best to keep everything in one place with marketing dashboards.
They can help law firms visualize the performance of their funnels and understand what’s working and what is not – at a glance.
A good marketing funnel is as much a work of art as it is a work of science.
In order to set up a marketing funnel that will bring in a steady stream of customers, law firms have to dig into what their customers truly care about.
From understanding their unique perspectives to offering solutions to specific problems, a funnel is not only a means of obtaining customers.
A marketing funnel is also a way to educate customers.
And when a law firm can use its funnel to bring value to leads even before they’ve become customers, it’s only a matter of time before they book their consultation.