Running your personal injury law firm is a tall order.
Setting goals, hitting new benchmarks, tracking data, making strategic modifications, and scaling the results of your marketing campaign is a massive challenge.
Thankfully, modern marketing tools and dashboards (like those we provide a Scorpion) can deliver a wealth of information that gives you deeper insights into every corner and square inch of your campaign.
The only issue with having all that information at your fingertips is…
“How do you decide which data matters most?”
Decoding and interpreting that convoluted mound of information is daunting, which is why we distilled it down to the essentials for you.
Here are six simple ways you can measure what matters and better track your marketing results.
1) Follow the metrics that matter
What do you define as success?
What is the primary objective of your marketing campaign?
For most of us, that boils down to one thing...
Helping more clients and MAKING MORE MONEY.
There may be some metrics intertwined with your revenue that you may value, such as:
- Impressions, likes, shares, and engagement on your social media posts.
- Organic rankings in Google and other search engines.
- Ad placement or rank in Google.
- Your email list subscribe rate.
- Video views on your website or YouTube.
- The number of positive reviews you have on Google, Yelp, Avvo, etc.
However, some of the MOST CRITICAL and universal metrics you can track are:
- Lead volume
- Lead quality
- Click-through rate
- Conversion rate
- Cost per lead
- Cost per acquisition
- Return on investment (ROI)
Let’s take a closer look at these metrics...
2) Track leads and retained clients
With the right digital marketing platform, you should be able to view and track almost every aspect of your marketing campaign, including detailed information on all your leads and retained clients.
You can use your platform to track...
- Lead volume: See the number of leads you’re generating each month, quarter, etc.
- Lead quality: Rank the quality of each lead you receive.
- Lead source: Determine whether the lead came from a paid ad campaign, organic web traffic, or another source.
- Geographic information: Identify where your best (and worst) leads are coming from.
- Case or client value: Assess the value a client or case is expected to deliver.
The more information you can gather about your leads and retained clients, the better you can tailor your campaign to your firm’s needs and improve performance.
3) Monitor your click-through rate
When someone sees your ad, link, video, profile, directory page, etc., you generate an “impression.”
But what’s even better than impressions is clicks.
Your click-through rate (CTR) is the percentage of those impressions that click through to your website.
So, what is the driver that propels someone to click-through to your website?
Strong, relevant messaging.
A rising or consistent CTR can be an indicator that:
- Your content is relevant to searchers’ needs.
- Your messaging is appealing to the user.
- People are interested in learning more about what you have to offer.
Now let’s take a look at conversion rate...
4) Assess your Conversion Rate
Your conversion rate is the percentage of visitors to your website that take a significant action to reach out to you for your services.
This may be an action like:
- Calling your office
- Submitting a contact form on your website
- Contacting your firm through the chat feature on your website
Put simply, your conversion rate is the percentage of your visitors that become leads.
If you are getting a lot of clicks but NOT a lot of conversions, review the following:
- Is your content easy to read and understand?
- Is your website attractive and intuitive to navigate?
- Is the information helpful and relevant to your ideal client?
- Is your contact information highly visible and available on every page of your site?
These questions can help you eliminate some of the most common culprits of low conversion rates.
5) What’s your CPL and CPA?
As we move down the line of the highest-utility metrics for tracking your marketing campaign, cost per lead (CPL) and cost per acquisition (CPA) are two of the MOST important.
What is the CPL?
CPL is the amount you spent to generate a LEAD.
Let’s take this example:
You invest $5,000 per month into your pay-per-click advertising campaign.
From that $5,000, you generate 10 leads.
Your cost per lead is $500.
What is the CPA?
Cost per acquisition is the cost of retaining a new CLIENT.
Using our last example, let’s say…
From those 10 leads, you acquire 2 new clients.
Your cost per acquisition is $2,500
You can see how the marketing costs of generating leads and new clients give you a clearer idea of how your campaign is performing.
6) Calculate your return on investment
Which brings us to your return on investment.
How much money are you making on each dollar you invest?
This is the standard you should be using to measure your marketing campaign’s success.
If your primary goal with your marketing strategy is to increase your revenue, make sure you’re making more money than you’re spending.
Setting a target ROI
Your target ROI should take a few things into consideration:
The revenue growth that you want to achieve.
The actual growth potential your market.
It’s typically recommended to start with a goal of 2-3X return on investment. Analyze your results against that benchmark, and then adjust your expectations and plan as needed.
If you’d like to learn more about how to effectively track and manage your firm’s digital marketing results, call Scorpion at (866) 344-8852 or message us here.