Whilst your role within your family lawyers business will primarily be legal matters, no doubt some of your time also requires you to look at the financial performance of your business. Part of that will be how you seek new clients and if any of that relates to online marketing campaigns then we are sure that you will want them to be successful.
When we say ‘successful’ it raises the point that there will be many specific measures that inform you of the success of your family lawyers business. Here, we are not talking about your success in the Family Court in getting the best outcomes for your clients, of which we are sure there are many, but rather the measure of the success of your online marketing activities in finding and generating new clients.
Some family lawyers businesses overcomplicate these measures and in doing so find themselves mired in tons of unnecessary data, but few answers. Instead, when assessing your online marketing activities the correct approach is to assess those measures which have the most significant influence upon the financial performance of your family lawyers business. These can be pared down to just five, and here they are in the order that they apply.
Cost Per Lead
The first measure is how much it costs you to acquire each lead or p[respect. You can define a lead as someone visiting your website and filling out an enquiry form or requesting a callback, for example. For each period you are measuring simply divide your total marketing costs by the number of genuine leads that the marketing campaign produces.
The more leads that become paying clients the better and this is measured by your conversion rate which is normally given as a percentage. If your conversion rate is low then one issue could be poor quality leads. However, more likely is that the sales copy on your website and possibly your website design need to improve so that more prospects are encouraged to take action when there.
Cost Per Client
When prospects become clients this allows you to calculate another important metric which is the cost per client acquisition. Here you simply divide your total marketing spend by the number of paying clients over the period in question. Knowing your cost per client gives you an excellent guide towards what fees you should charge, and whether you can invest more in your marketing.
Revenue Per Client
So far we have spoken a lot about the costs to your business but now we get to the good part which is the revenue your family lawyers business is generating. Specifically, you will be calculating how much revenue on average each paying client generates by taking your total client revenue and dividing that figure by the number of clients who have contributed to that amount.
Return On Investment (ROI)
The final metric should be universally measured across every business type, and that is the return on investment. This is usually presented as a percentage and is calculated by dividing the amount of profit any single marketing campaign has produced by the amount that the same campaign cost to create and implement. The higher the percentage the greater the ROI, and the greater the ROI the more likely you will want to repeat an online marketing campaign.