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Nowadays, more and more law firms are utilising legal marketing strategies to bring traffic to their websites and scale up the number of leads they are getting along with their revenue.
However, one of the things they rarely do is calculate their Online Solicitors marketing ROI accurately. Calculating ROI is an essential part of finding out how much a company or business is spending on marketing and how much they are receiving in return. It is an essential part of calculating the budgets and success of every business, and law firms are no exception.
This guide will discuss different ways to track your law firm’s budget, leads and also calculate your return of investment for law firm marketing.
Keep reading!
Why Is It Important to Calculate ROI?
Marketing ROI is the return from the investment you have received through the marketing campaigns for your law firm. It is the most accurate way to acknowledge how well your online solicitors marketing efforts are doing and how your overall strategy is performing.
By determining the marketing ROI, you can understand whether you are reaching your sales goals or attracting the right leads for your firm. Overall, it gives you an insight into the efficiency of your marketing strategies.
By finding out the marketing ROI, you can easily detect which Campaign is giving a better outcome. You can utilise insights you find out about your campaigns to then decide how to spend your budget more wisely and where you can allocate more of the budget to maximize your returns. Finding this out also helps prevent wasting your budget on campaigns that add less or no value.
In the long run, it also assists in business development tactics and tweaking your overall marketing strategy or individual campaigns for maximum impact.
How to Calculate the Marketing ROI
To find out the marketing ROI of your law firm, you will need to first figure out some data sets. These include the exact figures of marketing spending and revenue return from your overall marketing strategy or individual campaigns.
The formula to calculate marketing ROI is given below:
Marketing ROI (%) = [(Revenue Return from Marketing Campaign – Marketing Spend on the Campaign) / Marketing Spend on the Campaign] * 100
To make things easier, here is an example. Suppose you have spent $1000 on the marketing campaign, and in return, you generated $2000 revenue. Now let’s see how you will calculate the ROI:
Marketing ROI (%) = [($2000 – $1000) / $1000] * 100 = 100%
That means you have a 100% return on investment for your $1000 marketing campaign. This is a positive ROI and, in this case, represents the fact that your marketing campaign has been successful by allowing you to make 100% profit on what you invested.
Note that the marketing ROI shouldn’t always be about how much money you made. There are other milestones that represent a good return on investment, depending on your goals. For example, if you want to get your website more visitors and increase your brand’s visibility, you will most likely need to spend money to make this happen. If your goal is to get your website ranking for more keywords, you can track the results of this kind of Campaign using tools such as Google Analytics, Google Search Console, and SEM Rush, to name a few.
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Different Ways to Track the Leads for Law Firms
It is crucial to track down your leads to understand which part of your marketing strategy performs the best. There are several ways to do this, and some of these are as follows:
Ask Them Directly on Phone Calls
The simple question to a client of “How did you hear about us?” might save you from additional efforts when it comes to tracking the leads. As law firms are quite focused on receiving calls from potential clients, your receptionist or front-of-house staff can ask this question at the end of the phone call. In addition, you can use call tracking software to verify the leads. Such software can include setting up Google Tag Manager and asking it to trace the call buttons on your website. If it is all set up correctly, you will be able to see the results of this in Google Analytics.
Use Web Analytics to Track Website Leads
If your website is the primary source of leads for your law firm, Google Analytics and Google Search Console are your best friends. Together, both of these tools are extremely powerful in showing the reach of your online marketing strategy and how you can improve.
Google Search Console is a tool that lets you assess the organic traffic and keyword ranking of your website. With this online and totally FREE software, you can track how your website is improving and showing for the keywords it needs to be.
Google Analytics is more of an All In One solution for finding out your website’s overall progress as it shows you if visitors came to your site from social media platforms, from search engines, from PAID Ads, or directly. If it is set up correctly, you can integrate Google Analytics with most Google products, including Google Search Console, Google Ads, and Google Tag Manager.
Tracking the PPC Leads
If you use Pay per click channels for marketing, each platform, whether it be Facebook, LinkedIn or Google, have their own insights and analytics systems. For Facebook and Instagram, this can be found in your Business Manager; for Google, it would be in Google Ads, and for LinkedIn, you can view this data from where you set up your linked in Ads. Once you access these analytics, you will be able to see the number of impressions, clicks, conversation, cost per conversation, and much more data. This data will make it clear to you whether your PPC Ads campaigns are working and bringing you the right traffic or whether they must be improved.
Dedicated Lead Tracking Software
In addition to Google products, there are many 3rd party software solutions available nowadays that help you track how your website and overall digital marketing strategy are doing. Softwares like SEM Rush and Cognitive SEO are all very powerful tools that are very popular in the digital marketing industry and are used widely by agencies, clients, and experts.
However, these tools are also fairly expensive, so if you have a specific part of your strategy that you want to track but don’t know what to use, you can contact us, and we will advise you on the best call of action for your needs outside of the Google product range.
How Can Solicitors Marketing Help?
Do you need help in figuring out how to track the ROI of your law firm, or need our services to increase it? Well, you certainly have come to the right place because getting you the best ROI is what we are all about. At Solicitors Marketing, we are 100% ROI focussed on what we can achieve for you. We will formulate a digital marketing strategy that actually works and is geared towards bringing you the warm leads your firm needs.
As a full-stack law firm marketing and business development agency, we offer a wide range of services including law firm web design, SEO, content marketing, social media marketing and more. If you choose to work with us, you will see that we do our jobs passionately and are not afraid to discuss the specific results you should see. Get in touch to know more about services!
At Solicitors Marketing, we are a one-stop-shop for law firm marketing solutions based in the United Kingdom. With over five years of experience in the game, we are committed to the legal industry as marketing experts who are here to deliver an outstanding experience to all our clients by providing top-of-the-range digital marketing services that will boost your law firm’s online presence, increase your exposure and bring you more clients. Call us on 0203 833 4926 or fill out the form below, and we will reply within 24 hours on UK working days.Ask our Expert Legal Marketing Team
