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Why Law Firm Marketing Audits Maximize ROI

May 10, 2024

Why Law Firm Marketing Audits Maximize ROI

Why Law Firm Marketing Audits Maximize ROI

An article by Firesign Marketing highlights a widespread concern among law firms: with marketing seen as a non-billable expense, there’s significant risk associated with its spending. Despite this, many firms lack a strategic approach, often chasing trends without analyzing results. An example of this was revealed with the CallRail survey. While social media was deemed the most valuable channel for lead generation, it was also considered the worst performer by respondents, reflecting a lack of clarity in assessing marketing effectiveness.

Given that law firms typically allocate 7 percent of revenue to marketing, ensuring optimal results is paramount. Similar to financial audits, marketing audits can pinpoint what strategies yield the best return on investment (ROI). These audits evaluate three key areas: attracting, winning, and retaining business.

Attracting business involves assessing the firm’s visibility, brand strength, website quality, social media presence, and industry rankings. Winning business entails evaluating the firm’s effectiveness in closing deals, presenting capabilities, analyzing patterns of success and failure, and identifying effective messaging. Retaining business focuses on client retention and growth strategies, including client outreach, feedback mechanisms, and online reputation management.

Law firm marketing audits provide actionable insights, prioritizing areas for improvement based on urgency and impact. They’re particularly valuable during times of change, such as firm expansions, shifts in service offerings, or succession planning. Additionally, audits can help firms understand the effectiveness of their marketing spend, establish benchmarks, and ensure resources are allocated wisely.

Like healthcare check-ups, law firm marketing audits offer a diagnostic approach to optimize marketing strategies and mitigate risks, ultimately enhancing ROI in an inherently uncertain landscape.

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