It's no secret that data analytics is an integral part of any marketing strategy. Being able to measure your efforts helps to drive efficiency for your law firm in knowing what's going well, what you can improve, and what you should stop spending time and money on.
With that being said, with so many different metrics through various channels, which ones are the best ones to concentrate on? We've compiled a list of 11 metrics your law firm should be measuring for success.
This is probably the most obvious and checked metric, but still pretty important. Your website is your 24/7 salesperson, so you'll know if it's performing at its peak in enticing new and returning visitors effectively. If you have a campaign on the go, take special care to note whether there is an increase or a drop in the volume of traffic you're getting. You'll be able to determine whether your campaign has had a direct influence on the number of people visiting, but will also show you if your conversion rates have changed, too.
First impressions matter a great deal when it comes to your law firm's website. Fact is, you don't have much time to work with: Half of all website visitors remain on a website for less than 15 seconds. If you're noticing quick drop-offs, take a moment to review what could potentially be turning visitors off. Read our blog on how a great website can boost your legal services with seven great tips to get your website all spick 'n' span for your visitors.
Track your inbound traffic to measure just how effective those links are for your firm. You can use backlink checker tools such as Moz, Ahrefs, or SEMrush. Inbound links are incredibly important for your firm as the more links you gain from authoritative websites, the more your website will benefit in the search engine rankings.
Your social media presence can play a big role in helping your firm reach for success. In today's digital age, social media is one of the biggest influencers of your brand. You can judge by the engagement rates on your social media channels to see whether you're connecting with the right people and how much people are actively wanting to engage with your company.
While having thousands of followers isn't the be all and end all (quite often, it's more about quality over quantity), it can help your firm's influence by being able to reach a wider audience in order to spread your firm's message. With more followers, the more chance you'll have that more people will help advocate on your firm's behalf as promoters.
Nearly 15% of marketers still don't review email open rates. Don't be part of that statistic: determine whether you're a subject-line wizard by measuring the open rate of your email campaigns. A great subject line can mean the difference between someone wanting to know what you've got to offer, or an email being sent straight to the spam folder. When you're writing email subject lines, just ask yourself, "would this make me want to open the email?".
For more tips, read HubSpot's blog on seven email subject line tips you can utilise for your campaigns.
Only 23% of marketers say they track what happens after someone clicks a link in an email. Therefore, it's important to determine how effective your email campaigns actually are by measuring how many people click through to a landing page offer via your email. If you're seeing a low click-through rate, you can now identify the reasons as to why this is. Maybe the content in your email wasn't enticing enough? Now you can fine tune this for next time.
Bounce rates are a great way to measure if there's something wrong with your email campaigns. Perhaps your emails are coming across as being too "spammy" and so people feel inclined to unsubscribe. Sometimes it will tell you whether emails have bounced due to unforeseen circumstances such an unrecognised email address or that your email has been blocked by a spam filter.
Business Development & Growth
Much like email marketing, you'll also want to measure the click-through rate to your services and/or offers on your website. The easiest way to calculate your click-through rate is to divide the number of clicks by the total number of views within a set period of time. For instance, if your call-to-action receives 100 views in 10 days and 10 people click on the link to go to the landing page for the offer, that's a 10% click-through rate.
For each marketing campaign you do, it's best to set-up individual tracking for each one. This is so you can best determine which campaigns are performing stronger and which ones aren't doing so well. You'll be able to see the details of each campaign in detail and understand which campaigns can be attributed to your conversions.
Knowing how much each acquisition or lead costs is another great measurable metric. It helps you to understand the average cost of your efforts in gaining a lead. If you're spending too much per lead, perhaps think about updating your marketing strategy to save money. Inbound marketing is proven to cost on average, 61% less than outbound marketing.
As legal marketing experts, it's our mission to help law firms understand the best ways to get the most out of their marketing strategies. Contact Digital Media Stream today to see how our legal marketing services can give your firm a boost.
Need some help in figuring out your business goals? Download our free 'SMART Objectives Marketing Template' to help you take the guesswork out of goal setting.