John Wanamaker, a retailing pioneer in the late 1800’s, was fond of saying, “Half the money I spend on advertising is wasted; the trouble is I don't know which half.”
Today’s law firms face the same frustration. On the one hand, there are so many marketing and business development options to choose from:
- Print advertising
- Blogging/Social media
- Email marketing
A law firm can experiment with different initiatives at first, but given limited budgets, choices need to be made, and marketing dollars allocated towards those initiatives generating the greatest return – i.e., the “biggest bang for your buck.”
To put it differently, wouldn’t you rather invest money into marketing initiatives generating $2.50 in revenue for every $1 invested, versus those generating only 50 cents in revenue for every $1 invested?
Take blogging, for example. Many lawyers blog, but most can’t tell whether and how their efforts are translating into new business. Or consider: do you know how much new business your website bringing in? As compared to your email marketing? Or your webinars? Or your tradeshow attendance? Or your print advertising?
In short, to paraphrase Wanamaker, the trouble is, how does a law firm know which marketing dollars are being wasted, and which are bringing in new business?
The answer for law firms is “closed loop” marketing – a method of tying each new client back to the marketing initiative that persuaded the client to first contact the firm. So you’ll know which marketing initiatives are bringing in the most business most cost-effectively, and can allocate your marketing dollars more intelligently.
What technologies are available for “closed loop” marketing for law firms?
We recommend Salesforce.com. Download our recent report on Closed Loop Marketing with Salesforce.com to learn why.