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Want to evaluate your law firm’s marketing success? Key Performance Indicators, or KPI, allow attorneys to measure their business, marketing, and performance successes using values that reflect how efficiently lawyers are reaching their objectives.
Simply put, how do you know if you are reaching your marketing goals? Are you measuring the proper indicators? Let’s find out!
There are two types of key performance indicators, and typically companies that market products or services can find their measurements in one type of KPI.
Because of the unique nature of law firms and their audiences, their ability to appeal to markets through precise marketing efforts, and personal, less calculated approaches, both types apply to lawyers and staff.
Quantitative key performance indicators for lawyers is measured in the value of facts. No personal feelings, interpretations, or biases. These facts are typically numbers that are weighed against a standard, which could be the number of phone calls, conversions from the website, and new clients received over a measured amount of time.
At the Attorney Marketing Network, we provide our clients with the tools they need to successfully gather quantitative KPIs to ensure that their marketing goals are measured and analyzed in real time.
Our unique marketing services are web designed for lawyers based on their firm’s exclusive needs, which allows us to accurately monitor and report key performance indicators, including:
Qualitative key performance indicators for attorneys is measured in the value of influence, personal feelings, and opinions. These facts are also represented through numbers but must be manually obtained, instead of reflected through online metrics and compiled data like quantitative KPIs.
Qualitative KPIs can include clients who were referred to your firm from:
The conversion rate of the individuals who heard about you, saw your ad, or read about you online is the most important performance indicator in qualitative measurements. Keep track of them!
KPI values are used in legal marketing efforts to help attorneys understand if they are reaching their targets effectively. Because there is so much data to keep track of, especially in social media, website, and media engagements, it’s often difficult for lawyers to understand which indicators they should focus on to enhance their success.
First, all data is important and serves a purpose. However, it’s not all critical to your success. Focusing on the proper KPI values will allow you to understand where your marketing strategy is working — and, more importantly, where it isn’t.
Key performance indicators should be:
While it is exciting to check your online metrics and review traffic boosts, click-thru rates, and conversions — all of which are important data — focusing on successful KPI measurements should lie within the firm first.
Legal key performance indicators that will allow your firm to track and achieve growth include:
These metrics will include:
Unfortunately, there is no checklist that allows lawyers to ensure each figure is accounted for, so you know what is working and what isn’t. No form, no problem. Your law firm will simply have to create a process where KPIs are recorded and tracked — otherwise, measurements cannot be qualified or reviewed, and you’re back to square one: Not knowing where your marketing dollars are effectively targeting new clients.
Quantitative data, which is data that is provided in factual numbers including online performance, pay-per-click, and AdWords is easily obtained and reported to help law firms understand where their electronic media budget is going, and what’s working to increase their ranking.
The Attorney Marketing Network will record the quantitative data that is important to your law firm, and deliver precise:
Qualitative data, which is based on personal feelings, is much harder to track, but equally as important! The crucial thing about qualitative key performance indicators for law firms is that they must be tracked to ensure success.
Some ways to collect qualitative data can include:
Collecting data and understanding the key performance indicators that are the most important to your law firm’s growth is no small feat. It will require a dedicated approach to outlining, recording, and reviewing the data regularly.
The measurement process is something that will need to be shared with your staff, marketing team, and vendors who help build your firm’s online, physical, and media presence. This will allow everyone to be on the same page, and understand which key performance indicators are working — and which parts of your legal marketing budget are PERFORMING?
The results of measuring legal marketing key performance indicators will allow your firm to:
Once your firm’s employees understand the importance of measuring marketing key performance indicators, it will be easier to track, review, and share the information. Getting on top of your KPIs will allow your firm to really understand how your advertising and marketing budget is being spent. The Attorney Marketing Network will get you on the right path of collecting data, measuring its success while extolling the benefits of knowing exactly which legal marketing efforts are working, and which are not. Call us today to find out how we can implement key performance indicator metrics for your firm and watch your target audience grow.