Getting new clients is essential to creating and growing a successful legal practice. Although you may have a marketing plan in place, you might be overlooking client acquisition strategies that deliver better results at a lower cost.
Knowing how much you have to spend to get new clients is just one important factor in creating a truly effective marketing campaign.
Measuring your return on investment (ROI), the lifetime value of a client, and other aspects helps you optimize your future marketing decisions.
The following helps you get the most out of your client acquisition strategies for better long-term marketing results.
Client Acquisition and ROI
Client acquisition consists of the tools and strategies that bring in new clients for your law firm. The ways in which you increase your firm’s revenue will vary depending on the strategy you use.
The cost to acquire a new client is typically much higher than the cost of generating new revenue from your existing clients.
As a result, law firms must know how to minimize the cost of getting new clients if they want to remain competitive in the marketplace. This makes the process more efficient (and profitable) over time.
There are metrics you can use to track your client acquisition strategies. Website conversion rates, response marketing campaigns, the number of leads generated each month, and client retention are just some examples.
Law firms need to test and measure their marketing campaigns in order to reduce the cost of getting new clients.
How to Improve Your Law Firm’s Client Acquisition Strategy
There are plenty of ways to improve client acquisition results. Determining what works for your law firm takes time. But the reduced cost you achieve over time is well worth the effort.
Advertising should focus on strategies that are measurable. Brand-building marketing such as radio, television, and billboard ads aren’t always tracked by the law firms who pay lots of money to increase brand visibility.
But there are ways to measure results. Customized URLs can be used to track the response to these and other advertising methods.
Much like online marketing, the more you know about the effectiveness of an offline campaign, the better you’ll be at estimating your cost of acquiring new clients.
You need to determine the lifetime value of each client. This is the amount of revenue a person generates for your practice over their “lifetime” as a client.
Taking the cost of a marketing campaign and comparing it to the number of new clients it generated helps you make better marketing decisions over time.
Analytics let you measure a wide range of metrics related to your client acquisition. Social media platforms like Facebook and Twitter also provide valuable data related to your paid ads.
Putting a Better Strategy in Place
Getting new clients starts with the right lead generation strategies. In addition to advertising, law firms can use email opt-ins, webinars, free guides, and other valuable and relevant resources to attract prospective clients.
Building a mailing list lets you qualify prospects and nurture them over time. Through your newsletter or other campaigns, you provide the solutions that prospects need while demonstrating your expertise and industry authority.
This helps you measure the response to different marketing messages so that you can optimize them over time and improve the results you achieve.
You identify the pain points of your prospects and develop the services and products that are tailored to meet those needs.
Determining the cost of acquiring new clients is a critical part of improving your marketing campaigns. The right client acquisition strategies provide lasting and measurable growth for your law firm.
Although retaining existing clients typically costs less than getting new ones, having a system in place to consistently grow your client base gives you a leading edge over your competitors while helping you provide your services to a larger audience.