For online marketing at your law firm, your measurement strategies are one of the most critical elements of digital engagement. To justify the investment of time and resources into online marketing, you need to prove you are moving the needle to engage your clients and prospects.
This starts by developing a data-driven culture that regularly tracks and reviews your success metrics. As the saying goes, you manage what you measure.
In this excerpt from our recently released eBook, The-Essential-Law-Firm-Playbook-7-Digital-Engagement-Strategies-to-Compete-in-the-Age-of-the-Client we will talk through five strategies to help your firm consistently track and report on your marketing efforts.
For a variety of reasons, many firms do not track Key Performance Indicators (KPIs) and Return on Investment (ROI). Many are simply tracking clicks on their site or CTA buttons without gleaning any actionable insights out of that data. Further, they aren’t asking difficult questions of their marketing teams around which efforts impact the firm’s relationships with clients in a measurable manner.
The first step in overcoming this resistance is putting your goals down on paper. Carefully select what metrics you need to track that will help you achieve your business goals.
While tying business goals to specific metrics can be tricky when not directly linked to sales, as Avinash Kaushik explains, you want to think about your analytics in three general categories:
From there, determine which period of time you find most relevant to measure. Month to month or week to week is often standard. Here is what your KPI dashboard might look like:
From your general business objectives, set specific outcomes for your firm’s various digital channels, including the website, email, social, etc. For example, define what your website needs to do to benefit for your individual practice areas and your special service offerings.
Once have your outcomes delineated, segment them with respect to your digital channel, and create individual metrics with respect to an acquisition, behavioral and outcome standpoints. For example, a measure which email campaign brought how many unique visitors to a particular webpage.
Are you able to tell if your top client from mega company X visited your site and started reviewing articles relating to a new area of their business? If you don’t have the right tools in place to track their online activity, the answer may be: “You can’t.”
Using the right analytics platform such as Google Analytics, Sitecore or Sitecatalyst, integrated with your website and CRM will not only show you how your current engagement activities are faring, but may also reveal new potential business opportunities out of your online traffic. Ideally, you want to arm your firm with a dashboard that shows a single view (on one dashboard) of every online interaction your firm has with your clients and prospects.
If you are just beginning your engagement journey, you may not have access to a sophisticated CRM dashboard. That doesn’t mean you should give up on tracking and analysis. To help you begin this process, we have a simple excel template, such as our free KPI template to track most of the relevant details in your early engagement efforts.
“All data, in aggregate, is crap” – Avinash Kaushik
Understanding the context behind your data is critical to your ultimate success in engaging your clients. Online marketing produces large amounts of data on a regular basis. However, without the element of context around business goals, you will never be able to measure true engagement.
You may learn: Visitors may spend 3 minutes on your site, 60% leave without going to another page and your site got 60,000 page views last month. Whether that is good news or bad news will depend on whether you had 120,000 visitors last month or 3,000.
Pay attention to the context of your measurements by developing benchmarks to understand your average engagement over an extended period of time, and how new campaigns or content pieces fare against that metric. Compare your data’s percentage increase or decrease over that time period.
Finally, once you establish your core analytic process and metrics, the key is to revisit it on a consistent basis. Just like going to the gym, the effectiveness of your tracking process depends on consistency. So, identify the baseline metrics and channels that most matter to you (and your key stakeholders), set up your tracking processes and timelines, and you can refine your processes over time from there.
Tell us what you think, what strategies have you done to create a data-driven culture in your firm?