How Law Firms Generate Quality Business Leads
When generating leads in the legal sector, a regular stumbling block arises: which part of our marketing efforts and ultimately budget generated the quality leads/customers, and what generated low-quality leads? Once we can answer this question, we can start making better marketing decisions and spend funds in areas that generated the most profitable customers, subsequently, improving the bottom line.
Six months ago, we launched a new website in the medical negligence market (The Medical Negligence Experts). Behind the site, our industry-first technology platform sought to answer the question touched on in paragraph 1. As we built up data within our technology, unseen clarity and efficiencies filtered through our marketing team. The result of which has been that we can get more, higher value customers from our leads. Moreover, with the same budget, we can increase our number of customers by lowering our waste on low quality leads.
So how did law firms generate leads before? Regular digital marketing agencies are the usual approach; they will use the available data to meet a target cost per lead KPI. The problem with this approach is that these agencies can only follow half the story, which can lead to bad decisions for the business or firm. For instance, marketing activity may lead to a high volume of leads and the agency will believe that they are doing a great job. However, this activity may be generating low quality leads that are very unlikely to generate profitable customers. In turn, the agency will increase the share of the budget for this area of marketing, having a potential negative effect on the law firm’s bottom line.
So how does this new technology change the way in which law firms generate leads? Put quite simply, it follows the rest of the story. We built a system that connects our marketing activity with our CRM system. When a lead comes in either via our contact form or phone, the law firm will talk with them as they would normally and when the decision is made as to whether the lead is taken on or rejected, they update the CRM and then the CRM informs our technology of the lead info and its variable information. This way we can give a more accurate cost per customer figure, giving us competitive edge, in real time.
Over the last six months, after many conversations with our partner law firms on The Medical Negligence Experts and The Compensation Experts, we have found that this concept is correct. It gives us the clarity to ensure they make maximum profit on their investment. The resulting quality of the leads and cost per lead is something that the old, established CMCs simply cannot match. We predict that over time, more data will generate further improved results, and in turn – serving our partners even better.