Albert Einstein famously said, “Insanity is doing the same thing over and over again and expecting different results.” If you spent more money than you were hoping to on marketing last year and are not sure exactly what you got in return, you need to become more effective at analyzing your marketing activity. A good starting place is by calculating your firm’s ROI.
- To determine your marketing return on investment you need to know: What you spent on marketing and what you earned as a result.
- Then you will know which marketing activities consistently lead to qualified clients and can focus your time and budget on the activities that are generating the most revenue.
- When evaluating your marketing plan be sure to keep different marketing activities separated so they can be evaluated individually and know your market.
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- If you jumble all your marketing activities together, you will never be able to see which activity finally tipped the scales in your favor. Creating different call tracking numbers for each marketing source and routing different ad campaigns to different landing pages allows you to see which activities are producing results. Also, by knowing if your market is slow and drawn out when making a decision to hire an attorney or if consumer behaviors result in one big case that makes your whole year, helps you know if your marketing efforts will require patience or possibly a steady flow of informative content for consumers that take their time making a decision.
- Here’s Why It Matters to You. Taking time to determine your return on investment allows you to measure the success of your marketing efforts and to use that information to make better business decisions going forward.
- By working with a professional to calculate your ROI, you can benefit from more sophisticated performance reporting than the average attorney is able to create by themselves. I have successfully helped many small firms optimize their marketing plan. To learn more set up a free consultation by clicking below.