For decades, legal advertising has looked the same. Hard working law firms stow away hundreds of thousands of dollars in their ad budget, cross their fingers and then buy up billboards at busy intersections with their names printed in big ink. It’s a strategy that’s great for the ego, less so for real returns.
While this strategy is far from effective, it has stood the test of time because many lawyers have been sold to believe that, “It’s the only way”.
Wrong.
Last week, we kicked off a new series on legal marketing metrics with an in-depth look at four revenue-focused metrics that offer a high-level assessment of how your campaigns are performing, in terms of both qualified leads and revenue.
This time around, we’re looking at four underappreciated metrics that can serve as a valuable north start in the day-to-day management and optimizations of your legal advertising campaigns. These aren’t the ROI metrics that the partners of the firm will ask about -- but they are the levers you can pull to grow ROI.
When it comes to digital marketing channels for lawyers, Google search ads have long reigned supreme. And it’s easy to see why: They’re a safe bet. If someone is actively searching for a lawyer, they’re going to make a pretty good lead.
But what about the other major player in the advertising duopoly? With 20% of the global advertising market share, Facebook’s advertising platform is a force to be reckoned with and clearly works for many industries… is law one of them?
Let’s dive in.
CPC, CPM, CTR… the advertising business has no shortage of three-letter acronyms. Heck, we even have a three-letter acronym for three-letter acronyms: TLAs.
We set out to make sense of the jargon in a new three-part blog series. Over the next couple weeks, we’ll break down the eight metrics every legal marketer should know and shed light on another four often-touted metrics that matter little more than your decision of what you want for lunch.
Here it goes, starting with our favorites: Quality Leads, Return On Ad Spend, Cost Per Lead, and the two Conversion Ratios.
For many lawyers, search advertising is a necessary evil.
You know you need to do it as—well, let’s face it—all of your competitors are already advertising on Google, and a whopping 76% of consumers go straight to the search engine giant when researching their legal options.
But you also know that jumping on the Google bandwagon will almost certainly burn a hole in your wallet. With every lawyer and her dog bidding on the same keywords and prominent search placements going to the highest bidder, it can cost hundreds of dollars to get your ad on the first results page.
Fortunately for you, the legal industry also has some of the highest margins, so a couple hundred spent on acquiring a lead can still be a great investment as long as that lead converts into a client.
So how do you ensure that your money’s well spent?
With geofencing.
