Analytics is a critical component of any successful marketing campaign, and you must have a way to track and analyze your law firm’s metrics to determine success. These metrics will also help you evaluate the effectiveness of your intake partner and identify areas of improvement to increase your intake success. A quality intake partner will track and share these key metrics with you, so you can monitor - and improve - your law firm’s success.
Top Law Firm Metrics You Should Know
What metrics should your intake partner be tracking for you? These are the most important:
1. Total Incoming Leads
You must know how many leads are coming in before you can fully capture and understand other metrics. Unfortunately, many firms don’t know how many leads they have because they’re poorly managed. Using a CRM system is an easy way to manage and organize leads, helping you to better track the overall count.
2. Lead Capture Rate
Are you responding to or following up with every incoming lead and moving them along the client intake journey? The lead capture rate is a key metric that indicates your success. If leads are leaving voicemails or visiting your website without providing their contact information or committing to a follow-up appointment, you’re wasting valuable marketing dollars. Aim for a lead capture benchmark of 99%, and make sure your intake partner is tracking this metric to ensure you’re achieving this goal or making the necessary adjustments to do so.
3. Conversion Rate
Once you’ve captured the leads, are you converting them into paying clients? Lead conversion rate shows you the quality of your leads and the effectiveness of your sales process. If your intake partner shares this metric with you and you find that it’s too low, evaluate these two areas and make adjustments. If you feel that you have quality leads, for example, adjust your intake process to track, follow-up and convert more effectively.
4. Average Cost Per Lead
The average cost per lead plays a critical role in determining whether your marketing efforts are profitable. Even if you have high lead capture and conversion rates, if the costs to generate leads exceed the revenue generated, then your marketing campaign isn’t profitable.
5. Marketing ROI
Understanding your marketing return on investment (ROI) allows you to further evaluate your marketing campaigns, so you can allocate your funds to those that are proving to be effective and profitable. Working with an intake partner who has trained intake specialists on hand 24/7/365 is one way to improve your marketing ROI.
Tracking the right metrics is critical to running an effective and efficient law firm. This data gives you information about what your firm is doing well and where it can improve. It also ensures you are making the most of your marketing dollars. You can track these critical law firm success metrics with the help of an intake partner that can deliver them in a clear, easy-to-utilize format. With a signature transparency reporting model, Alert Communications is able to provide the metrics you need to make informed decisions about future marketing campaigns and better serve your clients. Be sure your current intake partner is tracking these key metrics to help you achieve improved marketing results.