Leads generated from marketing campaigns act as a currency of sorts that can translate into paying clients for law firms. To effectively convert these leads into clients, however, it is important to have an efficient lead tracking process in place.
Otherwise, you could spend a ton of money acquiring leads only to lose them further down into the intake process.
Surprisingly, law firms fail to collect an email address 86% of the time and a phone number 45% of the time on an initial call, according to an ABA benchmark study. What’s more, 26% of law firms do not track their leads at all, according to The State of Online Marketing in the Legal Industry 2014, which can have a negative impact on client conversion.
Optimal conversion rates also rely on great response times. According to the same study, if your response times are longer than one hour, then you are likely missing opportunities to convert. With proper lead tracking, you can ensure you are appropriately responding to the needs of your prospective clients in a timely manner. Above all, lead tracking allows you to effectively manage new leads and convert them into paying clients.
What is Lead Tracking?
Lead tracking is the process of following your leads from their first point of contact with your firm to the conversion stage. You can accomplish your lead tracking goals using purpose-built software systems that manage and communicate with your leads through every stage of the intake process.
At Alert, for example, we have an advanced lead tracking system that can automatically identify the stage your leads are in and connect them with the next available call center representative. This helps to ensure your clients receive the help and information they need at critical stages of the intake process. We also incorporate automatic features to make the entire lead tracking process seamless for you and your leads. As a result, they feel like they are receiving specialized attention before actually becoming a client, which puts you ahead of the competition and helps improve your conversion rates across the board.
4 Key Parts of a Lead Tracking Process
An effective legal lead tracking process has four key parts that help you achieve optimized conversion rates. When you pay close attention to these areas, and utilize lead tracking software, you can maximize the success of your lead generation efforts.
1. Follow-Up Strategy
Your follow-up strategy is a critical factor in converting leads. To be effective, you should have a system and tool in place to automatically follow up on calls and online inquiries from prospective clients. Web leads, for example, should be contacted immediately via an outbound call to complete the intake process. Following up with these leads on a schedule - like 3-5 times - can boost your conversion rate from 42% to 75%.
An effective follow-up strategy utilizes multiple channels to contact potential clients. At Alert, we use calls, text or email to follow up and complete the intake process. This method can also be used to follow up on contracts that were sent but not signed by leads. Using a variety of communication methods removes barriers in the intake process and, in turn, maximizes conversion.
The ultimate goal of your lead tracking process is to sign all qualified leads immediately after intake, thereby, converting them into paying clients. Done right, lead tracking can help nurture them throughout the intake process and ensure they’re ready to sign a contract when the time comes. To improve your chances of getting the contract signed, your firm should be able to text, email or FedEx contracts and fee agreements based on the prospective client’s preferences. This expedites the process, and allows you to convert leads without breaking initial contact.
3. Appointment Scheduling
Despite your best efforts, some leads may not be ready to sign a contract and become a client. At this point, you should provide a clear next step by booking an appointment for a return call or visit. Calendar integrations can support this process by automatically scheduling the appointment for you and your prospective client. If you skip this step, your leads are likely to continue reaching out to law firms until their immediate needs are addressed.
Modern lead tracking relies on the use of customer relationship management (CRM) software that helps organize and manage leads. It also helps to improve conversion rates by allowing you to follow them through every stage of the intake process. With a CRM system, you can improve efficiency, build stronger relationships with potential clients, support marketing research and launch effective email campaigns. This level of support gives you the opportunity to connect with leads and remind them of your services - increasing your chances of converting them into clients.
Utilizing Lead Tracking to Convert Leads into Paying Clients
With a strong lead tracking strategy, you can maximize your ability to convert incoming leads into paying clients. Although it’s possible to accomplish this feat on your own, partnering with a legal services call center, like Alert Communications, will give you access to the people and resources you need to meet your goals quickly and efficiently. We will utilize our advanced lead tracking system - which includes the four elements listed above and much more - to help optimize your conversion rates and help you grow your firm.