A law firm cost per lead is a calculation that can help you determine whether your firm’s advertising methods are as efficient as they should be.
The main marketing goal for most law firms is to gain more quality leads at a reduced cost. The lower your cost per lead, the better your marketing campaigns are working. If your current lead generation strategies are not growing your law firm, you may need to make some changes to reduce your overall cost per lead.
Estimating Your Law Firm’s Cost Per Lead
Estimating your law firm’s cost per lead is the first step to take before you can figure out how to reduce your marketing costs. To determine your current cost per lead, monitor how many leads were produced during the last fiscal quarter. Next, review the marketing budget spent during the same period. Divide the marketing budget by the number of leads it generated to get your cost per lead calculation.
The figure you come up with will shape your marketing strategy moving forward. For instance, if your cost per lead comes to $100 and your average client value is $3,500, you may find the number acceptable. However, if your cost per lead is $300 and your average client value is $2,000, you need to make a conscientious effort to close the gap and make your marketing budget more effective.
Five Strategies to Reduce Law Firm Cost Per Lead
#1: Reevaluate Your Content Marketing Needs
Law firms have a tendency to overlook the importance of an active content marketing strategy. However, content marketing generates more than three times the number of leads as traditional methods and is created at a fraction of the cost. High-quality content posted on your blog and across social media channels can often generate more prospects at a lower price than direct mail and telemarketing campaigns.
#2: Improve Your Search Engine Optimization (SEO)
Having your law firm’s website found easily via Google is vital to reducing your cost per lead. It is estimated that more than three-quarters of consumers perform online organic searches before contacting a business. Ranking high with quality keywords attracts new leads naturally without cutting into your marketing budget.
#3: Embrace New Marketing Channels
Many law firms are leery about experimenting when it comes to advertising because they feel their tried and true methods are working fine. However, you may find even better results when testing out a new social media marketing campaign or by upping your trade show attendance. Even refreshing your commercial spots or creating an introduction video for your website can increase engagement. The important thing to remember is that you have to change one variable at a time to uncover what strategy is working best. Always A/B test, and always measure the data produced by your marketing campaigns.
#4: Produce Better Ad Copy
Most consumers are put off by “salesy” language. They don’t want to be pitched at in a condescending and aggressive way. As a lawyer, you’re involved in some of the most difficult and private affairs of a person’s life. Put them at ease by being approachable and treating them like a human being.
Ad copy should also spark immediate interest by pointing out how your law firm meets your potential client’s needs. Words such as “affordable,” “free consultation,” and “success” will have the greatest impact.
#5: Revamp Your Pay-Per-Click (PPC) Campaigns
Google AdWords can be effective if you raise bids on high-performing keywords and lower bids on weaker keywords. To understand which of your keywords are performing the best you have to use tools like Google Analytics or MozPro. Remember, the key to your success is data-driven marketing that operates on a thorough analysis of your data.
Law firm marketers should also put more focus on long-tail keywords and increase quality scores by sending web crawlers to relevant landing pages. Landing pages need to be engaging and compelling with an easy to find call-to-action area.
If your law firm’s marketing department is limited—or non-existent—you may need to consider outsourcing to an experienced law firm advertising agency. Being a lawyer is already more than a full-time job, and marketing can’t be effective when it’s done in half measures.
If you need help from a specialized law firm advertising agency, contact Kirkpatrick Creative at 866-864-9425 to schedule a free consultation. We’ll worry about the marketing so you can get back to being a lawyer.