The Ultimate Guide to Boost Your Law Firm's Client Conversion Rates
As a law firm owner, prioritising improving the client experience is a must.
An essential aspect of this endeavour is fine-tuning your law firm's conversion rate. If you're feeling a bit lost with these marketing concepts, don't fret, I'm here to guide you through every step!
Setting the Scene
Your law firm's client conversion rate employs a formula to gauge the volume of new clients you're onboarding within a set period. This metric, used in concert with your law firm marketing efforts, plays a crucial role in evaluating the efficiency of your marketing spend.
Regularly tracking your conversion rates helps you:
- Detect ongoing issues
- Pinpoint successful law firm marketing ideas for converting leads
- Strategise for the future
Moreover, this metric aids your intake team in:
- Comprehending when and how new clients are joining the firm
- Establishing performance benchmarks
- Refining intake procedures to enhance conversions
Feeling overwhelmed? By the end of this blog, I promise you'll track your firm's conversion rate like a pro!
Keep an Eye on Your Law Firm's Client Acquisition KPIs
Shockingly, when I engage with many law firm owners and their intake personnel, I find they often overlook collecting critical data from incoming leads.
Imagine this scenario: A prospective client calls in, but your intake team doesn't ask how they heard about your firm. Suddenly, you're missing a significant piece of your client's journey puzzle.
By tying each lead to its origin, you can ascertain the acquisition cost of each lead, essentially paving the path for an informed content marketing for law firms strategy.
The value assigned to new leads and how many of these leads are becoming clients are two client acquisition key performance indicators (KPIs) that every forward-thinking law firm should be gathering.
The more you invest in your firm's marketing - both in terms of time and money, the more essential it becomes to track incoming leads.
Lead attribution, or understanding from which marketing channel each new lead originates, is the first step in deciphering a client's journey through the marketing funnel.
Your firm's client conversion rate is intrinsically linked to your staff's diligence in handling new leads and your aptitude to allocate funds to profitable marketing channels appropriately.
At this point, you should start to see how this data can revolutionise your firm's marketing strategy and subsequently, its intake process.
Let's Do Some Math!
Understanding why tracking your conversion rate is a crucial KPI for your firm, let's delve into the formula.
In its simplest form, the conversion rate formula for law firms is the number of new clients signed in a given period divided by the total number of new leads.
However, not every lead qualifies. When I first introduced my clients to this formula, we collaborated to customise it to suit their unique circumstances.
Thus, we developed a new formula: #NewClients/#QualifiedLeads = Conversion Rate.
*If your law firm covers multiple practice areas, applying the conversion rate formula separately might prove effective.
This insight can guide your firm on which practice areas bring the highest return, which areas need to update their intake process, and how to best allocate marketing dollars to convert leads into clients.
Engaging Your Intake Team
In my previous podcasts - Why You Should Test and Measure Your Marketing (EP 121) and Picking Practice Management Software For your Firm (EP 120), I discussed how Client Relationship Management (CRM) systems are essential tools for managing new intakes at a law firm. Many CRMs automatically generate reports about incoming leads.
However, proper reporting requires a well-trained intake team. They need to identify where leads come from and what practice area the caller is enquiring about. They must also ask the right questions and communicate effectively about the sign-up process to turn leads into clients.
If your firm isn't using a CRM, you can record the number of leads contacting your firm on a Google Sheet or Excel document.
Instituting a process to track all leads and their approximate value can revolutionise your firm's management. No one wants to miss high-value cases because your team didn’t see their value or left them waiting too long for a decision.
Solving these issues is simpler than you think. Start by tracking your lead conversions and training your intake team on how to do so.
The Scalable Business Lounge is here to assist if this still feels overwhelming. This is precisely what we teach you inside the Lounge. We want to help your law firm thrive and allow you to design your ideal life as a law firm owner.
Also, don't miss our FREE Masterclass on "How to Scale Your Law Firm Without Burnout." Register today!
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