What Tracking Your Marketing KPIs Can Do for Firm Growth

As an attorney, practicing law is what you know best. However, determining whether your firm is growing and thriving can be challenging without guidance or metrics to help you gauge your firm’s performance. Fortunately, there’s a solution: tracking your marketing Key Performance Indicators (KPIs).

Marketing KPIs are essential tools to measure your law firm’s marketing performance. Selecting the right KPIs for your law firm and using the most efficient tracking tools are crucial to maximizing growth.

What are Marketing KPIs?

A marketing KPI is a quantifiable metric that allows businesses to assess the efficiency of their marketing strategies and monitor progress toward specific objectives. These metrics offer insights into different facets of marketing campaigns, including client engagement, lead acquisition, conversion rates, and overall return on investment (ROI).

For legal firms, tracking marketing KPIs can help team leaders or marketing teams make actionable decisions, fine-tune marking approaches, and reach long-term client acquisition and practice performance goals.

What Marketing KPIs Should Law Firms Focus On?

According to a Google study, 95% of leading marketers agree that marketing KPIs only matter when they’re tied to broader business objectives. For legal firms, this means areas like client acquisition, referrals, and lead generation. The following are a few marketing KPIs you may consider monitoring for your organization:

• Marketing budget: Monitoring your marketing budget as a KPI lets you track how many resources your firm has allocated to marketing. It is crucial to optimize your marketing budget and measure the effectiveness of your marketing campaigns.

• Landing page conversion rate: This KPI helps you accurately measure the rate at which your website visitors turn into clients. It provides insight into the effectiveness of your website’s ability to generate leads. High conversion rates typically result from well-designed, easy-to-navigate sites with quality content.

• Email marketing performance: Promoting your law firm via email is an excellent way to communicate with potential clients directly. Email performance KPIs measure your email campaign’s effectiveness by tracking the number of emails opened, the email click-through rate (CTR), the email bounce rate, the email unsubscription rate, and the email conversion rate.

• Visitors from referrals: Also known as referral traffic, this KPI counts the number of visitors your website receives from referral sources, such as partnering non-competing law firms, your social media accounts, legal groups, bar associations, or even other clients.

• Average lifetime client value (LCV): The lifetime value of a client is measured by the total value a specific client brings to your firm during your relationship. A high average LCV indicates your clients have a history of bringing high value to your firm.

How Can Tracking Marketing KPIs Help Your Firm?

Tracking your law firm’s marketing KPIs offers your firm several advantages. These can include a better understanding of your practice’s overall performance, better alignment with long-term client goals, and adapting marketing approaches to meet changing client needs:

• Performance evaluation: KPIs offer an objective measure of your marketing efforts, allowing you to assess the effectiveness of various strategies and tactics, such as website traffic, social media engagement, and lead generation.

• Data-driven decision-making: Data-driven insights from KPIs guide your decision-making process, helping you allocate resources to the most successful campaigns, refine targeting, and optimize your marketing budget for maximum ROI.

• Adaptability: KPI tracking facilitates the identification of trends and shifts in client behavior, enabling your firm to swiftly adapt strategies to changing market conditions and stay competitive.

• Lead generation: KPIs like conversion rates and lead quality metrics allow you to refine your lead generation strategies, ensuring you attract and convert valuable prospects into clients.

• Client insights: Tracking KPIs related to client demographics and behavior provides insights into your client base, aiding in developing tailored services and marketing messages that resonate with their needs.

• Measuring ROI: KPIs directly contribute to measuring your marketing return on investment, enabling you to justify marketing expenses and refine strategies that deliver the highest returns.

• Long-term success: Consistently tracking KPIs allows you to monitor your firm’s progress over time, enabling you to make data-backed predictions and adjustments that contribute to sustained growth and success.

Track Your Marketing KPIs With Legal Practice Management Software

Tracking your law firm’s marketing performance metrics is essential. However, manually tracking even a small number of KPIs or across multiple tools and dashboards can be inefficient and time-consuming.

Practice management software backdocket integrates with all your existing tools and solutions to centralize your data into a single point.

With backdocket, you can customize your personal dashboard to display the KPIs your firm cares about. All data can be displayed using the visualizations of your choice, such as color-coded charts, graphs, scorecards, and other easy-to-read elements.

You can also easily share your preferred dashboard and KPI tracking configuration with all departments and team members. This solution helps streamline KPI and performance monitoring across your firm, ensuring your staff can see the same data points.

Manage Your Firm’s Marketing Performance Easily with Backdocket

Tracking and managing your law firm’s marketing performance is essential to its success. Convenient, easy-to-use practice management tools like backdocket allow you to track the KPIs, metrics, and data points you care about easily and efficiently.

Our cloud-based software provides real-time access to your firm’s marketing metrics and performance. It is the ideal solution to analyze and adjust your marketing strategy with the agility your law firm needs to be competitive.

Schedule a demo today and discover how backdocket can help you streamline your law firm’s marketing KPI tracking.