Do you feel like your lead sources aren’t any good? Do you feel like you’re paying too much? Well, then you need to dig a little deeper and push the feelings aside. Focus on quantitative data instead. Which practice areas or sub-areas are your leads coming from? In each of those areas, what is your conversion rate? And for each of those clients you convert, what are they worth to you?
Until you put your leads in context by thoroughly answering these questions, there is no way to know whether a lead source is “good” or “bad.” In fact, assuming that it’s one or the other could be what’s costing you money.
An SEO lead might cost three times as much as a TV lead, but your TV leads might be low quality, and you might be converting fewer of them. Or, you might be saving money on direct mail leads but converting only a very small fraction of them. If so, you might be better off spending more per SEO lead, because those are the ones that bring in high-value cases, saving you money overall.
When all is said and done, too many attorneys end up paying way too much per client, simply because they focus on saving the most through marketing. Richard Jacobs explains the ins and outs of this and more, including a tip from the most successful law practices around.
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