Three Surprising Law Firm Marketing Stats May Change How You Reach Clients
May 22, 2023
We all know the adage: “You can’t manage what you don’t measure.” Metrics are key to evaluating whether marketing efforts are achieving your firm’s goals.
Here are three law firm marketing metrics that may surprise you, and could shape how you reach prospective clients:
- 43% of law firms don’t have an annual marketing budget. This finding is from the American Bar Association’s 2022 Tech Report on Websites and Marketing. Attorney at Work emphasizes the disconnect: “There is a demonstrated correlation between advertising spend and major economic indicators, and for businesses, advertising their services to potential consumers is key to generating new business and increasing the overall bottom line.”The takeaway: Marketing doesn’t just happen naturally or only through your network. Successful marketing requires making an intentional choice to focus on it and invest time and money in developing a strategy and executing on it.
- Younger clients are more concerned with a law firm’s online presence. Millennials and those in Generation Z go online when they want to find an attorney, according to Clio’s Legal Trends Report. Younger clients don’t notice billboards or newspapers ads. Their preferred channel is anything digital, which means they’re more concerned — than Gen Xers and boomers — with a firm’s branding and its online reviews.The takeaway: Younger clients (and recruits) look to your firm’s online presence — from website to social channels — to gauge your values, and whether your brand expression is authentic. Meet them where they are.
- Only 53% of lawyers say they’re confident in running the business side of their firm. This Legal Trends Report finding underscores how much lawyers depend on their marketers, and other experts, to help build and grow a successful practice. Lawyers, of course, are focused on the practice of law. They rely on marketers’ expertise for everything from business development to building relationships with clients and enhancing the firm’s brand and reputation.
The takeaway: Marketers’ contributions are must-haves — not nice-to-haves — for any firm looking to grow. Your knowledge and skills have value because your work is critical to showcasing the value the firm delivers to clients and prospective clients.
Which of these stats most surprised you? And what marketing processes or approaches could you update in response?