Why Lead Disposition is Key to Growth
Johnny Mercer famously wrote, “You’ve got to accentuate the positive, eliminate the negative.” You may be asking – what does a songwriter from The Great American Songbook have to do with lead disposition and legal marketing? The answer is that Mr. Mercer unwittingly identified the two crucial actions regarding lead disposition. Emphasizing and analyzing the leads that successfully close is as vital as getting rid of invalid leads.
Focus on what works
Law firms that focus their feedback on invalid leads and ignore successful leads are missing out on growth opportunities. A successful marketing campaign is not only about cutting out what’s not working, but also about doubling down on what is working. Yes, attribution is essential for identifying which marketing efforts lead to sales. However, it is also essential to communicate that attribution back to the source – your marketing partners. Every dollar cut from campaigns that aren’t working clears space to allot money to campaigns that do work. It follows that your marketing partners need to know what those working campaigns are!
Share what works
Simply put, your advertising partners benefit from receiving the feedback on the leads that are closing for you. By providing feedback on the leads that are converting, your provider can pinpoint the specific characteristics of the leads that are most likely to convert. They can then adjust their targeting strategies to focus on generating more high-quality leads. High-quality leads have a higher likelihood of converting, ultimately leading to increased revenue for your law firm. For example, if most converting leads come from specific keywords, demographics, or certain geographic locations, simply sharing if a lead is “closed” vs “dead” allows your provider to connect the patterns and adjust their targeting to focus on those combinations. In addition to improving where dollars are spent, providing feedback on successful leads can help improve how dollars are spent – your provider can fine-tune ad messaging and content. 4LegalLeads.com not only analyzes your feedback, but that of thousands of lawyers across the U.S. to find patterns for success for every future dollar you spend.
Strengthen partnerships and ROI
Providing feedback on the leads that are closing for you also helps build trust and transparency in your business partnership. When you provide feedback to your advertising partner, you are demonstrating that you value their efforts and are committed to working together to achieve success. This open and honest communication can help establish a strong and lasting business partnership that is built on trust and mutual respect.
Finally, providing feedback on leads that close helps you understand the return on investment (ROI) of your advertising efforts. By tracking the leads that convert, you can determine the cost per acquisition (CPA) of those leads. Comparing the CPA to the lifetime value of the customer allows you to calculate the ROI of your advertising dollars and optimize your advertising spend.
Break down barriers to disposition
So why don’t law firms report lead success? Why don’t other marketing partners care?
A lot of other lead providers operate on a strictly transactional basis. Once the sale of the lead to the law firm is completed, the provider is not concerned with the outcome. In fact, they might only get involved if they get complaints about invalid leads. For this type of lead provider, no news is good news. However, it is not good news in the long run for the law firm. Bad lead providers don’t care or put in the time and effort required to improve the campaigns to your benefit. Providing this crucial feedback to your partner is essential and worth the extra work involved. However, the effort is only worth it with an advertising partner that can and is willing to take action on this information and feedback. With platforms like Google, Facebook, and Bing, reporting back the clients that sign as “offline imported conversions” on these platforms can be extremely challenging for even the most tech-savvy advertiser. Conversely, 4LegalLeads.com believes in 100% attribution and will use your feedback of dispositions that win to move more of your marketing dollars to even more future wins.
Find a partner in disposition
At 4LegalLeads.com, we view our relationship with law firms as a partnership, so we want to hear from you. We care about providing you leads that convert, not just for today, but for scaling over the long term. To that end, we set up a system to facilitate two-way communication and feedback. Our Interactive Partner Portal allows you to update the status of any lead with a simple click of a button. Not only can you return leads that are invalid, but you can report on leads that closed and became clients. Our Portal also seamlessly integrates intake steps that enable you to record how the call went and the final outcome. The result? We can optimize your campaigns daily by moving marketing budgets to campaigns that are winning and closing the most leads for your firm. Continuously fine-tuning campaigns allows us to bring you better and better leads. This in turn improves your closing rate, saves you time, and boosts your ROI.
Sustainable growth is achievable
In conclusion, providing feedback to your marketing partners on the leads and calls that are closing for you is essential to building a successful and sustainable business. American marketing pioneer John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” This is humorous because it has been historically true. However, today’s most savvy law firms and their marketing partners have access to sophisticated marketing tools that Wanamaker probably couldn’t even imagine. Law firms and their marketing partners need to make sure they use these tools to the fullest. Developing a systematic and analytic focus on both the leads and calls that close and the ones that don’t will give you a better understanding of the impact of your marketing efforts. Consistently sharing that information with your marketing partners will maximize the impact of your marketing efforts.