Your Marketing Scorecard Marci Taylor
In countless conversations with Managing Partners, Chief Marketing Officers, Marketing Directors and Marketing Operations Directors/Managers, the question I hear over and over is: “How do we measure return on investment for our marketing spend?” Said another way, “How do we determine if the marketing strategies we employ are working?” A corollary to this is, “How to we demonstrate to firm management, department chairs and our partners that our marketing investments are worthwhile?”
Too often, the question is dismissed with the response, “Well, there is no way to know FOR SURE if our investments are worthwhile.” And to some extent, that is true.
If your firm was a plaintiffs’ practice, for example, you could determine rather easily whether a particular advertisement, web site, social media post, or 800-number led directly to a client and ultimately, a profitable matter. For the rest of us (and that is most of us), measuring the success of marketing initiatives in a full-service firm is challenging.
Sometimes, a client will tell you exactly why s/he hired your firm for a particular project. Generally, however, it can be a complicated mix of general brand awareness, finding the right information in the right place on your firm web site, hearing an attorney speak on a particular issue, consistently reading your attorney’s name in the press with regard to an area of subject matter expertise, reading thought leadership pieces by a particular practice area, having a relationship with an attorney on a non-profit Board of Directors, or some combination of these and other tactics.
Analyzing your firm’s marketing and business development strategies is not impossible, however, if you have implemented a thoughtful set of metrics and analytics to measure your successes and those strategies that were not successful. In the articles that follow, I will walk through, step by step, some concrete analytics and other means of measurement, that your firm can use to evaluate your marketing efforts and make more thoughtful decisions going forward on the strategies and tactics that you utilize. I call it, “Your Marketing Scorecard,” and I hope you find it useful.