One of the many challenges of digital marketing is gauging whether your current strategy is working or not. Without using KPIs, or Key Performance Indicators, you will only be getting vague estimates and no clear picture if your firm’s goals are really being achieved.
Tracking your online presence and trajectory using KPIs will ensure that you see the full picture. It will enable you to evaluate your strategies more effectively and adjust them when needed.
Digital marketing thrives on the proper use of KPIs because almost everything can be measured and quantified.
It you ask marketers, or search online, you’re sure to end up with long lists of potential KPIs that can quickly become confusing. The perfect set of KPIs for your law firm is going to vary somewhat depending on how you do your marketing and how you run your firm, but there are a few common KPIs that will give you a very good picture of how well your marketing efforts are paying off no matter how you run things.
Social Media Reach and Engagement
Social media is a haven of marketers due to the almost unlimited reach for virtually no cost. Tracking your social media reach will show you how effective your social media presence is. It tracks things such as likes, retweets, and shares. You are also able to connect how many leads are generated through social media reach and the percentage of traffic originating from each.
Tracking your social media reach will help answer the following questions:
- How many find your site through social media?
- Which content grabs people’s attention the most?
- Which social media platforms have the most conversions?
- Which social media platforms are worth the money?
Customer Acquisition Cost
In digital marketing, there are potential customers and actual customers (or clients). Customer acquisition cost shows you how much you spend to convert a potential customer into an actual customer. It calculates everything that you spend on attracting your target customers, from product cost to research and marketing.
It is always risky to under-budget by not measuring your data well. You have to know how much you actually need to spend to get the most conversions. It is ideal to evaluate your customer acquisition cost after every campaign and adjust accordingly.
Tracking your customer acquisition cost will help answer the following questions:
- How much do we spend on organic reach?
- How much do we spend on paid reach?
- How many leads converted in our campaign?
- How many leads became paying clients?
Landing Page Conversion Rates
A landing page is distinct from your main website and is designed around a focused objective. Landing pages, to be considered effective, must generate conversions regularly. It must clearly communicate the action you want your leads to take when they land on your website.
To show your visitors the path you want them to take, it is ideal to provide limited options for visitors. This will guide them towards whatever your intended goal is, whether it be buying a product or subscribing to your newsletter. This way, tracking becomes simpler.
Tracking your landing page conversion rates gives answers to the following questions:
- Are our leads doing what we want them to do?
- Is our message clear and concise?
Average Time of Conversion
This KPI tracks how long it takes for leads to convert into actual paying clients. It may seem trivial,but tracking the time will show how effective or ineffective your sales process is. If it’s taking too long to convert leads, it can mean that prospects are losing interest in your services and you lose them to your competitors as a result.
To alleviate slow conversion, you can promote time-sensitive discount offers to expedite sales. You can also create a remarketing calendar to consistently remind your prospective customers of your service.
Tracking your average time of conversion will help answer the following questions:
- Are we being time-efficient?
- Are we catching and holding our target audience’s attention?
- How effective is our sales process?
Tracking your KPIs will give you clear, actionable insights that will help you to build an effective digital marketing strategy that is responsive to both market trends and consumer behavior.
