As a marketer or business development professional within a law firm, it’s critical to quantify your marketing efforts in order to prove to senior partners that they are indeed effective. To truly see whether your law firm’s social media marketing efforts are leading to meaningful results, you must have a method of measuring the return on investment. With a better idea of your return on investment, you can evaluate whether your current strategy is working properly or whether you need to make some tweaks to improve it. Unfortunately, it can be challenging to clearly see the ROI for social media marketing, particularly with “vanity” metrics, such as likes, getting in the way. To accurately measure your social media marketing’s ROI, keep the following tips in mind.
Have a Clear Goal
There are many different goals you can set with your law firm’s social media marketing, and your goal will impact how you measure ROI. If your goal is to get conversions, you will need to look at whether or not your efforts are resulting in new leads. However, if your goal is brand awareness, you will want to see an increase in mentions and followers over time. Some of the goals you may have for social media marketing include increasing brand awareness, attracting traffic to your main website, generating new leads for newsletters, finding influencers, or actually acquiring new clients. In the last case, ensure you have a target number of new clients you want to acquire per month.
Know the Time Period
To measure your return on investment, you need to have a specific time period in mind. You should choose a period of time that is long enough to see results, but still short enough that you will not have to wait a significant amount of time before making changes and assessing again. Once you have a time frame, make your goal measurable, such as the number or percent increase in leads you want to see.
Track the Metrics
It should go without saying that to measure the ROI of your law firm’s social media marketing campaign you need to look at metrics. However, the issue becomes how to measure these metrics since some methods are more obvious than others. If your goal is improving brand awareness, utilize tools that track brand mentions and check for an increase in positive mentions. You should also look at the overall engagement and reach metrics within your social media analytics.
If your goal is to gain new leads, you can track the post-click engagement to see the number of clicks going from your social media to your landing page and look at the CRM database for new leads. In the case of a business development goal, look at the social media ad campaigns, use Google Analytics, and track the user visits as they go from the referral source to the landing page and to conversion.
Remember always to continue tracking the social media metrics and ROI, whether or not you meet your goal. This will let you know if a formerly successful strategy is no longer as useful or help you discover why a sudden increase in engagement occurred.