According to Reuters, this year, bankruptcy surged by 41%, chiefly attributed to the effects of the pandemic. However, while bankruptcy may be prevalent, finding leads ethically online remains a challenge for law firms. Here’s how we find bankruptcy leads for attorneys at Comrade Digital Marketing, how to determine what they should cost.
Regardless of the industry, we follow the same principles for lead generation for our clients. To generate leads the right way, we take a careful look at your brand and vision to ensure the tone and messaging of your online assets resonate with your firm’s ethos.
Our lead generation is digital as an eCommerce digital marketing agency, which is often an overwhelming process for older firms familiar with offline methods. We use paid and organic search strategies and social media advertising to lead prospective clients further down the buyer’s funnel.
For example, if a potential lead clicks on a targeted Facebook advertisement, then they are directed to your website, whereby they are asked to fill out a form for a free consultation at your firm. This lead generation marketing tactic offers potential clients a valuable service in exchange for their details. And, it needn’t be a free consultation, it can be simpler like an online e-book, for instance.
Lead generation tactics like this can provide valuable information like how much debt potential clients may be in, their reasons for bankruptcy, and whether they already have an attorney to help. In addition, it’s possible to target individuals in your area or those filing for different types of bankruptcies. The possibilities are endless.
When it comes to cost per lead, there isn’t a magic number. The first step is to use a cost per case (CPC) formula to determine how much you are spending to acquire a client: CPC = budget spent on a marketing channel divided by the number of new clients acquired.
Now, this number is difficult to determine, as a desirable cost per case is dependent on how much revenue a single client brings. As a rule of thumb, you should be spending around 15% of your expected case settlement per client, which invariably varies from attorney to attorney. Firms that retain more clients will naturally have larger marketing spend.
It’s impossible to determine from the outset whether the cost is worth it. Therefore, there is always an element of strategic testing that goes into lead generation. Needless to say, with detailed analytics, we consistently refine strategies based on real-time data, and the foresight that comes with over ten years of experience allows us to predict fairly accurately what will work best for each online channel.
At Comrade Digital Marketing, we know that gaining bankruptcy leads is highly competitive and that boosting revenue requires the right team and strategy that understands your firm’s business goals. In addition, we know every dollar counts, and firms expect a guaranteed return on investment.
As a specialist eCommerce marketing and web development agency that’s helped average clients see a 4.5x ROI, we have the expertise and resources to help your firm improve its revenue. Contact us here to find out more about generating bankruptcy leads for attorneys.
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