You must’ve heard the SMART goals acronym a hundred times:
A good example of a SMART goal is “Increase revenue by 50% by December 31, 2019”. In order to come up with such a goal, you should think about how much you’re making now and what you’d like to be making, what is your average revenue per client, how many more clients your firm can handle, etc.
Why is it important to set such a goal? Because a measurable, well-defined objective that is right for your firm, can make all the difference. Achieving such a goal would be a cause for celebration.
While you should consider the number of clients you can handle and your average income per client, your ultimate growth goal should be expressed in revenue growth. Think about how much you’re making now and how much you’d like to make, and what is the realistic growth you can achieve within a year, for example.
Setting revenue-based goals can help you estimate what your marketing budget should be and what return on investment you should expect. This is important because if you don’t have your revenue goal, you can easily choose a marketing company that gives you a lower price without realizing that this lower price really means worse results and lower return on investment, and a lot of missed opportunities.
Speaking of a marketing agency that offers lower costs: here is what you should focus on when you choosing the agency to work with:
When an agency explains what they are going to do for you, the questions to ask are “How many new leads would this generate?” and “How much would we be spending per lead?”
Number of good leads at a reasonable cost per lead is the desired outcome of the marketing spend, not the money saved on marketing.
Let’s look at an example to illustrate how the cost-per-lead metric can help you choose the agency to work with. If agency A tells you they charge $5000 per month and agency B tells you they charge $3000 per month for absolutely the same type of services, agency B seems like the obvious choice. However, ask them about how many leads you can expect (and they should know and be willing to share that information — if they’re not, that’s a big red flag) and the numbers may look different.
If agency A brings in about 100 leads per month, and agency B brings in 30 leads per month, that’s a cost of $50 per lead against a cost of $100 per lead. Now, what’s the obvious choice?
Now that you know these three things, you are ready to go and talk to digital marketing agencies for attorneys and find the one who will help you achieve your goals.
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