If you have decided that now might be a good time to start measuring some Law Firm KPIs to ensure that your firm makes progress more quickly with all of your marketing efforts, what would be a good idea to start to measure?
The purpose of this article is to provide you with some ideas for Key Performance Indicators (KPI’s) that would be good for you to measure. However, it is first worth considering what makes a good KPI.
In my opinion, a good KPI should be:
- S – specific. They should be specific and easy to understand.
- M – measurable. As with all targets, there is ‘No Treasure Without Measure’ so you must be able to measure your KPI’s.
- A – achievable/attainable. You need to make the goals within your KPI’s achievable to ensure you remain focused on achieving them and do not give up too soon. You can always adjust them upwards again once you reach the first target.
- R – realistic. You have to be able to reach your target.
- T – timebound. When are you going to be able to hit the target?
Once you have considered this, here are some KPI’s you should be measuring (or at least considering measuring) which will help to make your law firm more successful:
- New files opened (often costs are measured but not new files opened each month, yet if you measure this one the other one tends to follow).
- Costs.
- Quotations/estimates provided.
- Website traffic overall.
- Website traffic by department.
- Pay Per Click Advertising:
- Overall spend;
- Average cost per click;
- Total clicks;
- Average Click Through Rate;
- Leads generated; and
- Average cost per lead
- Articles written and added to website.
- Articles submitted to local papers.
- Videos added to website.
- New prospects added to email marketing database.
- Email newsletters sent to client database.
- Blogs written.
- Referrals received.
- Potential new referrers of business contacted.
- Existing referrers of business thanked/looked after.
It is so important that you use KPI’s. If you are not currently doing so I would urge you to revisit this subject and start using them and monitoring them on a weekly basis. You might be staggered by the results this focus will achieve for you!
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