Most Law Firm Marketing Doesn't Work
In this post at the Professional Services Marketing Blog, Larry Bodine takes a look at the expenses that constitute a marketing budget, including items like marketing department compensation, tickets, advertising, sponsorhip of civic events, Web site upkeep and others. But while that's where the firms are spending money, Bodine notes:
Not one of [these] activities showed up in our research among the highest-ranked “best results” marketing and business development
initiatives. Most of them could be measured to demonstrate
return-on-investment ("ROI") or very tangible outcomes.
The top three marketing losers according to Bodine's marketing report (the full version can only be accessed for a fee) are:
forecasting (i.e., envisioning future economic and business scenarios), analyzing market share and alumni outreach programs. Marketers should ask themselves if those programs are worth the effort, and seek to improve their effectiveness if they are not.
Do you agree that these measures don't work? What types of marketing brings your firm its greatest ROI (return on investment)? Please comment and let me know.
Posted by Carolyn Elefant on June 29, 2006 at 06:03 PM | Permalink
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