11/30/2023 0 Comments First year law firm budgetGoogle Local Services Ads = $18,600: This is not a profitable channel yet we continue to invest, let me explain why.If your law firm is in need of clients, effective Google Ads marketing is the fastest path. Google Ads (Paid Search) = $777,250: This is our largest line item but for good reason - no other platform gives you the ability to target your desired audience, test messaging, and accurately report on performance. The examples I’m sharing are coming directly from our own law firms which through December 14th, 2,236 consultations have been booked and 1162 clients retained. This will help you ensure that you’re getting the best return on your marketing investment. Monitor and adjust your budget: As with any business activity, it’s important to monitor the results of your marketing efforts and adjust your budget accordingly.Referrals can be a primary source of clients so simply evaluate each client source to compute your required budget. Now, most attorneys know that not all clients come from paid media. If my cost-per-lead is $90, that means I could forecast a $32,400 expense. So as an example, if I need to generate 36 clients a month to keep our attorneys at a full caseload, I need to produce 72 consultations from 360 total leads. Of those paid consultations, 50% convert into clients. As a whole, we know that 20% of our total leads convert into paid consultations. I have been able to do this to a 99% accuracy level with the following formula.
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