On February 21, the Baltimore Local held a lunch and learn to view the “Data Visualization” webinar presented by LMA all-stars, David Ackert, President of Ackert, Inc., and Kevin Iredell, Director of Business Development at Stroock & Stroock & Lavan.
As the first in-house marketer at my firm and after completing six months of “getting the house in order,” this came at an opportune time for me to set goals and measure progress. But where to begin?
Key Performance Indicators, or KPIs, are an analysis of metrics over time. They provide insights, not just data. But marketing doesn’t operate in a vacuum. We must align our measurements with our firm’s goals. For example, does the firm want to expand a certain practice area? Acquire another firm? Grow revenue from a particular industry? What is important to the firm, and why? Then, we can decide which metrics to measure, and subsequently create our KPIs.
Here are a few examples:
Metric: website conversions
KPI: conversion rates over a period of time as compared to that time period in previous years
Metric: number of visitors to your trade booth
KPI: comparison of your booth visitors this year vs. last year or to your competitor across the aisle
Metric: RFPs sent
KPI: win/loss rate
Once you have your KPIs, you need to decide which are worth sharing with management, and how often. Your analysis is critical in drawing the line between marketing and business development, and ROI. This allows us to articulate why we are spending our marketing dollars, and what is working (or not). Tying your metrics to firm performance helps us to elevate perceptions of legal marketing professionals from support staff to strategic advisors.
Regardless of whether or not you sit on the firm’s executive or management committee, by presenting strategic business metrics and analyses of KPIs, you’ll become a go-to advisor for practice chairs and others looking to cut spending, strategically invest in initiatives that generate the greatest ROI, enable new revenue by identifying leads and cross-selling opportunities, and you will demonstrate that marketing is a revenue enabler.
By Alice H. Simons, Marketing Communications Manager, Hudson Cook, LLP
“The statements in this article represent those of the author and do not necessarily represent those of Hudson Cook, LLP, its partners or clients.”