During June’s LMA Luncheon, Sue Remley, vice president of marketing consulting and Melanie Trudeau, marketing director at Jaffe PR, spoke on how to use various metrics to support your strategic marketing plan. Their presentation, “Understanding Analytics – Turning Statistics into Strategy,” also addressed how to use statistics to hone your business and marketing strategies to increase return on investment.
They began by emphasizing that you can’t manage what you can’t measure, and if you can’t measure it, you shouldn’t do it. Leveraging the bevy of analytics available to today’s marketers will help us speak to our analytical attorneys, they said.
First and foremost, you should define the goals of your marketing strategy. The top six B2B marketing goals include brand awareness, client acquisition, lead generation, client retention, driving website traffic and improving interaction and engagement.
After you’ve established realistic goals, set targets using key performance indicators (KPIs), by which you can measure your goals’ performance. They discussed the following measurement tools commonly used among law firms and described the metrics that can be used to analyze their effectiveness to help inform changes to your marketing strategy:
1. Google Analytics and website traffic. Use Google Analytics to understand how visitors are behaving on your website. Metrics for analysis include data on traffic sources, referral sites, keyword searches, geographic information and social media engagement.
2. Search ranking tools to measure your keyword position on search engines. Use search ranking tools to expand your current list of keywords, analyze your expanded keyword list against competitors and determine which keywords you will protect and which you will pursue. If you are not succeeding organically, consider a pay-per-click (PPC) campaign.
3. Customer relationship management (CRM) or client intake systems for lead generation. The biggest challenge here is getting people to input their data into the system. When you’ve overcome that hurdle, you can use CRM or client intake systems to track prospects through sales cycles, measure conversion rates from prospect to client and monitor client retention and attrition rates. The speakers provided a case study showing how they analyzed a firm’s Martindale-Hubbell subscription to see if it was meeting the goal of driving business development. They used KPI such as direct links, inquiries regarding services and opening new business and measurement tools such as Google Analytics, the client intake system and new client matters. By analyzing the metrics, they ultimately recommended the firm retain its subscription with MH based on new matters opened, amounts billed and fees collected as well as other inferred benefits.
4. Social media monitoring and reputation management tools (such as Radian 6, Crimson Hexagon and Vocus). Use social media monitoring to monitor firm and attorney mentions across multiple social media platforms, to respond immediately to crisis situations and to re-purpose or promote positive mentions on social media.
5. E-mail service providers (ESP) for client alerts and e-mail blasts. Firms can use ESP metrics to measure open and click-through rates to track content popularity, track unsubscribes and bounces and to conduct A/B testing to determine optimal time of day to send emails, best subject lines, most compelling content, etc. You can also compare metrics to industry averages and segment data to develop targeted messaging and to select specific groups of subscribers.
6. Social media platforms likes, follows shares, connections, etc. Tracking these activities can be a helpful indicator of overall brand awareness.
In conclusion, the speakers provided the audience with four key takeaways. First, never underestimate the importance of goal setting. Second, regularly monitor your analytics and advise your strategies in real-time based on your findings. Third, analyze, review and adjust. And fourth, use your marketing intuition. Despite the quantitative nature of analytics, never forget the value of basic reasoning and common sense.