Anyone who tells you ignorance is bliss is likely not in business. If they ARE in business and they still think that, it’s likely their numbers are not in the black, as they say, but in the RED.
It perpetually confounds me how many lawyers are not aware of their numbers. The last few times I have visited conferences hosting attorneys, I have used a survey to gauge where the attorneys fell in their filings and marketing. (The survey also gave us a reason to stop them and engage them for a few moments to get to know them, truth be told.) I had the opportunity to speak to hundreds of attorneys at two of these conferences. Remarkably, more than 75% of these attorneys were unable to share their numbers with any certainty.
- How many leads to you receive each week or month?
- What does a lead cost you?
- What is your show rate?
- What is your hire rate?
When you can’t answer these questions, how can you know what your ROI is for any marketing or advertising you are doing?
How can you know whether your marketing is working or whether you need to make adjustments?
There are many, many numbers that tell the story of your law firm. If you aren’t paying attention to any of them, it can be overwhelming to begin. A good place to start though is to begin with your marketing numbers and your monthly profit and loss statements.
So make numbers your friend and your firm will benefit!