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Measuring Your Marketing ROI

Measuring Your Marketing ROI. Presenters David McCann , Communications Manager, Snell & Wilmer L.L.P. Julie P. Meyers , Chief Marketing Officer, Burns, White & Hickton, LLC Ellen R. Musante , Director of Client Services, Steptoe & Johnson LLP. Agenda.

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Measuring Your Marketing ROI

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  1. Measuring Your Marketing ROI Presenters David McCann, Communications Manager, Snell & Wilmer L.L.P. Julie P. Meyers, Chief Marketing Officer, Burns, White & Hickton, LLC Ellen R. Musante, Director of Client Services, Steptoe & Johnson LLP

  2. Agenda • Measuring ROI: What is it? So What? Who Cares? • Measurement Obstacles – Good, Bad and Ugly • The Measurement Process • Firm Culture vs. ROI Initiatives • Metrics. Metrics. Metrics. • Benchmarking, Tracking and Evaluating • Profitability Analysis • Technology: The ROI Secret Weapon • Q & A

  3. What is Measurement? The process of analyzing and improving the efficiency and effectiveness of marketing Accomplished by focusing on the alignment of marketing activities and strategies with business goals Involves creating a metrics framework to monitor marketing performance

  4. What is Return on Investment? ROI = PROFIT – INVESTMENT INVESTMENT Profit = Gross Revenue – Cost of Goods Sold

  5. What is Return on Activity? ROA = REVENUES - INVESTMENT INVESTMENT

  6. Why is Measurement Important? • Bottom-Line Results • Individual / Team Accountability • Resource Allocation • Accuracy of Decisions • Establish Value of Marketing Organization

  7. Measurement ObstaclesWhy is it so difficult?!?! • The Black Box • Time and Timing • Source of Message / Incentive • Activity Focused • Lack of Resources • Firm Culture • Intervening Variables

  8. The Measurement Process • Establish Realistic and Measurable Objectives • Set Key Benchmarks • Track and Measure Results

  9. Creating an ROI Culture in the Firm • A law firm is a business, too • Management wants to see return on its marketing dollars • Firm management and marketing convey the ROI message together • Create partnership between attorneys and Marketing Department • Broadcast successes throughout firm

  10. Benchmarking, Tracking and Evaluating marketing activities • What are the goals for tracking activities? • To demonstrate activities? • To show value? • Evaluating activities

  11. Tracking Results/Successes • Clearly define goals • Maximize the opportunity • Define meaning of “success”/“results”, up front • Define roles • Conduct prep and follow up activities • Create event spreadsheet • Have ongoing follow up meetings • Tracking PR activities

  12. Metrics • Conduct Metrics Assessment • Usage • Satisfaction • Performance • Link to Business Practices • Include Firm Leadership • Align with Peers • Finance • BD Managers • New Business Intake

  13. What can/should I measure? • Market perception • Client behavior • Client satisfaction • Profitability • Market/Wallet share • RFP requests/Conversion rates • Media hits • Website visits • Seminar/Webinar attendance • Newsletter subscriptions

  14. Client Team Metrics • Revenue and profitability ($) • Penetration (services client buys) • Retention (over time) • Loyalty (attitude) • Referrals/Recommendations • Share of legal spend (% of total) • Survey participation

  15. Client Team Metrics

  16. Lateral Integration Metrics • Candidate retention (# of months) • Profitability (individually; practice) • Exporting work (to others in firm) • Importing work (from legacy lawyers) • Utilization of professional staff

  17. Lateral Integration Metrics Client Billings (Responsible Atty / Billing Atty) Working Attorney Billings Who is Working for His Clients?* $175k $260k $925k $1.25m $780k $2.0m * Only if lateral came as part of team

  18. Profitability Analysis $812,659.61 $418,361.38 $2,394,150.77 $2,731,061.39 $1,576,949.13 $7,696,586.82

  19. ROI Tracking Tools • CRM/ERM • Time & billing system • Intranet • Proposal generation/management • Web analytics • Elite/CMS Reporting Software • IBM Cognos • Benchmarking: Citi, Peer Monitor, BTI

  20. Sample Dashboard • Dashboards deliver a range of diagnostic information at a glance. This one shows: • Client Satisfaction • Market Awareness • Recruiting • March 2005, Law Practice, Mark T. Greene, PhD

  21. Questions

  22. Measuring Your Marketing ROI David McCann dmccann@swlaw.com Communications Manager, Snell & Wilmer L.L.P. Julie P. Meyersjpmeyers@bwhllc.com Chief Marketing Officer, Burns, White & Hickton LLC Ellen R. Musanteemusante@Steptoe.com Director of Client Services, Steptoe & Johnson LLP

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