Cost of acquisition: do you really know what it takes to bring in business?

By Matthew Briggs In Legal News

As the old cliché goes: there’s more than one way to skin a cat. This is particularly true in the case of a legal business trying to acquire new leads. From networking events, lunches and golf days to digital marketing strategies or print advertising, firms and fee earners can draw on a considerable box of tricks to get business through the door. And it’s not a huge leap to assume that the very best firms use a combination of different lead generation techniques and tools to achieve the right balance.

This challenge isn’t limited to legal service providers, of course. Lead generation is a constant concern for businesses across all sectors and professions. Indeed, it is the challenge that probably causes business owner more sleepless nights than any other.

But there is another important factor to take into consideration when analysing the success of individual lead generation tools: cost of acquisition.

 Over the last couple of months we have  had many positive meetings with legal service providers at both events and our own roadshows. One thing we're always keen to ask is how well firms understand their own cost of acquisition.

Many of these firms are already doing a good job of getting new leads through the door. But they often struggle to track the real cost of attracting those customers – and this can make it tricky to accurately measure return on investment. 

We'd like to clarify at this point that we are by no means about to tell fee earners to give up on events and networking sessions as a way of nurturing new leads. We are great believers in the importance of building relationships through face-to-face meetings. And we don’t believe that the legal profession can ever afford to lose sight of the need to be both personal and personable.

What we do believe at The Law Superstore is that our platform is a powerful lead generation tool that can work in conjunction with and complementary to other activities. Furthermore, we are confident that it represents the most efficient and cost effective lead gen weapon in a firm’s armoury.

We have been bold at TLS by nailing our colours to the mast and making it clear from the outset that the charge for using our platform is a referral fee for every lead generated (Personal Injury cases and motoring offences aside). A single, transparent charge is significantly more measurable than the less tangible cost of more generic marketing spend. And we believe that by matching partners with customers on a one-to-one basis, we will also deliver much higher conversion rates to legal service providers than can be found anywhere else.

The internet has improved a business’s ability to gauge the effectiveness of a particular marketing channel greatly in recent years. But the fact remains that Pay-per-Click and even SEO campaigns can still burn through a budget quickly, without any guarantee that those leads will convert. Our proposition is one that follows in the footsteps of trailblazers in tangential markets, offering unrivalled benefits to both customers and service providers.

Trialling The Law Superstore is free for the first 250 legal service providers to become partners and now all leads provided during our launch month are also free. To learn more, visit our homepage or email our Legal Partner Director [email protected]

*This article was first posted on LinkedIn

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