3 reasons why your firm should invest in marketing right now 

Research suggests that 94% of law firms are spending more on marketing now than they were five years ago. 

In fact, firms today have more dedicated marketing resource than ever before, with 60% having allocated a marketing manager or team to deliver growth. However, despite this significant increase in activity and budgeting, the legal sector still fares well below average when it comes to marketing spends.

60% of firms have a dedicated marketing manager or team.

In the turbulent climate ahead, firms will need to work even harder to generate new business and remain agile as the competition becomes more fierce. Marketing will be an essential component of this. But has your firm dedicated enough time and resource to the cause? Or do you still need some persuasion?

Below, we explore three reasons why it’s time your firm invested in more marketing:

Time is of the essence

It’s no secret that the legal sector faces huge time pressures. In fact, a study by Bloomberg Law found a lack of time to be a lawyer’s top challenge today. With fewer than 1% of firms having the people or processes in place to capture every new enquiry, a lack of time is almost always the biggest threat to a law firm’s growth.

45% of calls to law firms result in a new enquiry.

We know that 45% of calls to law firms result in a brand new enquiry, equating to an enormous £2.9bn of revenue for UK law firms – this is proof that missing even just one call could cost your firm big business.

Ensuring you have the resource in place to capture every call promptly – in and out of office hours – is a simple yet hugely worthwhile step in optimising your lead process and generating more revenue for your firm. Especially when 69% of callers won’t leave a voicemail – leaving you without the opportunity to follow up.

Outsourcing telephone answering is a cost-effective and flexible solution to achieving this, guaranteeing every caller receives a professional and timely response around the clock, and that no opportunity slips through the net – all at the fraction of the cost of hiring someone in-house.

New tech drives more enquiries

Today, 97% of law firms say they’re willing to try new technology in a bid to attract more client enquiries. With the average case said to be worth £4,000 – even just one lead can make a world of difference.

97% of firms are willing to try new technology.

Dabbling in new tech shouldn’t be reserved for just bigger firms either; the right tool can open up doors to entirely new markets and many more conversions, irrespective of your size.

Live Chat, for example, can be a great alternative channel to triage client enquiries and engage with those curious browsers who aren’t quite ready to pick up the phone yet. What’s more, enquirers via live chat are said to be more open to discussing personal information than any other marketing channel – offering up valuable insights and giving you further opportunity to nurture prospects.

Make smarter decisions

In a challenging environment, efficiency becomes even more integral to your success. Being able to stand out from the crowd has become a whole lot harder. Investing in analytics with tools such as Google Analytics, for example, will allow you to gain deeper and more meaningful insights around your client behaviors – helping you to understand their needs better, whilst giving you the data you need to grasp what’s working and what isn’t.

By simply looking at areas such as bounce rate and where people are clicking and converting, you’ll be able to make valuable decisions and adapt your activity accordingly to gain the best results, allowing you to reduce aspects like cost per lead and customer acquisition.

Download the Report 

Want more eye-opening insights? Download our free Legal Inbound Marketing Report to discover more about how law firms are doing their marketing and managing new business, and what part marketing plays in a post-COVID environment.

How can Moneypenny help?

As the #1 outsourced communications provider to the legal sector, we help hundreds of law firms, just like yours, win more clients and get ahead of competitors. Our flexible call answering and live chat support helps your firm thrive – leaving clients with a stunning impression, every time.

To find out how we can help you maximise every penny you spend on marketing, call us today on 0333 202 1005.