Aug, 2020 · 2 min read
Data can be a critical tool in finding new clients and reducing new business development costs. Can you easily determine the impact of your various marketing channels? Are they bringing in the right clients? Are all those free initial consults worth it? Are your clients satisfied and referring you to their friends and associates? Do discounts work? Whether you practice: corporate, family, criminal, health, environmental, intellectual, labor/employment, tax law or real estate law new business generation is a critical component to your practices' success.
Capturing and using the required data should be easy. By using a feature rich practice management system that allows you to capture a few key data points, that separates an opportunity (the time and work prior to the client signing a legal agreement for representation) from a matter, and provides the required reports you could learn a lot about your new business development effort.
Types of insight you can ascertain include: How many matters and what fees are generated by advertising channel. How often is a client a referral. Is there a type of client that is more likely to provide a referral. What percentage of opportunities get converted to a matter. Are there specific months that marketing dollars should be focused on.
As the competitive environment becomes more challenging using data becomes a necessity to manage costs and stay competitive.