Measuring Your Marketing ROI

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25 Νοε 2013 (πριν από 3 χρόνια και 9 μήνες)

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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



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

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

What is Return on Investment?



ROI =
PROFIT


INVESTMENT


INVESTMENT



Profit = Gross Revenue


Cost of Goods Sold


What is Return on Activity?





ROA =
REVENUES
-

INVESTMENT


INVESTMENT


Why is Measurement Important?



Bottom
-
Line Results




Individual / Team Accountability




Resource Allocation




Accuracy of Decisions




Establish Value of Marketing Organization






Measurement Obstacles


Why is it so difficult?!?!



The Black Box



Time and Timing



Source of Message / Incentive



Activity Focused



Lack of Resources



Firm Culture



Intervening Variables

The Measurement Process



Establish Realistic and Measurable Objectives




Set Key Benchmarks




Track and Measure Results

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

Benchmarking, Tracking and

Evaluating marketing activities




What are the goals for tracking activities?





To demonstrate activities?




To show value?




Evaluating activities

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

Metrics



Conduct Metrics Assessment



Usage



Satisfaction



Performance



Link to Business Practices



Include Firm Leadership



Align with Peers



Finance



BD Managers



New Business Intake



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

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

Client Team Metrics

CLIENT TEAMS BY BILLING ATTORNEY PG
Collections Legend
< 1%
1% - 5%
> 5%
Total
($1,000s)
Rank
Antitrust &
Comp
Int'l Trade
Securities
Litigation
Corp, Sec
& Finance
Tax
Environ
Property
Electric
Gov't
Contracts
Telecom
IP Group
All Clients
$400,000
2.5%
4.1%
15.3%
9.4%
7.2%
3.3%
9.8%
2.7%
1.6%
29.9%
14.1%
DUTCH PIE COMPANY
$14,000
1
1.9%
1.9%
7.6%
0.1%
0.1%
0.3%
4.3%
0.0%
0.0%
83.4%
0.4%
PANDORA'S SOCKS
$11,800
2
0.0%
4.8%
1.3%
0.1%
0.0%
0.0%
0.3%
0.0%
0.0%
93.5%
0.0%
BLACK LAB INDUSTRIES
$7,200
3
0.0%
4.9%
22.5%
0.6%
0.5%
0.1%
9.1%
0.0%
0.0%
62.0%
0.2%
CARPETS R' US
$7,100
4
0.3%
1.6%
4.2%
0.0%
0.1%
0.1%
1.3%
3.7%
0.0%
88.6%
0.1%
JAMES BOND
$6,400
5
0.0%
83.6%
2.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
13.9%
0.0%
SPITZ MOUTHWASH
$5,400
6
1.0%
15.3%
33.0%
2.2%
0.0%
3.1%
19.8%
7.1%
0.0%
18.5%
0.0%
CARPETS R' THEM
$5,400
7
2.6%
0.1%
67.5%
5.7%
0.0%
0.1%
0.9%
0.0%
2.3%
19.4%
1.3%
VENTOR RAILROAD
$5,100
8
21.2%
46.9%
6.6%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
25.2%
0.0%
ELLEN FINANCIAL SERVICES
$5,000
9
5.0%
15.7%
41.4%
0.2%
1.5%
0.0%
12.1%
0.0%
0.0%
23.2%
1.0%
JOHN'S BARGAIN BASEMENT
$4,700
10
0.0%
1.4%
57.6%
0.0%
0.0%
0.0%
17.2%
0.0%
0.1%
23.3%
0.4%
ESPERANZA SHORES
$4,500
11
0.0%
19.3%
19.6%
25.7%
0.9%
0.0%
0.3%
0.0%
0.3%
33.4%
0.5%
ARCHER MEDICAL LLP
$4,300
12
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.4%
98.4%
CANDY CANE
$4,200
13
0.0%
5.2%
4.4%
1.1%
0.0%
0.0%
1.8%
0.0%
0.0%
87.6%
0.0%
LARAMIE CIGARETTES
$3,900
14
81.7%
0.0%
1.2%
0.4%
0.4%
0.3%
9.9%
0.2%
0.0%
4.4%
1.5%
ITCHY & SCRATCHY INC
$3,700
15
0.0%
0.0%
3.2%
5.9%
0.0%
0.0%
75.3%
0.0%
0.0%
8.4%
7.1%
BERT'S ANTS
$3,700
16
0.0%
15.5%
10.8%
0.0%
49.1%
0.1%
0.0%
0.0%
0.0%
24.5%
0.0%
STRAWBERRY TECH
$3,600
17
0.0%
0.0%
4.0%
0.6%
0.1%
0.0%
0.0%
0.0%
0.0%
95.4%
0.0%
CHESA PEAK LTD
$3,600
18
0.2%
65.8%
0.0%
26.3%
2.7%
0.0%
0.0%
0.0%
0.0%
4.9%
0.0%
SINGAPORE SLINGERS
$3,500
19
0.0%
0.0%
9.6%
3.2%
0.0%
0.1%
0.1%
0.0%
0.1%
86.9%
0.0%
ELEMENTARY MONKEYS
$3,400
20
0.0%
0.0%
78.1%
0.3%
0.0%
0.0%
6.9%
3.9%
3.7%
10.8%
-3.7%
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

Lateral Integration Metrics

Not part
of
Lateral
Team
Lateral
Team
New
Clients
Brought
by
Lateral
Legacy
Clients
$1.25m

$925k

Clients
of Other
Partners
Lateral
Clients
Working Attorney Billings

$780k

$260k

Who is Working for His Clients?*

$2.0m

$175k

* Only if lateral came as part
of team

Client Billings

(Responsible Atty / Billing Atty)

Profitability Analysis

New & Renewed
Thriving
Growing
Stable
Declining
At Risk
$
2,394,150.77

$7,696,586.82

$1,576,949.13

$
2,731,061.39

$
418,361.38

$
812,659.61

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

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

Questions



Measuring Your Marketing ROI


David McCann
dmccann@swlaw.com

Communications Manager, Snell & Wilmer L.L.P.


Julie P. Meyers

jpmeyers@bwhllc.com

Chief Marketing Officer, Burns, White & Hickton LLC


Ellen R. Musante

emusante@Steptoe.com

Director of Client Services, Steptoe & Johnson LLP