The data we harvest is the secret to our success. To run your law firm well, you must have mechanisms in place that collect ongoing data on all key metrics. If you don’t harvest every single piece of information about every single relevant thing in your firm every single time, how else are you going to know what’s working – and more importantly – what isn’t?
Seems like a lot of work, right? Well, it is, but it’s also necessary. Let’s look at it this way: would you drive a car with no dashboard? You wouldn’t know how much gas you had, how fast you were going or whether your “check engine” light came on. Sounds dangerous!
Failing to gather data about your law firm is a lot like driving without a dashboard. H. James Harrington breaks it down nicely for us: “Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”
When a client calls you, it’s the first chance you have to harvest information about that client. Capture all of his or her contact information, including address, phone number, e-mail address – everything. Measure cost per lead source, so you’ll know with a single click how much each lead is costing you as well as what the return on investment is for each lead source.
When you have profit, pour that profit into the lead sources that worked the best for your firm. When you have generated more profit from those sources, test new lead sources.
Are you starting to see the pattern? It’s not exactly rocket science!
That said, getting profitable wouldn’t be possible without first harvesting important metrics, and we do this by gathering every single piece of data about every lead every single time.
When your competitors are using shotguns to try to nab profitable leads, use a laser to pinpoint and target. Your competitors are taking stabs in the dark, trying to figure out what worked, but you? You will know for sure.