I'm going to tell you a secret: Your unconverted leads can make the difference between profit and loss in your law firm in any given year.
That's right: Your unconverted leads, not your lead conversions, can mean the difference between profit and loss.
What is an unconverted lead? It's basically anyone who tells you no during any stage of the process—anyone who says no to an appointment, anyone who says no to showing up for an appointment, anyone who says no to hiring you. In the minds of most people, you shouldn’t waste your time with people who say no; you focus on the ones who actually want your business, right?
In surveys conducted at some of our conferences, we’ve found some interesting patterns. First, nearly 60% of attorneys do little or nothing with their unconverted leads. Some send a single email, some make a single follow-up call, but most do nothing else. Second, we saw a direct correlation between attorneys who follow up with their unconverted leads and those who showed growth in their business. In other words, lawyers who did nothing with their leads said, “Business was down this year.” By contrast, those who followed up with their unconverted leads with at least two forms of communication, they said that their business was up this year!
What does this information tell us? The lawyers who show a profit over last year are mining gold from their unconverted leads. They don't view the people who say “No,” as a waste of time. They see them as potential for more income. The challenge, then, is to turn a no into a yes.
Business Insider has explored the “Rule of Seven” by marketing expert Jeffrey Lant. According to Lant, on average, it requires seven contacts to make a sale.
Similarly, in an article from Target Marketing Magazine, Nancy Harhut elaborated further on the need to maintain contact with unconverted leads. “Don't get discouraged,” she wrote. “Experts estimate it can take eight or nine contacts to get a conversion. Every contact gets you closer—direct mail, phone calls, newsletters, Web site visits, seminars, etc.—so stay in touch.”
By ignoring the people who say no, you could be missing many thousands of dollars in revenue for your law firm. In the following post, I’ll share some more tangible ways you can mine diamonds from these unconverted leads.