Which scores should you watch to win?
Everyone knows I am a marketing guy with his eye on the numbers. What good is the game if you don’t know what’s winning you points and what isn’t?
But exactly which scores should you be watching in your law firm each day, week, month and year? Here is a list of the very basic reports to be religious about pulling and analyzing.
- First, your leads report. This report shows the total number of leads per month entering your firm. By regularly pulling this report and analyzing the performance, you can see the lead flow and its direction. Has it been up and down? Have you come off of a high point in the year or a low point? Then stop to determine the falls and reflect back on why. Was there a decrease in your lead generation spend? Is this an annual dip that happens each year?
Next, we’ll want to prepare by deciding what the same period’s goal should be for the coming year.
- The Set Rate Report is a measurement of the number of appointments set as compared to the number of leads you have generated in that same time period. Reflect on your rate, has it gone up or down? Why is that? Did you bring on a new intake person? Did you start inspecting and training the current intake people? And what happened in previous months? Did someone quit? Did you stop inspecting and training? Did you make a change in the down or up months?
- The Show Rate is an indication of how many appointments are showing up as compared to how many were booked. What happened? Did you increase confirmations? Did you change the script? Was it just a fluke? Did you start sending out shock and awe packages?
- The Hire Rate report is a comparison of how many prospects you see as compared to how many hire the firm. Study the results. Did something dramatic happen such as the owner stopped meeting with prospects? Did you hire someone new? Has there been a change to the process? What story does the report tell?
Here’s the bottom line. You need the data to know what is working and what is not. You need to have at least a basic system to harvest the data. You need to compute the data in an organized function, and you should report on the data both regularly and in a visual way. If you do this, not only will you have the information you require to set yourself up for next year, but you’ll also be able to see trends as they are happening to make adjustments before they cost you real money.
Building a better business, one marketing report at a time.
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