Tracking the cost of converting your leads to clients is what takes you from spending money to making money, which it is the main reason you are in business.
The first step is to work with staff to identify the stages of going from prospect to paying client. Some questions to be considered include:
- Who is involved in the process?
- How many steps are there?
- Who originates the process?
- Who keeps it moving?
- Who closes the process?
- Who tracks the process and prompts those involved?
- What does each step in the process cost?
Look closely at your process and look for opportunities to shorten the process wherever possible. Look for redundant actions and duplication of staff that can be eliminated. Your goal is to have a lean process that delivers the results you are looking for.
Secondly, identify Cost Per Lead (CPL) and strategies for reducing cost per lead. You cannot do this without the previous step. If you don’t have a handle on your process and its costs, you cannot reduce your cost per lead. Some questions for this step are:
- How many leads are produced?
- How much does it cost to obtain a new client?
- How much revenue does each client bring in?
Once you know your process and the incremental cost of each step, you can then begin to whittle down your costs as you take steps toward making your process more efficient. Look for ways to automate the process or move it online as much as possible – your costs will be much lower when you do and your results will most likely be better.
Legal marketing, like any other business process, needs to be as efficient as possible while still delivering the desired results. These questions will get you started on streamlining and improving your lead conversion process.
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