TLDR: Diversifying your digital marketing investments is essential for your law firm’s success. Here’s why you shouldn’t put all your eggs in one basket but prioritize diversification. Check out the ROI from a 200+ firm case study!
You’ve heard the saying, “Don’t put all your eggs in one basket.” It’s typically used to highlight the importance of diversification when it comes to financial or other investments.
But what about marketing? Do law firms need to be concerned with what they’re putting into their marketing “basket”?
The answer is yes. Law firms that want to succeed in bringing in new customers and clients need to diversify their marketing investments. Consultwebs, a comprehensive law firm marketing agency, compiled a case study comparing 200+ law firms that level up their marketing assets versus the ones that don’t.
And, well, the proof is in the ROI.
Here we’ll look at what it means for law firms to diversify their marketing investments and how using a law firm marketing agency to do so will help return greater ROI.
What are Diversified Marketing Investments for Law Firms?
Before looking at the impressive ROI presented in the law firm marketing agency’s study, we need to understand: what are diversified marketing investments?
Let’s look at the comparison between an undiversified law firm and a diversified one:
- An undiversified law firm remains stagnant with their digital investments. For example, they may only invest in one type of digital marketing campaign such as legal web design or a new legal content. These firms invest only in that type of marketing and hope to achieve results.
- A diversified law firm keeps trying new digital investments. For example, they may work with a law firm marketing agency to launch a PPC (pay-per-click) campaign, revamp their social media, highlight new content, and prioritize SEO (search engine optimization). These firms are not putting their “eggs in one basket,” but using a variety of strategies to get the results they want.
The difference is clear: law firms with diversified marketing investments use the full scope of what’s available to them to get their message out and see results!
Looking at ROI: How Diverse Marketing Investments for Law Firms Pay Off
Diversifying your marketing investments as a law firm pays off—big time.
In the comprehensive case study, law firm marketing agency Consultwebs compared 200+ law firms’ marketing strategies to understand the ROI of a diversified marketing investments.
The results speak for themselves:
- Firms with more than one digital campaign had over 2X the number of visitors.
- Firms with fewer digital campaigns—those that remained stagnant—had a higher cost per lead than those with more digital campaigns. More digital campaigns equal lower cost per lead.
- Firms with a greater number of digital campaigns had a 32% increase in conversions.
- Firms with more digital campaigns have more leads—diversified marketing investments increased the number of leads by 192%, or over 3X stagnant marketing campaigns.
What does this all mean? Investing in at least one more digital campaign for your law firm will result in more visitors, leads, and conversions—while ultimately costing you less money per lead.
Small changes can make a big difference, as firms that added just one new digital campaign had amazing results. For example, upgrading to PPC services or increasing reach through Local Services Ads both see over 100% increase in conversion rates.
And while one digital campaign is good, two is even better!
Law firms that diversified their digital marketing assets by adding two or more digital services saw the best results:
- 9X savings (186% decrease in costs) compared to those who did not diversify digital marketing investments.
- 3X case acquisitions (1,724% increase) compared to law firms that remained with only one digital marketing strategy.
Ultimately, working with a law firm marketing agency to implement diverse strategies allows you to secure short and long-term sales activations. Diverse marketing strategies work in tandem to make your law firm the best it can possibly be.
The ROI is clear: the more marketing campaigns you use, the better for your law firm. Case studies with over 200 real law firms, as compiled by a top law firm marketing agency, show us that diversification is the real winner.
Digital marketing is a proven way to increase your sales leads and conversions for your law firm.
But you can’t just use one strategy. Keeping all your eggs in one basket is a stagnant method that leads to few results.
Instead, prioritize diversification and try out a new suite of services from your law firm marketing agency. You won’t be sorry you did.
If you’re interested in diversifying your digital marketing investments but don’t know where to start, cut out the guesswork and get some proven insights on how your law firm is performing. Get data, insights, and hard facts that demonstrate which strategies are effective for your business. Get insights on your law firm’s marketing performance so you’re not left in the dark but can make educated decisions today.
