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Measuring ROI for Marketing Efforts
[Editor's Note: As in justifying many other law firm investments, ROI for marketing seems statistically elusive. Perhaps law firm financial strategists could be helpful to firm marketing specialists in quantifying metrics such as those advocated here.]
Management guru and author Peter Drucker said, 'If you can't measure it, you can't manage it.' So why is it that so few law firms measure their marketing efforts? Why is it that so many Chief Marketing Officers (CMOs) who are getting hammered by partners to demonstrate ROI on their efforts can't do it?
In our just-released 2006 study, 'Increasing Marketing Effectiveness at Professional Firms,' more than 377 senior marketing and management respondents gave us plenty of reasons:
- People aren't inclined to measure.
- It's hard to change their mindset.
- Measurement is not viewed as a worthy activity.
- People avoid accountability.
- Measurement is perceived as too hard, too costly and too time consuming.
- We're too small or new to have our act together.
- Our marketing leadership is new.
- We have no dedicated measurement resources.
- We have no measurement budget.
- We are in too much turmoil to focus on measurement.
We say, however, that measurement obstacles are largely self-caused, and are related to myopia, inertia, and avoidance of accountability. Here's how to start proving a return-on-investment on your marketing efforts.
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