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Marketing Tech: Five Steps to a Strategic Marketing Technology Budget
Budgeting is one of the few predictable functions in legal marketing, and yet, for many, it is a thankless exercise in doing more with (even) less year over year. At the same time, the technology implemented in law firms continues to grow in sophistication and, consequently, cost. Drafting a technology budget that adds value to the firm is increasingly important, and following these five steps will go a long way in ensuring that is the case.
Step 1: Identify how marketing will help advance the firm's strategy.
Start by reviewing the highest-level strategy and goals of the firm. It's a safe assumption that firms want to generate greater revenue next year. The variability lies in what “greater” means to those firms: more revenue, period; more profitable revenue; more revenue from a new market; more revenue from a key client, practice, or industry; and so on. How will firm leadership know that these goals have been achieved?
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