Below are 5 key reports you should be getting from your marketing team to ensure the leads you’re generating are high quality, and resulting in more sales!
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Leads generated from Organic web traffic
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Total number of leads generated broken down by lead type (forms, calls, etc.)
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Cost per lead generated (CPL)
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Cost per file opened
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Return on Ad Spend (ROAS)
Why Retrieving the Right Data From Your Marketing Team can Inform Your Sales Strategy
Data is abundant when it comes to digital marketing! It is crucial to sift through the mountains of data to get the information you need. The right reports can help inform your sales and marketing strategy, and help you better understand your success and areas for improvement. The right data will also help your marketing team understand which strategies result in quality leads.
1. Leads generated from Organic web traffic
What does Organic mean?
You’re showing up in Google’s results based on something that was ‘Googled’, or searched by a user using another search engine such as Bing. This is largely driven by Search Engine Optimization work that is done both on and off your website. See this resource for more information on SEO for law firms. The question you want to ask yourself and your team is: Are your marketing efforts helping you generate leads organically?
Why is this important?
You’re showing up near the top of search results on Google - without paying for an ad! The leads generated organically are people who are actively searching for something related to your business - meaning these leads are likely high quality. You can see organic website traffic via your Google Analytics report, like seen below:
2. Total number of leads generated broken down by lead-type
Leads come in all shapes and sizes. It is crucial to determine how many of each lead type you are generating. Below is a list of potential lead sources.
Why is this important?
As a sales person, you can inform the marketing team which lead types result in the highest quality leads, and they can adjust their strategy accordingly. For example, budgets, and calls to action (CTA) in marketing copy can be updated to reflect this (Ie. Call Us Today at ____ OR Fill out our form).
3. Cost per lead generated (CPL)
Cost per lead refers to how much you’re spending on marketing efforts related to lead generation, divided by your total leads generated. For example:
You’re spending $5000 per month on Google Ads - resulting in 100 leads = $50 CPL.
What is a good benchmark for CPL?
Everyone’s favorite answer: it depends! The important question to ask yourself and your team to determine this is:
What practice areas do you cover, and what is your average revenue generated from each file?
4. Cost per file opened
This metric is calculated based on your ad spend for a given period of time, and how much it is costing you to open a file, on average. For example:
You’re spending $5000 per month on Google Ads - resulting in 5 files opened = $1000 per file opened.
Why is this important?
This leads into the 5th metric, but it helps inform what marketing strategies are costing you the most, and resulting in the most files opened. For example, is your Google Ads campaign resulting in the most files opened? Most importantly, this helps you determine which marketing efforts are resulting in the highest quality leads.
5. Return on Ad Spend (ROAS)
This is the arguably the most important metric or report you should be receiving as a sales person. The previous 4 metrics mentioned all funnel towards this one. Why is this important?
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Helps you determine your actual revenue generated as a result of your marketing spend - also known as your return on investment
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You can follow a lead through the entire funnel until: does it reach the point of sale or a file opened?
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What did you spend on this campaign?
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How many files were opened?
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What was the resulting revenue from these files?
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What was your total marketing spend that led to the opening of these files?
How is this calculated?
For a defined period of time (ie. Feb 2021) - Total Ad Spend divided by Revenue from files opened = Return on Ad Spend.
About Jelly Digital Marketing and PR:
The team at Jelly Marketing has been working with law firms for more than 5 years to help them drive leads, and promote their practice overall. Get in touch with them today!
