Lead quality is an important metric that your firm should never overlook. It can help you determine which marketing channels are most successful and save your firm from wasting your marketing budget. Here are some reasons why lead quality is important:
Quantity Doesn’t Mean Quality
If one lead generation campaign is generating a high volume of leads, that does not always mean that it’s more successful than a campaign generating less leads. Say a TV campaign has generated 5 leads for your firm while a billboard campaign has generated 15. Without looking at the quality of the leads, the billboard campaign may seem like it is the most successful campaign as you’ve had more leads generated. But if only 3 of the 15 billboard leads actually convert to clients for your firm while 4 of the 5 TV leads became clients, then the TV campaign may actually be the more successful campaign. Tracking how many leads in a campaign are rejected, desired and signed will help your firm better track which campaign yields the better-quality leads.
As you track your leads, you’ll need to make sure you source your leads. This means identifying your different leads sources, or where the leads were generated. You can even track the source of leads in specific campaigns. In a paid search campaign, you may want to track which leads came from which keywords. If you have multiple billboards, you should track which billboard locations produced quality leads.
Calculating Your Cost Per Case
Cost Per Case (CPC), is an important metric to consider when evaluating your lead quality. To find your cost per case, divide your money spent on the campaign by the number of clients signed from that campaign. Let’s say that in the previous example of TV ads vs. a billboard campaign, you spent $20,000 on your TV ads. To get the CPC, you’d divide $20,000 by 4, totaling a $5,000 CPC. If you spent $10,000 on your billboard ad, you’d divide the $10,000 by 3, which is a CPC of just over $3,300. You can then take your firm’s CPC along with lead quality into account when determine which marketing channels are the most profitable for your firm.
Sometimes, a high CPC is worthwhile if the quality is good. Let’s say a personal injury lawyer runs ads on Google. She generated slip and fall leads for $30 each, but her auto accident leads cost $90. While the auto leads are three times more expensive, motor vehicle accident leads are ideal for PI lawyers. Balance out your high-cost, high-quality lead sources with inexpensive campaigns to maintain overall profitability.
Continuously Check Lead Quality Over Time
Lead quality is a metric you should always pay attention to. It’s common for lead sources to decay in quality over time. This is especially true for attorneys who rely on email lists for leads. As time goes on the quality of emails on your list
One of the easiest ways to do so is to track your lead progress in a case management software. In eLuminate, our in-house case management system, you can mark off which leads are rejected, signed and desired. Then, your firm can easily run a report to determine how many leads were signed or desired from your different marketing campaigns. This will take the guess work out of determining lead quality.
If you find that your current marketing efforts are not producing quality leads, consider working with a legal lead provider. At eGen, we use client data to determine which of our marketing campaigns produce the highest quality leads, helping us constantly better our lead quality. We generate Social Security, personal injury, workers’ compensation and employment law leads. For more information on pricing and availability, contact us today.