We all know a Boomer or member of the Silent Generation who is convinced that engaging with modern technology is more hassle than help. Rather than bank online, they spend hours at their branch tending to routine tasks; rather than invest in user-friendly bookkeeping software, they pencil all their numbers in by hand; rather than reach out via text, they insist on calling to confirm Sunday brunch. And we all know this beloved dinosaur could save endless hours if they would just make a small investment in mastering simple technologies.
Dinosaurs may be most frequently sighted among older generations but they’re far from extinct in younger circles and this is especially true of the legal world. While it may be hard to find a person under forty who hasn’t mastered text messaging, there are plenty of up-and-coming attorneys running small firms that don’t use legal analytics and may not even know what they are. This behavior does not quite qualify as Jurassic but it is still retrograde enough to land you in a museum and, if you keep it up, land your firm in the ash heap of history.
What Small Firms Need to Know About Legal Analytics
Legal analytics is a fancy way of referring to the use of data in your decision-making process. This data can be broken up into three categories: individual data, internal law firm data, and legal industry data. Analytics draws on information from each of these sources to assist in matters related to forecasting, legal strategy, resource management, and, crucially, marketing. This article focuses on the latter usage though the former applications also deserve attention.
Legal Marketing Analytics
BigLaw has long designed marketing strategies based on data-driven insight. While years ago it may have been true that deep pockets were needed access to achieve this competitive edge, the expansion of the legal tech ecosystem means that small and midsize firms can now afford to join the party.
A range of accessibly-priced software and data-driven consulting services now exist that allow firms to capitalize on legal marketing analytics in three strategic ways.
- Understand Your Ideal Client
Analytics allow you to survey existing clients and review website traffic to figure out who’s looking for what you offer. Demographic studies, keyword targeting, and trend analysis all come into play here.
2. Compare Your Practice to Competitors
Strategic use of technology also allows you to gather a detailed understanding of who your competitors are serving and why you’re missing out on certain types of traffic.
3. Identify, Locate, and Convert Leads
Most importantly, analytics tell you where prospective clients are coming from such that you can identify the marketing channels and networking platforms best suited to your expertise. What’s more, data derived from such sources allows you to strategically plan productive avenues along which to expand your services.
Through monitoring the right success metrics and looking at appropriate key performance indicators—among a range of other strategies—you can effectively increase revenue and securely plan growth.
To learn more about the essential role legal analytics play in small and midsize firm success, do not hesitate to reach out to Legal Marketing F.L.O.W..