Marketing ROI can be extremely complex or extremely simple, but for now, let’s focus on the part that is simple. To quickly calculate your ROI, without looking anything up, write down the total revenue for your firm for last year, the total of all advertising expenses for your firm from last year, and the total referral fees that your firm paid last year. Now, total the total referral fees and total advertising fees together. Divide that total into your total revenue. The resulting number is your marketing ROI. For example, if your total advertising expense is $1 million plus $2 million in paid referral fees divided into a total revenue of $10 million, your ROI is $3.33. This means that you are generating $3.33 for every $1 you spend on marketing.
More than likely, it is a goal to improve your firm’s ROI. One of the best ways to do this is putting your focus on what you do best – being an attorney and letting a professional manage your marketing. These experts know how to manage your marketing dollars so you get the most bang for your buck and your business will no longer be advertised by your gut and instead will be controlled by numbers like it should have been from the start. At #Bambiz , we work exclusively with elder law and estate planning firms and have extensive experience in developing social media marketing strategies unique to your firm, location, and potential client base. To learn more about how we can help grow your business using online marketing, schedule a free 15-minute call with us. - 22 hours ago