Attorneys often ask how much they should be spending on marketing and advertising their law firms. While a simple Google search will reveal what some firms dedicate to their marketing efforts each year, this will not help you come up with an informed budget that will further your individual needs and goals.
The truth is, when it comes to setting a legal marketing budget, there is no one ‘magic number’ for every law firm. What works for one attorney may not work for another. Comparing marketing budgets can provide a general guideline, but there are several important factors you need to consider before deciding how much to invest.
If you don’t know where to start, Whitehardt, a marketing agency for lawyers, can evaluate your market and create a custom plan that supports your business goals. Our experts will act as financial advisors and help you determine the magic number for your law firm.
It’s an Ad World
According to a 2018 research study from the Legal Marketing Association and Bloomberg Law, 63 percent of the attorneys who participated said they plan to increase their budget for marketing initiatives over the next two years.
The benefits of advertising in today’s diverse media landscape are undeniable. It’s truly an ad world. The purpose of legal marketing is to generate and convert leads into new clients, translating to more money for your firm. However, if you don’t fund your marketing efforts appropriately, you will likely not see a good return on investment.
Determining Your Budget
Knowing how much to invest in marketing and advertising can be difficult. Much more goes into setting the right budget than simply estimating a dollar amount. Here are two key things to keep in mind and use to guide your decision about marketing your law firm:
Your Marketing Budget Should Reflect Your Goals
First and foremost, your marketing budget should be a reflection of your firm’s short and long-term goals. For example, if you want to create a client base in a new practice area, you may need to increase your budget to achieve that goal.
Thinking big picture about your expectations and the direction you’d like your firm to go can give you a better sense of the amount to dedicate to your marketing.
Evaluate Your Geographical Market
Some markets are simply more competitive than others. If your law firm is located in a densely populated urban area, you will likely have different budget considerations for marketing than an attorney practicing out of a rural area.
For this reason, it’s important to evaluate client acquisition in your specific geographical market in order to make an informed decision. Ensuring you invest properly in marketing is one of the most effective ways to grow faster than the competition in your market.
Allocating Your Advertising Spend for Maximum Results
It’s a known fact that marketing costs money. But even more important than what you spend is how you spend.
Once you have considered these factors and set a marketing budget, you’ll need to create a plan for the best way to allocate those funds for maximum results. While attorney advertising is a huge industry, many law firms throw money at ineffective marketing that doesn’t produce quality results.
Regardless of your budget, it’s vital to create a strategic plan that will make the most of your advertising spend. This is where Whitehardt comes in.
Whitehardt Has Legal Marketing Down to a Science
Executing an ad campaign is a full-time job in and of itself, so most attorneys do not have the time or the industry knowledge to put a comprehensive marketing strategy in place.
Whitehardt is specifically a marketing agency for lawyers. Our experts know the ins and outs of the legal advertising industry and use this intimate knowledge to determine what strategies will and won’t work for your law firm.
We’ll help you determine the right advertising budget, so you know exactly how much to spend to get the best results. And we won’t stop there. We’re constantly monitoring the success of our ads and online strategies and put systems in place to track your marketing efforts. Our agency has legal marketing down to a science to ensure we take our clients’ advertising dollars as far as possible.
Contact Us to Get Started
Don’t guess at something as important as your marketing. If you need help setting a budget, give our legal advertising experts at Whitehardt a call. We’ll help you develop a plan of attack centered around attracting high-quality leads that are likely to convert into signed cases for your law firm.