Law firms, like any other business, need to regulate their spending on digital marketing. Digital marketing is the trend that companies need to adapt to in order for them to stay afloat in the online markets. Unfortunately, not all law firms consider this budget and as a result, they end up spending more or less while getting unsatisfactory results.
Your law firm needs to pay for email marketing, blogs, pay-per-click, sponsored social media ads, and much more with digital marketing. All this makes it necessary for any successful law firm to develop a concrete law firm digital marketing budget. The budget should cover assets such as website hosting and maintenance, reviews, image and video production, and much more.
With digital marketing, you are assured of better results if done well. You need to set the right budget and get the best agency in order for your law firm to rank higher than your competition. Here are some critical factors to consider when setting the budget.
1. Your Law Firm Size
If you are starting up, you need to have a large marketing budget since your firm is unknown, and you may need many techniques for the campaign to be effective. However, your expenditure should not exceed the budget to avoid depleting your capital – remember, revenues might not be streaming in. For a more extensive, established firm, its budget might be higher since it deals with many clients and fights lots of competition.
If trying to retain your law firms market position, experts recommend spending at least 5% to 7%. In comparison, those trying to establish themselves should spend an average of 7% to 15% on their digital marketing budget.
2. Agency’s Experience
Are you using an agency or doing digital marketing on your own? If you are doing it yourself, the budget might be lower than anticipated, but the results won’t be as much as when using an agency.
An agency with vast experience will charge more but will get you more outstanding results than a struggling or new agency. Ensure you work with an agency with proven results and who delivers according to their clients’ goals. They must prove their charges with evidence and, if possible, have a results-driven contract.
3. The Complexity of Your Strategy
Digital marketing strategies do vary. What do you want to achieve? Are you starting up or promoting one or all your services? If you have a complex strategy, like upgrading your new law firm, you might require a larger budget than when pushing part of your services in specific regions.
If running an aggressive campaign, it will mean having all the digital media involved and training your marketing team to adapt the strategy or train the agency. For instance, if you opt for a pay-to-click campaign, its charges will be higher than using Facebook ads when targeting a large audience.
For how long do you want to run your digital marketing campaigns? You should note that most digital campaigns, including website optimization and paid ads, are time-bound. The longer they run, the more it will cost you.
Suppose you are running on a lower budget, then it’s better to use the most effective media for a short time than using long-term cheaper channels that may fail to convert.
5. Channels to Use
Different digital media have different costs, which might significantly affect your budget. For instance, Pay per Click advertising is much more expensive than running sponsored Facebook ads, email marketing, and optimizing your website with SEO.
Several factors determine the channel to use, including the type of marketing, availability of the channel, cost, conversion rate, and much more. Base your budget on a channel that converts more for less, as guided by your agency.
Invest in Digital Marketing
There are many effective digital marketing channels you can use to promote your law firm:
- Social media sites
- Local search marketing
- Marketing reviews
- Optimized SEO features
- Paid advertising
You don’t have to worry much about setting an effective marketing budget. You can use a professional marketing agency and SEO experts to develop the right budget for an effective marketing campaign. The agency will optimize your marketing campaign and ensure you use a small budget to acquire a larger conversion rate.