Email marketing is just one of the many marketing activities that your law firm should be using in order to market your practice, however it is one of great importance. Email marketing is used heavily by both Fortune 500 companies and startups because of its actionable data and measurable analytics.
Below are 4 reasons why law firms should double down on email marketing in their 2015 marketing plan.
Google adwords, buying banner ads, getting your name on billboards, all of these cost a lot of money. Email marketing is cheap and can generate a lot of business for you. All you have to do set up an ESP (email service provider) and start populating it with a list of clients, friends of the firm, colleagues, and leads. After 2,000 subscribers and in order to use advanced features, Mailchimp cost $50 per month. Fifty dollars is a small cost to pay when you have the potential to close a new client, upsell a current or past client or receive referrals from colleagues. Sending emails has so much potential to create revenue for you at such a low cost per month.
Although segmenting your list and setting up drip campaigns may take time at first, once you have all the systems in place, everything is on cruise control. If you have a content strategy in place at your firm, you can pick the top four most read blogs and send them out every month. If you do not have a content strategy in place, I suggest finding influencers and highly regarded bloggers in your industry so that you can curate their work and send out 4 articles every month that you think your audiences will benefit from. Never skip segmenting your list in the interest of time. It is one of the most important parts of email marketing so that you are able to send relevant content to the relevant audience.
The results of an email campaign can easily be measured. After sending the email, you can check certain key email metrics in order to determine the success of the campaign. You should look at the list size, open rate and click through rate.
List size is the number of email subscribers on you list. You should always be away of the number so you can measure the growth rate month over month or take note of the number of unsubscribes that occur.
Open rate is the number of times that your email has been opened. This is important to monitor so that you can test your subject lines and keep iterating in order to improve your open rate. Mailchimp reports that emails in the legal industry on average have a 22.38% open rate. You can use this as a benchmark to compare your open rate to.
Open rate = Total number of opens/ total number of recipients
Click through rate
The click through rate measures the number of recipients that click a link in your email
Mailchimp reports that emails in the legal industry on average have a 3.07% clickthrough rate. You can use this as a benchmark to compare yours to.
Click through rate = Total number of clicks/ total number of recipients
By measuring all of these metrics, you can constantly optimize and attempt to improve your numbers so that you acquire more business from existing clients or new clients.
It can be used for both client retention and client acquisition. Depending on your goal, you can set up different campaigns for different segments to achieve different goals.
Email is a great way to keep in touch with past clients and current clients. You can send them firm news, a free webinar or any other content you think they would find relevant. In this way, you keep top of mind and when they need services that you provide, they will come back and use you as their attorney.
Email can also be used for client acquisition, email marketing is a great way to keep top of mind so that when they need your services, you are the first person that pops up. By providing them with valuable content over the months, they feel you are an expert and will take their business to you instead of someone else who they have never interacted with.
As with most marketing, email can be outsourced to save you time. If you are concerned about cost, think about the long term return. If you gain one new client through email marketing, the service pays for itself. If you would like advice or help with email marketing, contact ONE400 – we are happy to help!