After a few weeks ‘away’ from writing to you, I'm back. Sophia has written some fabulous emails over the past few weeks that I hope you have enjoyed and benefited from. Going forward we will alternate writing to you, not necessarily alternate weeks, but the sender will depend on what we want to share with you, what’s going on and what we think will be of most use to you.
Talking of which … something that seems to be increasingly cropping up in conversations I am having with law firm marketers is the conundrum of ‘proving’ their worth. Trying to prove that your marketing wizardry truly does impact the bottom line.
If this is you, you are not alone. According to The CMO Survey, 52% of marketing leaders are feeling the squeeze from their finance counterparts to demonstrate the value of marketing.
And let's be honest, showing how your latest social media campaign has boosted the firm's coffers is no walk in the park. In fact, 61.2% of senior marketers report having a tough time linking their marketing actions to financial outcomes on a regular basis.
So, what's a professional services marketer to do?
Well, here are five things that professional services marketers can (and should!) do to demonstrate the impact of their marketing:
Communicate the Role of Brand: Remember, your brand isn't just a logo or a catchy slogan. It's an integral part of business decisions. Let others in your firm know this and show them how your branding efforts directly influence client decisions. In this sense I’m, talking about awareness, recognition, trust and all things that help clients feel familiar and comfortable with your brand and your firm.
Secure Cross-Functional Support: Don't be shy about asking for support for new marketing investments. After all, it's easier to convince the 'powers that be' when you've got a team backing you up! Find those champions throughout the firm that ‘get’ the value of marketing so you are not a lone voice.
Link Marketing Investments to Business Objectives: This one's a no-brainer. When planning your marketing strategy, always keep your firm’s business objectives in mind. It's much easier to prove your worth when you can show how your marketing campaigns are helping to achieve these goals e.g., increasing leads for a certain part of the business, proving client satisfaction, positively influencing the business mix so your firm is getting more profitable business etc.
Align Marketing and Finance Goals: Yes, it's possible! By aligning your marketing strategies with your firm's financial goals, you'll be able to speak the same language as your CFO/finance person. And who knows, they might even start to see you as a kindred spirit!
Collaborate with your lawyers/accountants. Yes, a novel idea but absolutely vital! Marketing and sales/service delivery are two sides of the same coin. Working closely with your lawyers or accountants can help you understand what works, what doesn't, and how your marketing efforts are directly impacting revenue.
Now, here's the kicker: marketing isn't always about the immediate ROI. It's a long game, folks. Think of it like baking a cake. You wouldn't take it out of the oven after just five minutes, would you? (Unless you're a fan of gooey, uncooked cake, of course!). The same goes for marketing - it takes time to see the fruits of your labour.
So, keep your chin up, play the long game, and remember: proving marketing's worth is a marathon, not a sprint!
Have a wonderful week and don’t forget to check out our upcoming webinars, including the fabulous Lindsey Kidd from HM3 Legal this Wednesday at 2pm:
Monday 20th & Tuesday 21st November: LFMC Members Summit, Ardencote, near Warwick (members only).