Measuring marketing for law firms

I haven’t discussed measurable marketing initiatives yet, which is a shame because it’s one of the most important “fuzzy business decisions” that most companies assume don’t require hard analysis, measurement and good business judgement. There is a long-standing (and important) debate around whether creative advertisements achieve the stated objective of the advertising campaign. I don’t know the answer to this question, and I suspect the answer is frustratingly along the lines of “it depends”. However, an easier debate is:

Are the stated objectives of marketing campaigns sufficiently closely related to critical business goals?

The answer is often “What business goals? This is just marketing.” This answer simply isn’t good enough.

Larry Bodine, who writes a blog that attempts to coax and drag law firms into the New Age of marketing professional services, had an interesting piece on the importance of measurable results from Chief Marketing Officers for law firms. His post is written more from the perspective of the budding new CMO, but it’s an interesting read for anyone looking at measuring marketing success. His article made me realise that I need to give this topic some more attention over the next few weeks. More on this later then.

Published by David Kirk

The opinions expressed on this site are those of the author and other commenters and are not necessarily those of his employer or any other organisation. David Kirk runs Milliman’s actuarial consulting practice in Africa. He is an actuary and is the creator of New Business Margin on Revenue. He specialises in risk and capital management, regulatory change and insurance strategy . He also has extensive experience in embedded value reporting, insurance-related IFRS and share option valuation.

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