A New Study by Infinite Spada Considers ROI
on Law Firm Content
Content strategy remains a leading strategy in legal marketing, and many law firms continue to generate content at a rate that, at times, seems comparable to legal publishers. Professionals generate content to (1) demonstrate thought leadership in their area of expertise and (2) stay top of mind with clients and potential clients as a leader in the area of expertise.
With all of the investment in content generation, in the millions of dollars in lawyer time for many firms, what is the return on investment? A recent study by Infinite Spada indicates that ROI for law firm content is definitely not what it should be.
The study, “Attorneys vs Accountants: Who is Winning The Content Battle? A Comparison Study of Content Success in the Legal and Accounting Industries,” notes that while lawyers and firms are great at creating content, lawyers are lagging far behind their counterparts in accounting in content amplification. In other words, accountants are much better in making sure their content is actually seen– which is the point of the exercise! The study, done in partnership with content intelligence firm Buzz Sumo, focused on shares of content across social media channels and found that accounting firms outperformed law firms across all of the leading social platforms – LinkedIn, Twitter, Facebook and GooglePlus.
The study provides specific strategies and tactics on how to increase the number of content shares. It demonstrates that using infographics, video, photos, original research and co-produced content greatly increases the likelihood that your content will be shared.
Infinite Spada also provides data on the impact of content length on the likelihood of shares. Interestingly, while in other industries, longer content pieces receive a greater number of shares, for legal and accounting firms, shorter content pieces were shared more often. This is great data to help convince lawyers that every blog post, alert or article need not be a legal treatise. In fact, shorter articles that concisely convey the point and demonstrate some analysis on the part of the author will have a bigger payoff. To read the study, click here.
My Simple Rules
Rule #3: Stay in Touch
“Engage in a continuing dialogue with clients about their business even when, and especially if, there are no active matters.”
What does this mean for smaller firms?
It means that, even though you may not have a firm- or practice-level system for client outreach, you should still stay in touch. Each and every lawyer in any size firm should have a mapped out plan as to how and when they make contact with clients and prospects. A deliberate plan, documented on your calendar, not your to-do list, is the best guide to keep you on track with regular outreach. Client service should be your mantra. On the first of every month, review and populate your calendar. Have a back-up option as well, so if the article you had planned to send them didn’t get published (or even written), you can take them out lunch or a game. The key to hits is number of times at bat.
My Simple Rules
Rule #2: Small Firms Should Look Out and Plug In.
With attention to managing overhead in the post-recession marketplace, small and mid-size firms are embracing innovative ways to achieve the benefits of comprehensive marketing programs without costly staff additions. One smart move is outsourcing. In the past, smaller firms often made the mistake of shortchanging themselves by hiring one or two mid- or entry-level marketing professionals and expecting them to have the full range of skills needed to support the full gamut of firm marketing and business development needs. Successful firms have come to recognize the value of a strong marketing infrastructure and are making strategic investments in higher-level staff and experienced consultants.
Small and mid-size law firm leaders assert that their primary need is growth–i.e. developing new business. Assembling the right team to support partners in expansion of their business means hiring executive-level professionals for firm administrative roles. Law firms that have separated themselves from the pack have raised the bar in terms of hiring seasoned administrators. Hiring knowledgeable marketing professionals is part of raising that bar, but can be cost prohibitive.
Everyone knows better than to hire a commercial real estate lawyer to draft a custody agreement. Administrators, like lawyers, are not interchangeable either. An excellent event planner, for example, is not likely to be the best person to design your firm’s web site. As enticing as it may be, re-purposing existing staff is not always the best route.
“The effectiveness of outsourcing marketing functions is ideal for businesses that want to maintain focus on the bottom line without distractions. Outsourcing also allows for the predictability of solid timetables.”
When talking to law firm leaders, I often hear the refrain: “We know we need some help but we don’t know for what exactly.” Well, you don’t have to–at least not at first. One clear path is to engage an independent consultant to conduct a marketing needs assessment. A formal needs assessment will help with priority setting. Perhaps the firm needs to focus solely on marketing–i.e. branding, web site, media relations, speeches, blogs and social media and social events. Or maybe the firm needs more client and prospect development coaching–i.e. business development training, competitive intelligence, pitch preparation, and client teams.
Some firms have already identified needs and established priorities, but know they lack adequate staff. Small and mid-sized firms often hire outside professionals who specialize in specific areas. Hiring a consultant for a discrete project can introduce partners to the concept and benefits of marketing professionals without the risk and cost that comes with creating a full-time position. While some consultants have diverse backgrounds, most have specific skills and strengths. Law firms can test the waters by hiring a consultant for a specific mission. Outsourcing can also relieve firm leadership of tremendous burden. Consultants offer flexible services and fees. They also bring flexibility to their clients in the form of testing or piloting programs. For example, do you need:
a coaching program?
an expert on social media?
an expert on event planning?
to start a blog?
If the answer to any of the above is “yes,” and you don’t know where to start, seek an experienced consultant who will be dedicated to the project. Tapping in to expertise without ramp-up time makes good sense.
When internal resources are scarce or in-house employees have specific expertise, but lack the full range of desired experience, law firms look to outsource. Law firms have long outsourced many functions, from the mail room to travel services. However, outsourcing is no longer restricted to “back office” tasks. Employing a fully-staffed, in-house marketing team can be costly in terms of compensation, overhead and supervisor’s time. Outsourcing marketing roles can reduce overhead costs while the firm embarks on new territory.
My Simple Rules
Rule #1: Showing up is 80% of the battle.
Nothing can take the place of face-to-face meetings. It’s true that “staying connected” is crucial and most easily done through online communications. The next method is the telephone. Those who know how to use it, and use voice mail effectively, get much more done. Picking up the phone is more meaningful than sending an email. We’ve all done business with people who send emails or replies simply to log the “response” on the score card. We all know the “Hi, it’s me. I have a quick question for you. Can you give me a call when you get a chance?” If the question is so quick, why didn’t you just state it? I could already have the answer for you by now.
The simple truth is being in another person’s presence puts loyalty into play. Energy is carried with physical presence. Being in the same room with your counterpart provides opportunity to make impressions on the four other senses (aside from hearing). Standing in plain sight helps your colleague or prospect more clearly understand what you are trying to convey. You have a far better chance to persuade if you can tap into all of their five senses.
In this age, you will distinguish yourself by simply showing up when so few people make the effort. If you do show up, do it on time, don’t bury your face in your phone, and don’t leave early. Such behavior sends out cues that whoever is emailing you is more important than the person in front of you, or you’d rather be somewhere else – which may be true – but there is no reason to sabotage the effort you just made to get into the room. Be present in the moment.
Reliance on email diminishes the engagement of each person in the group. Studies on the subject of email have been conducted for years. “…collaborative projects suffer when workers doubt colleagues will do their share, creating a sense of injustice that leads them to shirk their own responsibilities,” says University of Illinois Professor Gregory Northcraft. In the article summarizing his 2010 research, “Relying Too Much on Email is Bad for Business” in The News Bureau, Professor Northcraft discusses how
“…high-tech communication strips away the personal interaction needed to breed trust, a key ingredient in getting workers to pull together and carry their share of the load.”
He recommends that businesses take steps to balance communications modes and trust building amongst employees so that no one feels they can avoid ownership for the mission. The ongoing research and news, embraced by LinkedIn Pulse, Forbes.com and TIME, all point in the same direction. But we didn’t need a business leadership expert to tell us that email ping-pong can be annoying can be considered lazy. And let’s face it, with or without Candy Crush, no one is listening on conference calls.
It’s truer today more than ever that genuine interest comes from personal encounters – especially for professionals in client service trying to maintain relationships and cultivate prospects. Professor Northcraft says “Physical contact has a half life.” Translated into client relationships, that means if you haven’t seen your best referral source in six months, it behooves you pick up the phone today and set up lunch. Companies may be creating a culture that is actually bad for their business, but that doesn’t mean you have to engage in behaviors that are bad for your career.
Marketing yourself needs to be part or your daily routine. All of the components of marketing and business development work together. Limiting yourself to one-sided activities, while ignoring people won’t work. Trust me, meeting with contacts, going to lunches and attending receptions moves your career way farther, way faster. You don’t even have to call it “networking” anymore. If you would rather have a root canal than socialize the old fashioned way, you should use a good coach or mentor. Formal coaching programs are available and informal mentors can be found. Accidental mentors are all around you. Seek one out. Personal encounters mean interaction, interaction leads to connection, and connection means business.
Showing up is 80% of the battle.
I am thrilled to announce the launch of Mell Consulting LLC.
After tours of duty in a public company, a nonprofit, and several law firms, I am tackling the last frontier — my own business.
I offer programs designed for professional service firms seeking business development coaching and marketing advice. I can bring services to your firm for minimal cost and disruption with maximum benefits. You can take advantage of the personal attention and low overhead. I understand that resources of smaller organizations are often limited and managing the costs has never been a bigger priority.
Six Core Services
• Coaching in Client Relations
• Leadership Training
• Social Media Coaching for Firms and Individuals
• Client Satisfaction Programs
• Client Meeting Planning and Execution
• Internal Meetings and Communications
I am fortunate to have had broad a range of experience in varied segments of the legal and business community and I have developed a large network of contacts along the way. I am bringing this experience to the table for a variety of firms — legal, accounting, financial advisory and nonprofit.
Advantages of Hiring Mell Consulting
I will bring the essential skills to bear for your organization without the pressure of day-to-day supervision. You will get results without sacrificing time, dollars and complications.
Thank you for reading this.
New Year’s Resolution for 2015: Start my own business – Check!