I had the opportunity recently to be interviewed by LawMarketing.com editor-in-chief Cindy Greenway on a topic of great importance when it comes to increasing your law firm revenues: lead conversion.
I tell all the attendees of our Rainmaker Retreat that you can boil down the secret to making more money this year to 3 things; doing just one will result in a substantial increase in your revenues. You can either:
- Double your number of leads
- Double your rates
- Double your conversion rates, which means converting more leads into clients
The first step in any effective lead conversion strategy is to define what a lead is, then make sure everyone in your firm is on the same page when it comes to that definition. At the Rainmaker Institute, we define a lead as:
- Someone who has never done business with you before.
- Someone who expresses an interest in your services.
- Everyone who contacts your firm.
An effective lead conversion program depends on two things: (1) a process and (2) a system for tracking the effectiveness of that process.
To understand how to establish this process, you need to understand that there are essentially five stages of the lead conversion process that require intervention and follow-up at every stage:
1. The number of leads that come into your firm.
2. The number of leads that make appointments.
3. The number of appointments who actually show up for a consultation.
4. The number of appointments who sign up for your legal services at the initial consultation.
5. The number of appointments who sign up at some later time after the initial consultation.
The way you follow up during each stage will determine how quickly and effectively you are able to move someone along from becoming a lead to a paying client. The most effective follow-up tools include phone calls, a regular schedule of emails that help move them along the decision-making process, and e-newsletters that keep you top-of-mind.
Here is the video from my first interview on the subject of lead conversion with Cindy at LawMarketing.com; we have others in this series planned for the near future, which I will share here as well:
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