Creating a marketing budget is crucial for a small law firm to grow and succeed. If you’re still getting familiar with how to do this, don’t worry; you’re not the only one. According to a survey by the American Bar Association, only 46% of law firms and 14% of solo attorneys have a marketing budget.
This task may be challenging, especially if your expertise is in law rather than marketing. To make things easier, follow the guide below. It will provide you with clear steps and make the process more straightforward.
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How Much Do Law Firms Spend on Digital Marketing?
Determining the amount to spend on digital marketing can be tricky, and there is no definite formula for it. However, allocating funds equally or prioritizing one channel over others is a good idea.
According to Sagi Shaked, owner of Shaked Law Personal Injury Lawyers, “law firms and lawyers spend between $5,000 and $50,000 per month on digital marketing. That includes investing in web design, SEO, PPC, and social media marketing. You must allocate 2% of your revenue to your marketing budget to advertise your law firm effectively. If your law firm makes $100,000 annually, you must set aside at least $2,000 for your marketing efforts.”
Suppose you’re in the legal industry and aiming for successful marketing results. In that case, it’s essential to keep in mind that more than $2000 might be needed, especially if you’re in a competitive niche. Consider increasing your budget to have a better chance at positive outcomes. It is recommended to aim for a budget that is a bit higher and raise it to 5-10% above the minimum requirement.
Which Channels Should Your Law Firm Marketing Budget Include?
Regardless of their size, law firms must decide which marketing channels to use for their campaigns. Below are some of the most common marketing strategies that law firms use:
Digital advertising refers to any form of marketing that is paid for and done online. Examples include pay-per-click (PPC) ads, such as Google ads, and social media ads, such as Facebook and Instagram Ads.
Traditional advertising is when marketing is paid for and done offline. Examples of traditional advertising include billboards, print, radio, and TV ads.
Law firms also use other channels to promote services and connect with potential clients. These include content marketing, which involves creating and publishing informative content on their website to educate readers and promote their services.
Law firms also have websites to help people find them on search engines, learn about their services, and contact lawyers if needed. Search Engine Optimization (SEO) is essential to improving a website’s content to appear higher in search engine results. Finally, law firms often sponsor industry and community events to connect with potential clients.
How to Build Your Law Firm Marketing Budget
To create a marketing budget for a law firm, you’ll need to understand some basic metrics.
Create an Effective Budget for Your Law Firm
To give your law firm the best chance of success, it’s recommended that you create a balanced budget. Start by figuring out your overall budget and deciding how much you can afford to spend on each service. Keep in mind that certain activities that rely on bidding, like Google or Facebook ads, may require a significant investment to yield significant returns.
If you have a small budget, investing in low-cost and less traceable activities such as social media management or lawyer SEO might be better. Additionally, it’s essential to consider long-term marketing strategies like branding and website development that will supplement your other marketing efforts.
Set up Your Goals
When planning marketing campaigns, it’s essential to stay focused on your goals and avoid getting sidetracked by minor details. Each campaign should have a specific goal to ensure that everyone on your marketing team understands what they need to concentrate on. That will help keep your team on track and ensure your campaigns succeed.
Plan and Budget Your Time
Marketing costs are incurred when planning, researching, and executing marketing initiatives. To stay on track and be productive, it’s helpful to create a daily schedule detailing how much time you’ll spend on each campaign. This way, you can focus on what’s important and stay on task.
Delete Work
You must delegate and trust others with meaningful work to grow your business. Hiring professionals allows you to focus on what you’re passionate about. For instance, you can hire a digital marketing specialist if you have a real knack for marketing or a paralegal to support you with legal research. Outsourcing will vary for every firm.
Set Aside Your Budget Across Tactics and Marketing Channels
When you know how much you can afford to spend on marketing, it’s important to distribute that money among the different channels and strategies you plan to use. Doing this will help you avoid overspending and keep you focused on your marketing goals.
Bottom Line
There may be more exciting ways to spend your time than allocating funds and analyzing data. However, these activities are necessary if you want to connect with individuals who require your legal knowledge. To get the best results that fit your budget, hiring a digital marketing agency specializing in law firms may be beneficial.