Life & Law Podcast - Lawyer Podcast For Balanced Success #172: Client Development Return On Investment (Do You Know Yours?)
Oct 29, 2024
Discover the importance of measuring client development ROI in the legal profession. Learn how to evaluate the time and money spent on marketing efforts effectively. Explore the long-term strategies behind legal marketing and the 80-20 rule to refine networking. Uncover valuable insights from past client engagements to enhance future success. Plus, get a glimpse into a mastermind program designed to elevate your marketing and client acquisition strategies!
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Know Your Client Development ROI
- Knowing your client development ROI is crucial to avoid wasting time, energy, and money on ineffective business development activities.
- ROI measurement includes monetary, time, and energy investments versus the business results they generate.
Track Expenses Precisely
- Track and break down all expenses related to client development by specific activities and goals.
- Analyze spending on general sponsorships, client-related sponsorships, and team conference attendance to measure effectiveness.
Track Time and Ripple Effects
- Track time spent on business development including preparation, travel, and participation for each activity.
- Monitor connections made and ripple effects from networking for accurate ROI assessment.