From over 30 years of surveys, the three highest marketing and business development costs for most law firms are:
1. In-house staff (including salaries, benefits, bonuses, etc.),2. Individual lawyer travel and entertainment, and
3. Seminars, events, conferences (all including firm/PG produced, co-sponsored, speaking at, etc.).
The key to improving ROI is to identify the key areas where - if improved, made more productive, efficient, and/or effective - will deliver the highest return-on-investment in the coming year.
Some specific ways to save costs and get better results from your marketing and business development send are to: use project management and/or process improvement techniques: identify projects, tasks, deliverables, and opportunities that overlap in more than one department within the firm; internally collaborate on ways to improve the process to streamline, maximize, re-purpose, re-cycle, re-use, outsource, to create efficiencies. Other commonly used strategies to save money include: eliminating and/or reducing items of least value, re-negotiating, creating an inventory then and ranking all (or top) existing content then refine, re-purpose, and/or re-use existing content as appropriate.
Many other proven and specific strategies, techniques, tactics, and actual examples are discussed during this webinar on demand: “Best Practices to Improve Your Firm's Marketing & Business Development ROI”.
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