The Lawmatics ROI Tracker allows you to quickly see your return on investment broken down by marketing source and campaign. This data is critical to knowing what marketing efforts are working for your firm.
You will find the ROI Tracker by hovering your mouse on the Insights tab, and then select ROI Tracker.
Before using the Tracker, it is important to know how ROI is calculated. These numbers are calculated by looking at how much money was spent to acquire a lead (i.e. marketing spend) and then comparing it to how much revenue that lead generated for your firm.
Spend is entered on the marketing settings page, and it can be entered on a monthly, weekly, or daily level. Whenever possible, we recommend tracking Spend on a daily basis. Sources like Google PPC or Facebook Ads make it very easy to see how much money you spend each day.
Follow these steps to enter spend:
- Navigate to Settings > Marketing Settings
- Locate the source and campaign that you are entering Spend for. Click on the dollar sign icon in order to bring up the Spend for
- Select the date or date range (week or month) and enter the amount of Spend for that period
The other critical number that is needed to calculate ROI is the Revenue generated from a matter. In order to track Revenue, you must use the Actual Value field on the matter. This field comes built-in to your Lawmatics account by default, so no need to create any new custom fields for this.
It is important to make sure this number reflects the TOTAL amount of revenue you received from a matter. Depending on your practice, you may not know this number until the case has closed. You can update this field as often as you want — you can record revenue on a matter as it comes in.
Here is an example of how ROI would be calculated in Lawmatics. For this example we have the following data:
- Source "Google PPC" with spend for March of $2,000.
- Our firm received 10 leads via the Google PPC source in March.
- 2 of those leads from March hired our firm.
- In June we closed the cases and had a total revenue of $10,000
If we use the ROI tracker to review the ROI for March, we will see an ROI of 500%. When the person hires the firm is irrelevant to the ROI calculation. We care about when the lead came in and how much money was spent on marketing to acquire that lead compared to the revenue generated from any leads that came in during the same period and hired the firm.
When you view your ROI Tracker, found under the Insights tab, you will see something similar to the example below:
Here we see all of our different sources listed, click the arrow icon on the far left to expand the campaigns for each. You also have a date range selection in the top right corner if you wish to filter the timeframe for the tracker.
Listed in the table we have the number of leads from each source, the number that converted to clients, a calculation of that conversion percentage, the Revenue (actual value field for the hired matters from that source), and our total spend on that source.
Most importantly, on the far right we will see an indication of whether or not we saw return on investment for each source, as well as what that percentage was.
How do I add new marketing sources to my ROI Tracker?
Your marketing sources and campaigns are created on the marketing settings page. Learn more about that here.
Where do I populate the Actual Value or Revenue for my hired matters?
You will find the Actual Value field on the details page for any of your matters. Click here to learn more about the actual and estimated value fields.