Logging Marketing Spend
You can use Lawmatics to keep track of your firm's spend on your various marketing sources. If you are also tracking the value of your matters, then you will be able to get helpful insights on your return on investment for each source.
You will log your spend on the Marketing Settings page, found by clicking the gear icon at the top right and then selecting this option from the left sidebar.
In Lawmatics, you can keep track of your marketing on two levels, source and campaign. Source is the higher level, and then you can create campaigns within each source to track on a more granular level. For example, you may create a source for Events & Conferences, and then each campaign under that source would be a specific event.
This concept is important because the spend is always entered on a campaign level, as opposed to the source level. For that reason, even if you have a source that isn't running multiple campaigns, you should still create at least one campaign for that source, since that is where the spend will be entered.
In the image below, you will see a few example sources with varying numbers of campaigns each. You may end up adding additional campaigns to your sources over time as you change or add to your marketing efforts.
Notice that each source shown above (Avvo, Google PPC, Lawmatics, and LM Website) each has a green New Campaign button to add campaigns as needed. You will also see that each campaign listed within these sources has a $ icon.
When you click the $ button, you will be able to add the spend on a daily, weekly, or monthly basis, depending on what was selected as the spend frequency for that source. To change the spend frequency, click the edit pencil on the overall source. In the example below, you will see spend that has been entered on a weekly frequency.
It is important to note when tracking spend that the system will not automatically recur your spend. So let's say you are entering spend on a weekly frequency for a particular campaign, this does not mean that the spend needs to be the same each week, or even that it needs to be entered every week. You will always need to manually enter the spend when applicable.
In the example above, we see that spend was entered for the week of Nov 29th - Dec 12th, and then not again until Jan 17th - Jan 30th. We also see that different amounts were entered for each range.
You may have some campaigns that have very consistent spend every week or month, and you may have others where the spend will vary.
After you have entered spend, you will see the All Time Spend for each overall source reflected accordingly.
Spend can be logged both retroactively and preemptively, if you would like to get ahead of logging consistent spend or use Lawmatics to add historical spend data.
What is the purpose of adding my spend, where will this be used?
The spend is very important for our built-in ROI calculations and analytics. You will find the spend in use for calculations on your Dashboard, as well as on the Analytics page, under the Insights tab, and in the ROI Tracker.
When should I log my spend?
Ideally, as soon as you have spent money on a marketing source you should log the spend. However, you can also feel free to log spend retroactively. Some firms find it useful to set aside time once a week or once every few weeks to go in and log all of their spend for that time period in one foul swoop, if you don't have time to do it every time you spend.
What should I do for sources that I do not spend money on?
You simply do not need to log any spend for these sources.