Published on February 18, 2014
eDynamic Lead Gen Engine in Law Firms eDynamic, Monday, February 17, 2014 0
Topics 1. Stages of Demand Generation in Law firm 2. The New Buying Journey 3. Content Marketing Engages Buyers 4. Marketing Automation – The Key to Success 5. Measurement and optimization 1 eDynamic, Monday, February 17, 2014
Did you know? 78% of Internet users conduct product research online before approaching a law firm The number of blogs published by the AmLaw 200 law firms has grown nearly 420% in a period of last one year 41% increase in corporate clients and 67% increase in customer acquired through Facebook and LinkedIn 78% of CMOs think content is the future of marketing. [Source : Demand Metric] 93% of B2B Marketers use content marketing. Only 42% believe they‘re effective with it! Only 44% have a documented content strategy [Source : Marketing Profs] Companies that spend more than 50% of their lead generation budget on inbound marketing report a eDynamic, Monday, February 17, 2014 2
What is Demand Generation used for… Demand generation focus in law firms is not only on new clients but also influencing/growing relationships with existing clients Sources of Leads.. Investments are heavy in SE and Email lists 3 Source: incisive media corporate market research eDynamic, Monday, February 17, 2014
But is it working? According to eMarketer, 39% of marketers are not happy with conversion. Spend is $23 B, conversion is low – 3% Buyers have too many options - very little time to select and convert Sites offer confusing and irrelevant content Simply increasing traffic is not the answer Lack of multi-channel engagement Website and email automation/CRM not integrated Not enough focus on conversion Spend of cost to traffic to conversion is 92:1 (source: Omniture) eDynamic, Monday, February 17, 2014 4
Most prospects are finding you through your Web site, which leaves them in control of the conversation. Web Sites are not driving conversion like they should Legal Websites are static information repositories; It is hard to find information on legal websites - prospect searches your site until they either find the information they want/need, or they leave; Websites tend to be everything to everyone 5 There is little use of intelligence eDynamic, Monday, February 17, 2014
Email, Web and Mobile channels don’t work together to engage prospects Messaging that is not consistent across channels that confuse the prospect Technologies don’t work together Data is siloed for channels and don’t work together to drive conversion eDynamic, Monday, February 17, 2014 6
Quality of leads is Poor Lead to customer conversion is difficult Which leads to focus on Friction between sales and marketing – they say its all junk! 7 eDynamic, Monday, February 17, 2014
Lead Quality There has been in a shift from demand for ―more leads‖ to demand for ―better leads.‖ This is the key challenge facing B2B marketers today 8 Most Significant Challenges for B2B Marketers to Overcome Today eDynamic, Monday, February 17, 2014
Lead Quality Lack of tracking and a lead scoring model in law firms makes it extremely difficult to track quality of leads There is no tracking and…. Everything counts as a lead 9 eDynamic, Monday, February 17, 2014 Source: incisive media corporate market research, 2009
Marketing and business development gap Marketing and business development are not playing the same game, leading to a strong negative impact to lead generation Marketing gets no respect – ―marketers are just a bunch of party planners, they cant help me sell‖ - Attorney at a leading law firm In a survey conducted by Bloom group, 57% of law firms reported in the survey were not working off the same timeline of demand– creation activities most or all of the time. eDynamic, Monday, February 17, 2014 Result - Only 31% said they were highly or very highly 10
Do you just want leads? 11 eDynamic, Monday, February 17, 2014
Yes..you do want leads But you also want to Nurture Relationships … eDynamic, Monday, February 17, 2014 12
Focusing your efforts on what matters Understanding your client‟s journey It‘s not enough to identify the decision makers in an organization. For marketing and business development activities to be effective, companies need to focus on those points in the decision journey where they can be most successful in influencing those decision makers. McKinsey & Company, 2013 eDynamic, Monday, February 17, 2014 13
Digital marketing needs to wrap around the Buying Lifecycle to improve acquisition If your marketing efforts are able to influence the buying lifecycle, you will have a large influence on the client win 14 eDynamic, Monday, February 17, 2014
The New Informed Buyer drives the sales process! 95% of the recent B2B purchasers said the provider they chose ―provided them with ample content to help navigate through the buying journey Publishing and social media has fostered an ongoing dialogue among peers, and Web 2.0 tools have enabled B2B buyers to be well-versed on services before they have their first conversation with a firm 15 eDynamic, Monday, February 17, 2014 Firms must direct and guided prospects through the buying phases of their decisions
Buyer 2.0 How people want to sell rarely aligns with how buyers are choosing to buy 16 eDynamic, Monday, February 17, 2014 Source: marketing Sherpa B2B benchmarking report
The New Client - Better informed - Starts the buying process - Has many options - Decides where to engage 17 eDynamic, Monday, February 17, 2014
Client-centric Engagement Across Channels with clients consistently and with relevant information at all touchEnsure you engage points driven by measurable insight. Integrated technology will impact seamless engagement Have you solved similar problems? Website Email Email Marketing Social and Community eDynamic, Monday, February 17, 2014 Mobile 360 Degree Client Insight 18
The old sales process is not as effective anymore A mismatch between buying and selling processes can lead to salespeople trying to close deals with prospects who are not ready to buy Capturing the prospect‟s online footprint allows the sales team to understand where in the buying cycle the prospect is, and plan interactions accordingly Leads deemed not to be “sales worthy” should be passed back to marketing. These are usually qualified prospects who simply aren„t ready to purchase - yet Buying Market Education Recognize Opportunity Problem Defined Evaluate Options Select Best Option Negotiate Purchase gap Target Prospects Qualify Prospects Value Proposition Submit Proposal Close Fulfill Sales 19 “Customers’ buying processes have evolved in our world of ubiquitous, instant, global communication … but companies’ marketing & selling processes have for the most part stayed the same.” - Thomas Stewart, Editor, Harvard Business Review eDynamic, Monday, February 17, 2014
Buying Lifecycle Understanding the buying lifecycle and wrapping your processes and tactics around the buying lifecycle will enable you to drive acquisition 20 Sample buying process by Bloom Group eDynamic, Monday, February 17, 2014
Execute initiatives across the buying lifecycle The buying lifecycle provides direction to your digital marketing initiatives 21 eDynamic, Monday, February 17, 2014
Example of a Buying lifecycle In-house counsel (segment) in a manufacturing firm searching for a firm to handle an employee dispute Need Recognition Information Search Evaluate Alternatives What type of employment issues do we have to protect ourselves against? In-House counsel – Manufacturing Industry How do we solve these problems Shortlist providers what risks are exposed to? What services are necessary to reduce our risk? Evaluate Each one Who is an expert in this field? Who are the providers out there? Deeply evaluate preferred option References How have they solved similar problems Build Relationship eDynamic, Monday, February 17, 2014 Decision who in the firm is the appropriate attorney? Is my attorney best and the brightest? Engagement Other ongoing issues - help with corporate law Research website to find information 22
The Digital marketing strategies, messaging and capabilities will target the Buying Lifecycle 23 23
The Buying Lifecycle - Marketing and business development are aligned on how to create opportunity - Marketing‘s strategy, messaging and capabilities are in-sync with what buyers need - Capabilities and technology can be selected based on the strategy 24 24
Client Life Cycle Marketing Thinking about the your client‘s journey will help you identify how to engage them 25 eDynamic, Monday, February 17, 2014
Key steps to take Clients want you to meet them where they are: not to change themselves to comePrioritize objectives and Tailor your messaging: to you spending: Understand which client touch points deliver results A single, generalized message may is no longer effective Invest in client-driven marketing: Deliver the online tools the facilitate decisions Integrating all clientfacing activities: Bring online together with offline worlds eDynamic, Monday, February 17, 2014 26
Take Away Focus on the buyer and their needs and wrap marketing strategies and activities across touch points of the client journey that influence the decisions to commit to your firm Marketers have traditionally looked at the beginning or end of the journey—the lead generation or engagement aspects. Marketers must now consider the entire journey eDynamic, Monday, February 17, 2014 27
Content Marketing Engages Buyers eDynamic, Monday, February 17, 2014 28
The Value Exchange LAW FIRM CLIENT Content The firm continuously delivers relevant content & establishes its worth to the audience The audience trusts the firm enough to identify themselves & grant permission for engagement Jane Smith 29 eDynamic, Monday, February 17, 2014
Content Strategy Target the buying lifecycle 30 eDynamic, Monday, February 17, 2014
Align Content to the Segmentation Identify content that addresses customer expectations. Consider buying cycle, segmentation, pain points and motivators Understand your Buying Cycle Segment your audience Map the Messages Implement the Platforms 31 eDynamic, Monday, February 17, 2014
Types of Content to consider 32 eDynamic, Monday, February 17, 2014
Adding the client‘s voice into content It starts with LISTENING Social Media Channels • Twitter hashtags # • LinkedIn groups • Relevant blogs • Anywhere your audience is talking Client FAQs What questions do your partners and associates hear most often? Incoming Search Terms What are the most popular keywords & phrases bringing searchers to your site? 33 eDynamic, Monday, February 17, 2014
Influencer Engagement There are journalists & bloggers being followed by the specific audiences you want to reach. Target these influencers to get your content to their audiences. eDynamic, Monday, February 17, 2014 34
Establish expert profiles for your attorneys 35 eDynamic, Monday, February 17, 2014
Content Syndication CLIENTS & POTENTIAL CLIENTS ONLINE NEWS SITES & DATABASES MEDIA OUTLETS JOURNALISTS SOCIAL MEDIA PUSH TO AUDIENCES SEARCH ENGINES VIDEO PORTALS BLOGGERS MOBILE eDynamic, Monday, February 17, 2014 36
Social Media Demand Generation – the time is now! • Usage of Social Media is growing quickly. According to a survey conducted by Lexis-Nexis in 2011 77% firms are using Linked in, 31% Twitter and 29% Facebook – only 8% have blogs • 4 in 10 Law Firms Report Landing New Clients by Using Social Media, According to ALM Legal Intelligence Special Report eDynamic, Monday, February 17, 2014 37
Key Steps in leveraging Social Media 1) Display social media accounts on homepage 8) Short, original YouTube videos focused on problem solving 7) Importance of Linked In company pages 2) Prominently reference & link to blogs on homepage social media 6) Be sure that blogs focus on specialty, niche areas eDynamic, Monday, February 17, 2014 3) Use Twitter & other accounts to drive blog traffic 4) Try to tweet at least once a day 5) Post questions on Facebook & Twitter to encourage discussion 38
SEO for Law firms 39 eDynamic, Monday, February 17, 2014
SEO for Law firms Show up on Google Google typically pulls the first 150 characters in a lawyer's bio for the search results Use the right words Be descriptive and differentiating—what makes you different Do not forget the links In-bound and out-bound links determine relevancy Link to pages within your sites, or external eDynamic, Monday, February 17, 2014 40
Email Marketing nurturing strategy drives prospect engagement Average B2B Initial Lead Break-down Moving people from consideration to commitment is the one of the most important path of the sales and buying process Most leads need to be nurtured! eDynamic, Monday, February 17, 2014 17.50% Discard / disqualified 12.50% 70% Sales-ready now Longer-term opportunity / worth nurturing 41 Marketing Sherpa B2B Benchmarking Report
Engage with the audience to drive engagement Engage in a 1:1 DIALOGUE with your prospects; no more ‗spray and pray‘ The days of batch email marketing campaigns with low response rates are over! Execute mail dialogue campaigns - Multi-step email campaigns based on thought leadership marketing can deepen prospect relationships over time Engage in 1:1 dialogue marketing capabilities that segment and deliver personalized content Track who opens and clicks on each email or who visited a specific webpage Continuous Testing and Optimization coupled with targeted email marketing Employ lead scoring to score opportunities and identify leads that are sales ready eDynamic, Monday, February 17, 2014 42
Event Marketing through email automation Digital marketing has a strong influence on event success. It is critical to link offline with online marketing. Do you promote your events aggressively? If so, how? Email marketing is a key driver for events - Introduction of event-specific landing pages and lead nurturing campaigns, increased the event sign-up rate. Report by Hubspot on tactics marketing rely on most to drive event participation 43 eDynamic, Monday, February 17, 2014
Lead Nurturing Model to drive Conversion Approach to successful engagement through lead scoring Use a scoring system to identify your segments Build a model Actions that influence lead scoring mod Develop a Content Map Use Interactive channels Measure and Refine 44 eDynamic, Monday, February 17, 2014
Effective Lead Nurturing-Example Use a scoring system to identify your segments Completed Poll Low level of engagement No Disposition: “Information Search” Lead Score: 20 No Disposition: “Evaluate Options” Lead Score: 30 High level of engagement (Low level of how much the lead wants to talk to us) No Disposition: “Information Search” Lead Score: 15 (High level of differentiation driving purchase intent) Yes High level of Profile Match (High level of how much we want to talk to the lead) The Buying Zone The only leads we should be feeding to the sales field Download Whitepaper Yes Low level of Profile Match Journey Includes Contact Page (Low level of how much we want to talk to lead) 45 Yes Disposition: “Purchase Decision” Lead Score: 40 eDynamic, Monday, February 17, 2014
Measurement and Optimization eDynamic, Monday, February 17, 2014 46
The #1 way to improve conversion…optimize! 47 47
Test, Test and test some more! Testing and optimizing is the most important strategy to improve lead generation - Several capabilities in marketing's hands - A/B, Analytics review and Segmentation are must haves for B2B marketers - 53% said it was ―highly valuable‖ and a further - 42% said they believed it was ―quite valuable‖.* - MVT is not widely used despite effectiveness - If you do this – you will see improvement - ―The majority of client-side respondents (70%) reported improved conversion rates in the past 12 months.‖ *eMarkerter eDynamic, Monday, February 17, 2014 48
Measuring and Delivering Actionable Insights allows companies to accurately understand Sound analysis how their visitors interact with their brand. DEFINE Business Goals and Strategies DETERMINE Key Performanc Indicators DEPLOY Tracking Implementation DERIVE Impactful Data Driven Insights 49 DELIVER Actionable Recommendations & Outcome eDynamic, Monday, February 17, 2014
Connect with us www.edynamic.net twitter.com/edynamic firstname.lastname@example.org youtube.com/1999dynamic 1-877-339-6264 facebook.com/edynamic.net 50 eDynamic, Monday, February 17, 2014
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