Set a Marketing Budget that is Geared Toward Long-Term Growth
Many lawyers think of their marketing budgets only as “spending limits” – some arbitrary number that may or may not pay off, a “necessary evil” of doing business. Is that how you see things? If so, these tips can change the perception of your marketing budget from enemy to ally.
Consider Marketing an Investment, Not an Expense
There is a difference. If you require that every $1 you spend on marketing return at least $1.01, you’re making your marketing dollars work hard for you. In much the same way that a CD or a Treasury bond has to return a profit on your investment, your marketing efforts must also give you a positive rate of return.
Consistency is Key
By spending your marketing dollars steadily and consistently over time, you’ll grow steadily – and reduce your risk. You’ll also have the flexibility to be creative and test different marketing campaigns. You have a greater chance of succeeding if you expand your marketing budget gradually instead of all at once or haphazardly.
Add to Your Budget as You Go
Develop the habit of regularly earmarking a certain percentage of your firm's revenue for marketing. Although there's no set percentage for this, a good starting point is 2 percent to 5 percent. As your practice grows, you can increase this percentage accordingly.
