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Measuring the Relationship Between Marketing and Firm Success

MEASURING THE RELATIONSHIP BETWEEN MARKETING AND FIRM SUCCESS IS IT POSSIBLE TO MEASURE THE RELATIONSHIP BETWEEN MARKETING AND FIRM SUCCESS? Linking a firm's success to its marketing efforts is a classic challenge. In March of 2014, Vizibility and ALL-STATE LEGAL surveyed marketing professionals within law and accounting firms to understand how these professional services firms measure success, and what marketing activities they implement to achieve success. HOW DO PROFESSIONAL SERVICES FIRMS MEASURE SUCCESS? SURVEY PARTICIPANTS RANKED 7 KEY METRICS FIRM REVENUE IS THE TOP MEASURMENT OF IN THIS PRIORITY ORDER: SUCCESS CLIENT TALENT ACQUISITION Z SATISFACTION FIRM REVENUE & CLIENT TOUCHES I PROFIT MARGIN CROSS SELLING 3. BUSINESS REPUTATION 4 ÄND BRAND WHAT ARE FIRMS' MOST IMPORTANT MARKETING INVESTMENTS? SURVEY PARTICIPANTS CHOSE THE IMPORTANCE OF THEIR DIFFERENT MARKETING INVESTMENTS: SOMEWHAT NOT AT ALL CRITICAL IMPORTANT IMPORTANT IMPORTANT EMAIL MARKETING MARKETING STAFF CLIENT RESEARCH WEBSITES BRANDING PRINT ADVERTISING PUBLIC RELATIONS BLOGIS) BUSINESS DEVELOPMENT TRAINING CLIENT MEALS & ENTERTAINMENT CONTENT MARKETING PRINTED MARKETING MATERIALS EVENTS AND SPONSORSHIPS MOBILE SOCIAL MEDIA ONLINE ADVERTISING A FIRMS WEBSITE IS THE ONLY CRITICAL MARKETING INVESTMENT DID FIRMS MEET THEIR REVENUE GOALS IN 2013? 27% O DID NOT MEET GOALS 73% MET GOALS WHAT ARE FIRMS WHO MET THEIR REVENUE GOALS DOING DIFFERENTLY FROM THOSE THAT DID NOT? HOW DOES YOUR FIRM MEASURE SUCCESS? MET GOALS DID NOT MEET GOALS FIRM REVENUE / PROFIT MARGINS CLIENT SATISFACTION GROWTH THROUGH NEW BUSINESS PROFESSIONAL REPUTATION AND BRAND VALUE GROWTH THROUGH CROSS-SELLING THERE'S NO MATERIAL DIFFERENCE 4. IN HOW FIRMS WHO MET THEIR TALENT ACQUISITION AND RETENTION GOALS MEASURE SUCCESS OVER THOSE THAT DID NOT. NUMBER OF CLIENT TOUCHES PER MONTH WHAT ARE YOUR FIRM'S MOST IMPORTANT MARKETING INVESTMENTS? TODAY IN 5 YEARS MET GOALS O O DID NOT MEET GOALS MET GOALS O WEBSITE WEBSITE WEBSITE BRANDING BRANDING BRANDING 3 PUBLIC RELATIONS 3 SOCIAL MEDIA 4 BUSINESS DEVELOPMENT TRAINING 4 BUSINESS DEVELOPMENT TRAINING 4 PUBLIC RELATIONS CONTENT MARKETING 5 EVENTS AND SPONSORSHIPS CONTENT MARKETING SOCIAL MEDIA FOR FIRMS WH O MET CONTENT MARKETING 6 BUSINESS DEVELOPMENT TRAINING 3 PUBLIC RELATIONS THEIR REVENUE GOALS, HOW DOES THIS CHANGE MARKETING STAFF EMAIL MARKETING MARKETING STAFF IN FIVE YEARS? 8 SOCIAL MEDIA MARKETING STAFF + 9 CLIENT RESEARCH WEBSITE IS STILL THE CLIENT RESEARCH EVENTS AND SPONSORSHIPS t 10 EMAIL MARKETING MOST IMPORTANT, BUT BRANDING AND 10 EMAIL MARKETING 10 CLIENT RESEARCH 13 MOBILE BUSINESS DEVELOPMENT TRAINING ARE EXPECTED 11 CLIENT MEALS & ENTERTAINMENT 11 CLIENT MEALS & ENTERTAINMENT 5 EVENTS AND SPONSORSHIPS TO BECOME CRITICAL 12 PRINTED MARKETING MATERIALS 12 ONLINE ADVERTISING t 14 BLOGCS) 13 MOBILE 13 PRINTED MARKETING MATERIALS +11 CLIENT MEALS & ENTERTAINMENT 14 BLOGCS) 14 MOBILE + 12 PRINTED MARKETING MATERIALS 15 PRINT ADVERTISING 15 PRINT ADVERTISING + 16 ONLINE ADVERTISING 16 ONLINE ADVERTISING 16 BLOGCS) 15 PRINT ADVERTISING CRITICAL IMPORTANT SOMEWHAT IMPORTANT NOT AT ALL IMPORTANT HOW MANY TIMES DO YOU TRY TO CONTACT CLIENTS PER YEAR? WHILE MOST MARKETERS PREFER QUALITY OVER QUANTITY, SUCCESSFUL FIRMS APPEAR TO TRY TO COMMUNICATE MORE OFTEN REACHED REVENUE GOALS O DID NOT REACH REVENUE GOALS 17% 28% 10% 39% 45% 3% 55% 40+ 20-40 10-20 1-10 40+ 20-40 10-20 1-10 HOW CAN THIS HELP FIRMS AND FIRM MARKETERS? RESPONDENTS REPORTED THAT THEIR WEBSITE IS THE CRITICAL MARKETING INVESTMENT FOR THEIR FIRM. BECAUSE VISITORS SPEND MOST OF THEIR TIME ON BIO PAGES, WE REVIEWED THE WEBSITE BIO PAGE FEATURES FOR THE NLJ 350 LAW FIRMS. THE TOP 10 MOST AND LEAST IMPLEMENTED FEATURES ARE: MOST IMPLEMENTED FEATURES LEAST IMPLEMENTED FEATURES EMAIL LINK 100% IOS WEBSITE 2014 34.7% POSITION 100% MOBILE WEBSITE 2013 27.1% EVENTS 25.7% PROFESSIONAL EXPERIENCE/BIOGRAPHY 100% LANGUAGES 21.7% CONTACT INFORMATION 99.7% SHARE (SOCIAL MEDIA, BLOGS) 19% VCARD DOWNLOAD 99.1% MOBILE VCARD DOWNLOAD 10% PRINT/PRINT PDF 96% COMMUNITY SERVICE 9.4% EDUCATION 94.5% MULTIMEDIA LINKS OR RSS FEED 5.7% ADMISSIONS 89.4% THOUGHT LEADERSHIP 1.4% PUBLICATIONS 68% RESUME/EMPLOYMENT HISTORY 0.8% MEMBERSHIP AND ACTIVITIES 64.8% BUILD A REPORT 0.2% BECAUSE FIRM REVENUE WAS REPORTED AS THE TOP SUCCESS MEASURE FOR PROFESSIONAL SERVICES FIRMS, WE CORRELATED ALL WEBSITE FEATURES AGAINST REVENUE PER PARTNER. FIRMS WITH THESE FOUR BIO PAGE FEATURES HAVE AN AVERAGE OF 39.9% HIGHER REVENUE PER PARTNER THAN FIRMS THAT DON'T: 1. LINKS OR RSS 2. LANGUAGES 3. SHARE 4. MOBILE WEBSITES INCLUDE LINKS TO RSS LET POTENTIAL CLIENTS PROVIDE LINKS TO SHARE PROVIDE A FEEDS OR OTHER KNOW IN WHICH THE PROFESSIONAL BIO MOBILE-OPTIMIZED MULTIMEDIA RESOURCES LANGUAGE(S) EACH OF IN EMAIL OR SOCIAL VERSION OF YOUR FOR THE INDIVIDUAL. YOUR PROFESSIONALS MEDIA. WEBSITE, INCLUDING ARE FLUENT. ONLINE BIOS, FOR YOUR SITE VISITORS WHO ARE USING MOBILE DEVICES. THESE FOUR FEATURES ARE AMONG THE LEAST IMPLEMENTED FEATURES ON THE WEBSITES OF THE NLJ 350. WHILE ADDING THEM TO YOUR WEBSITE ISN'T GUARANTEED TO INCREASE REVENUE PER PARTNER, THEY MAY BE MUCH EASIER TO JUSTIFY BASED ON THESE FINDINGS. CONTACT VIZIBILITY TO LEARN MORE ABOUT OUR VIZCARD DIGITAL BUSINESS CARD SOLUTIONS FOR TODAY'S MOBILE PROFESSIONAL. VIZIBILITY.COM - (866) 380-3400 - [email protected] Vizibility ALL-STATE LEGAL an ALL-STATE company © 2014 Vizibility LLC, an ALL-STATE company 2.

Measuring the Relationship Between Marketing and Firm Success

shared by Vizibility on Apr 24
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In March 2014, Vizibility and ALL-STATE LEGAL surveyed marketing professionals within law and accounting firms to understand how professional services marketers measure the success of their marketing ...

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