How Lawyers Can Measure their Newsletter Campaign’s ROI
Did you know that 93% of online consumers prefer email marketing to social sales? That’s good news for lawyers who invest in newsletter campaigns. But just how profitable is each newsletter? How can you measure your ROI? Here are a few tips to measure the effective of your email marketing efforts.
How to Calculate Your ROI?
The simplest way to determine a newsletter’s profitability is to subtract the exact amount of sales from the total cost of the campaign. Of course, the sales numbers can be difficult to come by. To find this number, you need to multiply the number of newsletters by the response rate, conversion rate, and average sale per person. Now, if this all sounds like a foreign language to you, keep reading to learn what these figures mean.
In short, your response rate is the percent of people who clicked through to your site from the newsletter. Another common term is click-through rate. Depending on the industry, average response rates range from 2%-18%. The marketing company Constant Contact publishes a helpful list of common click-through rates per industry. Any newsletter service you use should provide you with similar data, along with your own company’s stats. That way, you can compare your rate of success with others in your industry. If your response rate is low, consider tweaking your content to meet the needs of your consumer. People respond better to newsletters that are information-rich rather than sales driven. Give them something they can use, and you should see your response rate grow.
No newsletter campaign is complete without measuring conversion. Your conversion rate is the percent of those who clicked through to your newsletter and hired you for legal services. While this number isn’t easy to calculate, you can rely on tangible metrics, like the number of new subscriptions created or shared newsletter content to find an estimate. Studies show more links included in the body of a newsletter results in a higher click-through rate, which then raises your conversion. Emails with 20 links had the highest conversion rate of 5.4%. But don’t opt for link overload at the loss of value. Consumers are still looking for content that counts.
Other metrics to consider are spikes in response depending on the time of day or time of month a newsletter was sent. The more accurately you measure your success, the better you will be at creating a profitable newsletter campaign. Again, this will vary depending on the industry. But your service should provide you with this type of data along with comparable industry trends. If more consumers access content on Saturday mornings than on Monday afternoons, that information should be reflected in your publication schedule.
What’s great about email marketing is the flexibility. Metrics systems allow you to measure a variety of customer engagement variables, like length on site, click-through rate, and social media shares. With accurate systems in place to measure the effectiveness of your campaign, you can easily raise your ROI.
Please share this article with lawyers who are looking to maximize their newsletter campaign ROI.