The distinction of valid versus invalid is an important first step in lead disposition. However, relying solely on this binary approach oversimplifies the value of each lead and overlooks a critical piece of information - did it convert? Understanding and sharing the ultimate fate of a valid lead is essential. Did the lead close, is it dead, or could you not connect after multiple attempts? Did everything look good but the lead lost interest or did you choose not to sign up the case? Consistently providing feedback to your lead provider on which leads are closing and which leads are not (and why!) is essential for sustained growth.
A successful marketing campaign is not only about removing what’s not working, but also about doubling down on what is working. However, the effort is only worth it if your lead provider has the capacity to use that feedback to get you better and better leads. A lead company with state-of-the-art attribution, such as 4LegalLeads.com, is able to analyze the clients that you mark as signed and get you more of them. 4LegalLeads.com believes that 100% attribution combined with law firm feedback is the key to optimizing your marketing dollars over the long term. In 2024, our planned integrations with several case management software companies will make lead disposition even more convenient.
Developing a systematic focus on lead disposition can also have a positive impact on business relationships. Providing consistent feedback to your lead provider demonstrates your commitment to working together to achieve success. The result? You build trust and transparency over the long term. Moreover, law firms that get in the habit of lead disposition can experience better in-house communication, with fewer leads falling through the cracks.
Finally, providing feedback on leads that convert helps provide a clear return on investment (ROI) for your advertising efforts. When you track these leads, you can determine your cost per acquisition (CPA). Comparing the CPA to the lifetime value of the client allows you to calculate the ROI of your advertising spend and optimize your budget. Firms that take this broad view understand that while not every lead converts, overall conversions lead to growth.
At 4LegalLeads.com, we make it as easy as possible to communicate dispositions. Our Interactive Partner Portal allows you to update the status of any lead with a simple click of a button. Not only can you return invalid leads, but you can communicate which leads are retained, processing, in follow up, dead, or still waiting to connect. Plus, our dedicated Account Team is available to help. The result? We can optimize your campaigns daily by moving marketing budgets to campaigns that yield leads that close for your firm. Continuously fine-turning campaigns improves your closing rate, saves you time, and boosts your ROI.
In conclusion, perfecting the feedback loop in lead disposition is a multifaceted process that requires a strong partnership with your lead provider. Optimizing advertising efforts is about much more than just identifying valid or invalid leads. By broadening the approach to lead disposition, law firms can achieve higher conversion rates, improve ROI, lower CPAs and build long-lasting client and provider relationships.