Measuring the Relationship Between Marketing and Firm Success

Professional Services Firms with 4 Specific Features on Website Bio Pages have 39.9% Higher Average Revenue Per Partner

Last month we surveyed marketing professionals within law and accounting firms to understand how professional services marketers measure the success of their marketing activities. We created a new infographic to illustrate the findings, and hosted a webinar to dig deeper into the results. Read the full announcement here.

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Measuring the Relationship Between Marketing and Firm Success

Marketers within professional services firms reported that:

1. The top metric of success is firm revenue/profit margin, followed by client satisfaction then new business development.
2. The top three most important marketing investments for professional services firms are the website, branding and public relations, with the website being the only one ranked as “critical.”
3. Print advertising and blog(s) were ranked as “not at all important.”
4. Firms who are not successful in meeting their revenue goals measure success the same way as successful firms, but they have different priorities for where they invest in marketing.

Specifically, law firms with the following four website bio page features have an average of 39.9% higher revenue per partner than firms that don’t ($669,499 vs. $478,529):

1. Multimedia Links or RSS Feeds: include links to RSS feeds or other multimedia resources for the site visitor to learn more about the professional.
2. Languages: let potential clients know in which language(s) each of your professionals are fluent.
3. Share: provide links to share the professional bio in email or social media.
4. Mobile Websites: provide a mobile-optimized version of your website, including online bios, for your site visitors who are using mobile devices.

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This infographic may be republished using the following attribution: “Infographic courtesy of Vizibility LLC”
Survey Methodology
In February and March of 2014, Vizibility and ALL-STATE LEGAL sent formal invitations by email to the membership of the Legal Marketing Association (LMA), membership of the Association of Accounting Marketing (AAM), emails to current customers who have marketing responsibilities within their firms, as well as sourcing responses from SurveyMonkey’s targeted database. All sources outside of LMA and AAM included only one individual per firm. The survey filtered out responses from vendors that service the legal and accounting industries, as well as attorneys and accountants who do not have marketing responsibilities within their firms. We received 392 total responses, of which 234 (59.7%) were from legal marketers, and 158 (40.3%) were from accounting marketers. The 21 bio page features were inventoried from the public websites of the NLJ 350 during the same period. Law firm revenue and partner figures were assembled from publicly available sources and include a mix of 2012 and 2013 data. The bio page features of all 350 firms were included in the stack ranking of most implemented features but only firms with reported revenue were included in the correlation of features-to-revenue per partner.

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