Is Your Lead Conversion Rate Good Enough?
I’ve worked with many firms that tell me they do a fair or good job converting leads into contracts. From small to large firms, they tell me that they’re comfortable with their numbers. Their lead conversion rate is good. They have a system in place. They consistently bring in cases.
But when we start discussing their numbers and how they compare with those of similarly-sized firms, they’re often surprised.
They realize they don’t know their industry’s benchmarks.
Lead Conversion Rates: Knowing Your Benchmarks
If you don’t know the benchmarks, you have no way of knowing if you’re meeting them.
If your conversion rates are between 50% and 60%, the industry’s average conversion rate might surprise you.
A competitive firm benchmark is anywhere between 87.5% to 92.5%. If you’re not in this range, you have a tremendous opportunity to improve your conversion rates and boost your law firm’s bottom line.
Boosting Your Lead Conversion Rate
Taking your firm’s conversion rates from 50% to 92.5% takes work, but it’s not impossible. You have to take a systematic approach to handle leads that include a script, an aggressive follow-up system, and a professionally-trained intake staff.
Taking these simple-but-important steps will help you move the needle a little more each month and put your firm on the path from mediocre to competitive.
In the short-term, these gains might look small. You could start converting a couple more cases each month. But by the end of the year, you could convert additional cases without spending another single advertising dollar.
RJH Consulting specializes in intake systems and process for law firms across the nation. If your conversion rates aren’t in the competitive range, contact us today. We offer strategic planning and law firm consulting you need to make your firm competitive in today’s crowded market.