Legal marketing in the realm of mass torts is fiercely competitive. Unlike local marketing, word of mouth and name recognition don’t hold the same weight. In mass torts, you will be presented with prospective claimants (leads) from various parts of the country. Typically, when you advertise locally, new clients are often generated through word of mouth and name recognition.
However, this may not be the scenario in mass tort marketing. To thrive in this landscape, strategic analysis and partnership evaluation are paramount. By tracking marketing metrics and closely monitoring performance, you can optimize your return on investment (ROI) and pivot when necessary.
In this blog post, we will delve into the importance of metrics, review key performance indicators (KPIs), and address the challenge of fall-off in mass tort marketing.
Analyzing Performance Metrics:
To gauge the effectiveness of your marketing campaigns, tracking metrics is crucial. Whether using specialized software or a simple spreadsheet, monitoring KPIs allows for informed decision-making. When partnering with multiple lead generation firms, segregate the data for each company, enabling a comprehensive evaluation of their individual campaign results. This valuable information will guide your future collaborations and case selection.
The Power of Regular Performance Review:
Data collection is only the first step; the true value lies in reviewing and reacting to the data. Given the fluctuating nature of mass tort marketing metrics, weekly analysis is recommended to swiftly identify potential issues and seize opportunities. Timely adjustments in your marketing strategy can capture leads that haven’t converted. Monthly campaign review meetings, including co-counsel firms for case referrals, ensure effective communication, evaluation of KPIs, and staying updated on litigation progress.
The Cost per signed retainer (CPR) metric goes beyond surface-level analysis and examines the actual investment made to secure a signed retainer. This metric takes into account either the amount paid to a marketing company per signed retainer or the overall cost of all leads that were necessary to obtain a signed packet.
The Cost per fileable case (CPF) is a crucial Key Performance Indicator (KPI) that holds significant weight, as it serves as the primary figure used to determine the ultimate Return on Investment (ROI). The ultimate goal is to acquire cases that can be successfully filed and settled, making the CPF an essential indicator to evaluate the profitability of your marketing campaign.
For instance, let’s say you invest $25,000 in purchasing 10 signed retainers, priced at $2,500 per retainer. However, upon reviewing the medical records of these 10 claimants, it becomes clear that only 6 of them satisfy the necessary criteria for filing. As a result, the CPF for this specific campaign is approximately $4,166, considering a 40% drop in signed claimants.
The Significance of Fall-Off:
Fall-off, the number of signed claimants whose cases are not fileable, is a critical indicator of marketing strategy and tort selection. Understanding that not every signed claimant will proceed with a viable case is essential. Fall-off rates can range from 0% to 100%, depending on the tort’s maturity and complexity. Tracking and analyzing fall-off rates provide insights into the effectiveness of your campaigns and the quality of your leads.
Identifying Reasons for Fall-Off:
Several factors can contribute to higher-than-expected fall-off rates:
- Tort maturity: In a mature tort, there may be a higher fall-off rate due to recycled leads. Potential clients who have been disqualified by other firms may become familiar with the intake questionnaire, and although they initially seem qualified, further investigation reveals that their case cannot be filed.
2. Tort complexity: Complex tort cases involving defective products with specific models or brands often result in fall-off after reviewing medical records. Many individuals are unaware of the brand or model number of their device. Additionally, complex cases may involve additional causation issues that eliminate plaintiffs who were initially thought to be qualified.
3. Follow-up timeliness: Delaying initial contact can lead to lost conversions. If leads do not receive timely communications, they may decide to hire another firm or become disenchanted with the process. The longer the delay in establishing contact, the greater the likelihood that claimants will sign with a different firm. Although dual representation is unfortunate, most lead generation companies will replace dually represented claimants.
4. Call center conversion quality: Poorly trained intake agents or an inefficient follow-up process at call centers can frustrate claimants and prompt them to hire another firm. Botched initial call attempts can create a disconnect between you and the claimant, making it challenging to reconnect with them.
5. Marketing partner quality: Marketing partners vary in terms of their quality. No company is perfect in this industry because initial leads are taken at their word regarding case qualifications. It is crucial to document recurring issues with specific providers that may not be prevalent in other companies. Monitoring key performance indicators (KPIs) for each company helps address these issues before they escalate.
6. Unreachable or hesitant claimants: While signing paperwork is one thing, discussing sensitive personal issues can intimidate claimants. Improperly communicated client expectations can also annoy claimants and prompt them to change their minds. Keep claimants engaged by effectively communicating the benefits of pursuing their cases.
In summary, fall-off is an inevitable aspect of mass tort marketing that requires your attention. By tracking metrics and making adjustments accordingly, you can increase conversions and ROI. Monitoring these data points promotes efficiency in litigation, helps avoid missing deadlines, and creates potential growth opportunities. It is important to discuss these KPIs within your organization on a weekly basis, and if you are referring leads out, meet with the referral firm at least monthly.Understanding why claimants are falling off throughout the campaign is crucial, as it enables you to refine your intake process or adjust your marketing strategies to reduce rejections. A successful mass tort marketing strategy begins with accountability for you, your marketing partners, and your referral firms.
Strategies to Optimize Success:
By diligently tracking metrics, adjusting intake processes, improving call center operations, and maintaining open communication with marketing partners, fall-off rates can be reduced. Weekly discussions of KPIs within your organization and monthly meetings with referral firms are essential to drive improvements and foster accountability.
Effectively leveraging metrics and addressing fall-off are integral to a successful mass tort marketing campaign. By closely monitoring KPIs, adjusting strategies, and maintaining open communication, you can enhance conversions, ROI, and growth opportunities. Accountability among your firm, marketing partners, and referral firms lays the foundation for a thriving mass tort marketing strategy.