Identify Your Conversion Strengths and Failures to Maximize Profits Fast
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Do you know if your leads are converting? Do you know where your leads fall off in the pipeline? Are you even tracking your conversions at all?
Do You Have As Many Clients As You Want?
Law school trains you to be an attorney, but it often doesn’t prepare you for making the tough financial, personnel, and organizational decisions that come with running a business.
Luckily, you already have everything you need to thrive. You don’t need special skills or abilities to make better decisions within your company. You just need someone to give you some basic instruction on what to do.
Enter: Conversion rates.
You’re probably aware of the basic idea behind conversion rates. It’s the percentage of initial contacts (phone calls, website emails, recommendations, etc.) that end up becoming paid clients. It’s a helpful number to give you some insight into how well your sales pipeline is turning calls into clients (ie profit).
Off the top of your head, do you know your conversion rate?
Maybe yes, maybe no. Some attorneys are definitely a bit better at this than others. Many can tell you how many PNCs or sales calls become clients. But that’s not the whole story.
Here’s what you may not know:
- What are the 4 stages from initial contact to signing a contract?
- What is the conversion rate at each of these stages in your company?
- What is the IDEAL conversion rate for these stages?
- What is causing leads to drop off at any given stage?
Sure, you may track an overall conversion rate. But are you tracking a truly detailed conversion rate so that you can make better, data driven decisions?
And what happens if you do?
Learn How to Track Conversion Rates and Find Greater Profits
Your talent as an attorney is great for the client. But before they can enjoy that talent, they first have to reach them and turn them into clients. In order to help you on your journey, CathCap has compiled several useful tools, documents, and instructions to make it easier for you to understand where you might be missing out on potential clients (i.e. profits). We’ve put together resources that include:
- Interactive spreadsheet to help you calculate the conversion rate at different stages of the sales pipeline, along with a comparison of your ideal conversion rates to industry averages.
- Revenue to contacts calculator that tells you how many initial contacts you need to hit your desired revenue goals.
- Personalized profit finder report that tells you if your marketing spend is too high or too long given your budget, and more.
Using these resources, you’ll be able to determine:
- Where in the pipeline you’re losing clients.
- How close you are to reaching your revenue goals.
- Where you can discover more profit potential.
All of these tools and documents are free, along with an email series that discusses things you may not yet know about conversion rates, sales pipelines, and more.
"As great as everything is in my business, it is the impact on my personal life that has been the most momentous. I no longer wake up in the middle of the night worrying about payroll, or if I will have enough clients to cover the cost."
Maria Zimmitti, Georgetown Psychology
Convert More Clients Better
Improve Sales and Revenue With a Few Simple Steps
If leads knew what you could do for them, they’d probably convert at 100%. Conversion is not about you, your abilities, or what you have to offer over other attorneys. It’s just about creating a series of yesses that address the questions, concerns, and needs that these potential clients have.
You know law. You never thought you needed to know about conversion rates, sales pipelines, and more.
But without this knowledge, you will continue to struggle to acquire clients. However, if you sign up for our emails, we can help demystify the process, and with a few simple changes, you’ll be able to do things like identify areas of opportunity, gain more insight into the effectiveness of your marketing efforts, and potentially make changes that will result in more $$ very quickly – with minimal additional out of pocket investment.
So what is your true conversion rate at every step in the pipeline?
Cathedral Capital is a fractional CFO service that works with attorneys like you to provide forward thinking direction and guide financial decisions that will help your firm increase profit. We encourage you to download our free resources and documents using the link below and fill out your information to get a free profit finder report that assess your current marketing spend.
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Conversion Rate Resources
Who We Are at CathCap
Part of running a law firm is about being a great attorney, with a full understanding of the law. But another part of running a law firm is running the business, which includes not only recruitment and sales, but also making better, smarter, more effective financial decisions that will help the practice grow and profit.
It is the role of a CFO to help you achieve your profit goals. For hundreds of law firms around the country, CathCap is that CFO, providing financial services, management, recommendations, profit consulting, and more that instantly and immediately helps your firm profit.
Let’s help you reach your professional AND personal financial goals. You can learn more about Cathedral Capital by visiting www.CathCap.com, or click here to schedule an appointment to meet with one of our experienced CFOs and let’s talk about how we can earn you more money in your pocket.
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