Establishing a Foundation
Regardless of industry, many business have old and unconverted leads. Leads often express interest and then seemingly vanish. Why does this happen? There could be any number of reasons. In the case of a law firm, people might not be inclined to answer your calls because they think you are a bill collector. Maybe their entire life is disorganized following their injury; or, they may just have a busy job that requires long hours.
Many businesses will call upon leads one, two, maybe even five times and then turn their attention to new prospects. It can be financially and psychologically exhausting to call upon the same person over and over. Here is an example of a typical scenario we see at many firms:
You’ve invested money into advertising campaigns and the leads begin to come in. Your intake team calls on the newest leads, as they are presumed to be more likely to convert the fastest. At the end of the campaign, your numbers show you spent $1,500 per case. Depending on the case type, this might have been a great success, but in some cases it may have seemed too expensive. Either way, you’re likely to move on to the next advertising campaign, leaving the unconverted leads behind.
What about the leads that didn’t convert? It is normal for firms to have a stack of “dead” or unconverted leads at the end of a campaign, but these leads do not have to be a sign of failure.
The Hidden Goldmine
Our law firm calls at least ten times, and even as many as twenty. We follow up with emails, texts, hard-copy correspondence – experiencing a higher rate of conversion.
The cost of intake staff member usually averages around $600-700 per week. Depending on the case type, leads can cost as little as $100-$200 or over $1,000. This is a significant investment. While it is important that the time of your staff is spent efficiently, it is our experience that discarding old leads and buying new ones is more expensive than it is to follow up with the leads already in-hand.
You can increase your caseload by committing your team to make additional calls and to follow-up rigorously. When people ask why you call them so many times, you can tell them, “Our law firm is aggressive in our follow-up just like we are aggressive in getting our clients the compensation they deserve.”
It is better to hear “stop calling me” than to let a lead go to waste and a victim go without help.
A New Perspective
For firms that just don’t have the resources to do so, our firm has started what we call a “dead lead program” where we follow-up on other firms’ unconverted leads. We work with firms of all sizes, including some of the biggest across the country.
Some people are shocked when we tell them we’ll call on their old leads and refer the ones we convert back for a portion of the legal fee. They are then pleasantly surprised when they see the cases begin to roll in. Our firm frequently converts 15% or higher of other firms’ old leads. This results in revenue that would have been lost, possibly to a competitor.
Increase Your Profits With a Rigorous Follow-Up System
We invite you to speak with our team about our Mass Tort Co-Counsel services. We work with dozens of the leading mass tort firms from across the country in a variety of capacities.
To explore how you can join forces with the leading mass tort network in the country, visit us online at LawFirm2LawFirm.com or call us at (866) 473-7747.