This Weblog addresses topics related to the legal industry--marketing, sales, management, mergers, advertising, various electronic media (Web sites, proposal centers, intranets, CDs, etc.)--anything that's in the news, or should be in the news. I've worked in legal marketing since 1984--the very early days--and have served as an in-house marketing director (for 11 years) and consulted to some of the finest law firms and legal industry companies in America.
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| The Consultants Jump into the Advertising World |
In a June 4, 2006 online article, Advertising Age reports that the big consulting firms--Accenture, McKinsey and IBM--are advising clients on their marketing communications activities. Corporate America and law firms alike continue to want to quantify the return on their hefty marketing and advertising investments. They think, perhaps, that hiring the masters of analysis will help them do this. Link to the article at: http://adage.com/article?article_id=109690
Should AMLAW 100 firms consider bringing in these "accountability experts" to help them analyze ROI? In Fortune 500 companies, the marketing spend is in the range of 12-25% annually. In even the largest law firms, the annual investment is 2 to 3%. The latter percentage is simply too small to warrant the kind of testing that a huge corporation can afford.
Many law firms simply won't invest the huge dollars (and time) in pre-campaign research, during campaign testing and post-launch analysis to determine the effectiveness and true reach of an advertising initiative. Consequently, they can't expect to garner more than anecdotal evidence of the campaigns success or failure.
There are plenty of less expensive ways to collect data, however. More on that to come.
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