Acquiring new clients is expensive. Depending on the study, research shows that the cost to acquire a new client is anywhere from five to 25 times the cost to retain an existing client.
Yet many law firms focus the majority of their marketing efforts on client acquisition — not client retention.
Here’s more research if you’re not convinced of the value of client retention: Frederick Reichheld of Bain & Company (the inventor of the net promoter score) found that increasing customer retention rates by 5 percent increases profits by 25 to 95 percent.
From client alerts to blog posts, webinars, educational events and more, law firms are investing heavily to demonstrate their attorneys’ expertise and attract the right clients. How can these efforts be leveraged to enhance the client experience?
Enter marketing automation.