What is ROO and Why Should Your Law Firm Be Tracking It?
Date: December 4, 2023
As a legal marketer or member of a law firm, you’ve probably heard of ROI, also known as return on investment. But have you heard of ROO, also known as return on objective? In this article, we will be diving into what ROO is and why your law firm should be tracking it if you aren’t already.
What is ROO (Return on Objective)?
Return on objective (ROO) focuses on defining and achieving specific measurable objectives. This type of tracking allows your firm to prove the impact of specific marketing campaigns when it is not possible or feasible to tie them directly to revenue. This is especially useful if you outsource some of your marketing functions, such as SEO, PR, or PPC, and you’d like to track whether the investment is proving to be valuable or not.
Why Your Law Firm Should Be Tracking ROO
Tracking return on objective (ROO) will allow your law firm to identify approximate estimates as to what you are spending on marketing functions and what the results of those functions have generated for your firm in terms of revenue on a monthly basis. As mentioned earlier, this helps you to determine what marketing channels are working and what may not be working so well or can be improved upon.
This will ultimately allow you to make better informed data-driven decisions to guide your firm’s overall marketing strategy.
What is Needed to Start Tracking ROO?
In order to start return on objective tracking, you first need to establish your objective(s). Do you want to increase the number of leads from Google for your elder law practice area? Do you want to increase revenue coming from PPC advertising for your PI practice area? The world is your oyster when setting your objective(s).
Once you’ve set your objective(s), you will want to make sure you have a solid process for tracking leads and monthly revenue. If possible and applicable, it’s best to break down your tracking by practice area. Additionally, you’ll want to make sure you have Google Analytics 4 (GA4) properly set up in order to help with attribution. Having Google Search Console set up is another good tool if your objective has to do with tracking organic search.
The next and final step would be to track your data and begin to calculate your return on objective. There are various ways to approach this, all of which are influenced by your individual goals, so find a way that works best for your firm.
Once all this data is collected, you can more confidently identify what marketing channels are working best for your firm and which could use some improvement.
Want to Learn More About ROO and How it Could Benefit Your Firm?
The team at 9Sail has developed a process for return on objective tracking and are happy to have a further discussion with you and your firm to see how we can be of assistance. Please contact us today to get the conversation going.
