Every small business owner knows the importance of marketing and some are wise enough to document and measure against a plan. Outside of measurement, perhaps one of the most overlooked aspects of marketing in small law firms is allocating a marketing budget. Some lawyers just wing it. Others have no plan. Below is a streamlined way to allocate aspects of a marketing budget for your firm.
Disclaimer #1: not every marketing tactic in the universe is applicable to your practice.
Disclaimer #2: the list below is not intended to be all-inclusive.
Disclaimer #3: without a clear marketing strategy, tactics (e.g., developing a website that people can find, referral groups) are disconnected and inefficient.
Overall Marketing Budget Rule of Thumb: spend between 3% and 15% of your gross revenues per year, depending on your practice area(s), how long you have been in business, and your business objectives. Ideally, the longer you are in practice, the less of a percentage you need to spend on marketing.