Think about it. If you specialize in helping parents reach divorce agreements that are good for their children, you don’t want to pay for exposure to unmarried college students. If you practice high-asset estate planning, you’d want your ad to get noticed by higher-income working professionals, not just someone paging through the phone book looking to take revenge on their neighbor. (It happens, by the way. Among the most interesting stats in FindLaw’s annual U.S. Consumer Legal Needs Survey is the small portion of respondents who took action because they wanted revenge. Sadly, that number has grown from two to seven percent of respondents since 2014. Watch your step out there!)
Where was I? Ah yes, the world of offline advertising and the giant question mark that hangs over it all. Well, what if you could target your advertising to just that portion of viewers who were likely to become a client? Say, people over the age of 50 with a household income greater than $150,000? Maybe you could choose only those folks who liked luxury automobiles but who also lived within a certain zip code? After all, there are plenty of people who are online fans of high-end cars, but they don’t all have the income to support that interest.
Take that $15,000 scenario I mentioned earlier. What if you could reach the same size of audience for 10 percent of that cost? And what if you could target your campaign so effectively, you could actually reach fewer people with greater relevance – further driving your costs down? That’s the promise of paid social media advertising and it’s the subject of a white paper FindLaw released late last year.
We did the research for you and it tells a compelling story. When compared to traditional and broadly seen (and very expensive) advertising, there’s really no contest. In fact, when FindLaw analyzed the paid social results of law firms, we found that as little as $10 could get law firm advertisements in front of 1,000 of their target customers. Will all 1,000 of those views convert into clients? Of course not, but that was never the case with offline advertising, either. What social advertising can deliver is unprecedented targeting accuracy at an astonishingly low cost. That’s a combination sure to be attractive to all advertisers.
We researched this paper because we saw what an opportunity paid social media advertising presented to law firms. But we also saw a ticking clock. Other industries have already begun tapping into this power. At the risk of sounding like a cliche, these low prices won’t last for long. As more and more law firms begin pursuing paid social advertising, it’s a safe bet that the math will change – and not in your favor.
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