CMO Perspectives: Karin Conroy Of Conroy Creative Counsel On Where to Assign Your Marketing Budget and Why
An Interview With Kieran Powell
**Audience Alignment**: Ensure your marketing budget aligns with your target audience. For instance, a law firm specializing in corporate law may find more value in allocating resources to LinkedIn advertising, as it’s a platform where many businesses and professionals congregate. In contrast, a criminal defense attorney may see better results by investing in local SEO and Google Ads to reach individuals in need of legal services.
In an age where marketing landscapes are rapidly evolving and consumer behaviors are constantly shifting, Chief Marketing Officers (CMOs) play a pivotal role in steering their organizations’ marketing strategies towards success. With a plethora of channels, platforms, and techniques at their disposal, the decision on where to allocate the marketing budget is more critical than ever. We’re seeking to explore questions like: What factors influence their decisions? How do they balance between digital and traditional marketing channels? What role does data play in their decision-making process? And importantly, why they choose to invest in certain areas over others? As part of this series, we had the pleasure of interviewing Karin Conroy.
Karin is the Founder and Creative Director of Conroy Creative Counsel, an award-winning recognized leader that has cracked the code of smart, sophisticated, and strategic websites for law firms that results in more reach and revenue through strategic branding and positioning.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I began my career working at a small internet cafe in a beach town, learning how to build websites in the days of Netscape and Napster. I eventually started my own agency, Conroy Creative Counsel, and have focused on working with lawyers and law firms. My signature approach combines my education (I hold a MBA from the University of California), my insight developed over several years of leading a corporate marketing team, and my broad experience serving the legal industry.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
All of the mistakes I made early in my career have led to a broad understanding of what type of experience clients need, how to deliver that experience, and also how to filter to find the best clients to work with. I will often look at the information from a potential client and see so many places where I can help their business, but also need to listen to my gut and the red flags. For example, I was contacted by a high-end real estate attorney in Manhattan who claimed to work with all the billionaires — but she was still using an AOL email address. I knew this was a huge red flag, not only for how tech savvy she would be, but also it creates a lot of challenges in basic communication since it’s so unreliable. In the end, I really wanted to help and didn’t listen to my gut and it was a regretful experience.
Are you working on any exciting new projects now? How do you think that will help people?
Yes! We recently launched our Marketing Co-Counsel® program, which is a fractional CMO plan for firms who need consistent, ongoing marketing strategy and support but aren’t ready for a full time CMO. We bring the experience of having a full marketing team on board with all the possibilities at a flat monthly fee.
Thank you for that. Let’s now shift to the central focus of our discussion. Can you share an experience where a unique or unconventional budget allocation led to unexpected success in your marketing campaign?
Yes, we are seeing a lot of success for our clients who are using Google Local Service Ads at a surprisingly low budget. The success stems from their cost-efficient nature, as businesses only pay when a lead expresses genuine interest. Furthermore, Google’s rigorous verification process ensures that clients are connected with trustworthy legal practitioners. This not only bolsters credibility but also generates a consistent stream of leads without the exorbitant expenses often associated with other advertising avenues. As such, many legal professionals have found Google Local Service Ads to be an invaluable asset in their efforts to attract clients in a cost-effective manner.
How do you balance investing in emerging marketing trends versus traditional, proven strategies in your budget decisions? Can you give us an example?
In our work with attorneys and law firms, we prioritize budget decisions by striking a balance between classic, tried-and-true tactics and investments in cutting-edge marketing trends. Our strategy is based on a comprehensive grasp of the marketing funnel, making sure that every detail is taken care of to optimize our clients’ performance.
We start by putting into practice tried-and-true tactics like content marketing, email newsletters, and SEO optimization that have historically produced positive outcomes. These tactics form the cornerstone of our work, contributing to the development of our customers’ online identities and standing in the legal industry.
Simultaneously, we remain vigilant for emerging marketing trends that can enhance our clients’ marketing funnel. For example, we recently integrated chatbots on a law firm’s website, facilitating immediate engagement and assistance to potential clients 24/7. This innovative approach not only increased website conversions but also improved client satisfaction, leading to higher retention rates. By incorporating such emerging trends into the marketing funnel, we ensure that our clients’ strategies are comprehensive and adaptive, covering every stage from awareness to conversion, and ultimately optimizing budget allocation for the best possible outcomes. Our approach aims to keep our clients competitive and relevant in the legal landscape while maximizing their marketing potential.
In what ways has data-driven decision-making influenced your approach to allocating marketing budgets, and can you provide an example of this in action?
Data-driven decision-making has significantly shaped our approach to allocating marketing budgets for lawyers and law firms. By harnessing the power of data analytics, we gain invaluable insights into the performance of various marketing channels and strategies, enabling us to make informed and strategic decisions.
For instance, we recently worked with a law firm that was allocating a significant portion of their budget to traditional print advertising. Through meticulous data analysis, we discovered that the ROI from print ads was diminishing over time, while their online PPC (Pay-Per-Click) campaigns were consistently delivering higher conversion rates and lead generation. This data-driven revelation prompted us to reallocate a portion of the budget from print to online PPC advertising, resulting in a substantial increase in lead generation and, ultimately, client acquisition. By continuously monitoring and analyzing data, we ensure that our clients’ budgets are agile and adaptable, shifting resources towards the most effective channels, thus optimizing their marketing investments.
How do you evaluate the ROI of different marketing channels and decide where to invest more or cut back?
Our approach involves a systematic process that ensures efficient budget allocation.
Firstly, we meticulously track and analyze data from each marketing channel. We measure key performance indicators (KPIs) specific to each channel, such as conversion rates, click-through rates, cost per acquisition, and return on investment (ROI). This quantitative data allows us to objectively assess the performance of each channel.
Secondly, we consider the qualitative aspects, including the alignment of a particular channel with our client’s target audience and goals. We examine the quality of leads generated and the overall impact on brand visibility and reputation.
Lastly, we conduct A/B testing and experiments to fine-tune campaigns and optimize ROI. By comparing the performance of different approaches within a channel, we can identify what works best for our clients and allocate resources accordingly.
Ultimately, our decision-making process involves a dynamic and data-driven evaluation of each marketing channel’s effectiveness, allowing us to adjust our investment levels to maximize ROI while ensuring our clients’ goals are met.
Based on your experience and success, what are the “5 Things To Keep in Mind When Deciding Where to Assign Your Marketing Budget, and Why?”
When deciding where to assign your marketing budget, there are five key factors to keep in mind, each supported by practical examples from our experience working with lawyers and law firms:
1. **Audience Alignment**: Ensure your marketing budget aligns with your target audience. For instance, a law firm specializing in corporate law may find more value in allocating resources to LinkedIn advertising, as it’s a platform where many businesses and professionals congregate. In contrast, a criminal defense attorney may see better results by investing in local SEO and Google Ads to reach individuals in need of legal services.
2. **Data-Driven Analysis**: Base budget decisions on data and analytics. We once assisted a family law firm that was investing heavily in print ads. By analyzing data, we discovered that the majority of their leads were coming from online sources. Redirecting budget towards online advertising and content marketing led to a significant increase in leads, demonstrating the importance of data-driven decision-making.
3. **Competitive Landscape**: Consider your competition and where they are investing. If your competitors are heavily focused on social media marketing and content creation, it might be a strategic move to allocate a portion of your budget to these areas as well. Staying competitive in your marketing approach is vital for maintaining visibility in your field.
4. **Lifecycle Marketing**: Allocate budget across the entire customer lifecycle. It’s not just about attracting new clients; it’s also about nurturing existing ones. For example, we implemented a targeted email newsletter campaign for a law firm that resulted in increased client retention and referrals. This demonstrated the significance of allocating budget for client engagement and retention efforts.
5. **Measurable Goals**: Define clear and measurable marketing goals. If your objective is to increase the number of consultations booked, then your budget allocation should prioritize strategies that directly contribute to this goal. We worked with a personal injury lawyer who set a specific goal to increase consultation requests through their website. By focusing their budget on SEO and conversion rate optimization, they achieved a 30% increase in online consultations within six months.
In summary, when assigning your marketing budget, it’s essential to consider audience alignment, data-driven analysis, the competitive landscape, lifecycle marketing, and measurable goals. These factors, illustrated through practical examples, will help ensure that your budget allocation aligns with your objectives and maximizes your marketing efforts’ effectiveness.
Could you discuss a challenging budget decision you faced, how you navigated it, and the impact it had on your overall marketing strategy?
Certainly, one challenging budget decision we encountered involved a law firm’s allocation of resources between pay-per-click (PPC) advertising and content marketing. The firm was initially investing a substantial portion of their budget in PPC campaigns, which were generating a high volume of leads but at a significant cost per acquisition. Simultaneously, their content marketing efforts were gaining traction, driving organic traffic to their website and positioning them as authoritative figures in their legal niche.
To navigate this decision, we embarked on a thorough analysis of both channels. We examined the quality of leads generated by PPC campaigns versus organic traffic from content marketing, as well as the lifetime value of clients acquired through each channel. It became evident that while PPC produced a larger quantity of leads, the content marketing efforts yielded leads that were more qualified and had a higher potential for long-term engagement and repeat business.
In response, we made a strategic shift in budget allocation, reducing spending on PPC advertising and redirecting those funds towards content creation, SEO optimization, and improving the user experience on the firm’s website. This decision had several notable impacts on the overall marketing strategy:
1. **Cost Efficiency**: By reducing PPC spending, the firm saw an immediate improvement in cost efficiency. They were able to acquire clients at a lower cost per acquisition through content marketing, resulting in a more sustainable and profitable marketing model.
2. **Quality Leads**: The shift towards content marketing led to the generation of higher-quality leads. Potential clients coming through organic channels were more informed and committed to seeking legal services, leading to a higher conversion rate.
3. **Authority Building**: Consistent content creation established the law firm as an authority in their legal niche. This not only improved their online visibility but also enhanced their reputation and credibility in the industry.
4. **Long-term Growth**: Over time, the content marketing efforts created a compounding effect, resulting in a steady increase in organic traffic and leads. This long-term growth was sustainable and reduced the firm’s reliance on costly PPC advertising.
In conclusion, the challenging budget decision to shift resources from PPC advertising to content marketing proved to be a strategic move. It enhanced cost efficiency, generated higher-quality leads, and solidified the law firm’s position as a trusted authority in their field. This experience underscores the importance of a data-driven approach and the ability to adapt marketing strategies to achieve better results and long-term success.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
Amidst the evolving landscape post-COVID, there is a pressing need to provide women in leadership positions, who often juggle career and family responsibilities, with more flexible work options. The solution lies in promoting the fractional CMO role such as our Marketing Co-Counsel® plan, which not only optimizes resource allocation and budgets but also accommodates remote and flexible work arrangements. This approach not only aligns with the changing dynamics of the post-pandemic world but also caters to the specific needs of women in leadership roles, allowing them to contribute effectively without the constraints of a traditional 9–5 office setup.
This was very inspiring. Thank you so much for joining us!
About The Interviewer: Kieran Powell is the EVP of Channel V Media a New York City Public Relations agency with a global network of agency partners in over 30 countries. Kieran has advised more than 150 companies in the Technology, B2B, Retail and Financial sectors. Prior to taking over business operations at Channel V Media, Kieran held roles at Merrill Lynch, PwC and Ernst & Young. Get in touch with Kieran to discuss how marketing and public relations can be leveraged to achieve concrete business goals.
CMO Perspectives: Karin Conroy Of Conroy Creative Counsel On Where to Assign Your Marketing Budget… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.