Etiometrix™ Diagnostic Services are based on a proprietary methodology in which the genesis of every new client is traced. In most cases, such new clients are the result of multiple exposures to a variety of marketing vehicles and/or individual interactions. Such individual interactions can include those a client may have had with family, friends or colleagues; firm attorneys; and/or other past or current clients of the firm.
Utilization of such an approach allows one to ascertain marketing ROI and related metrics in a much more holistic manner, including for those types of scenarios where ROI is or has not been typically measured. Some examples of these include:
- Results from non-direct activities (e.g., brochures, web site, etc.)
- Situations in which clients have been exposed to the firm via more than one medium
- Situations in which clients come to the firm through word-of-mouth
Further, the Etiometrix methodology incorporates one of the major expenses usually not tracked by traditional ROI approaches — time. For many service businesses, the investment of time spent by sales representatives, account executives, attorneys or anyone charged with generating new revenue, represents one of, if not the single largest business development expense. By capturing this data, marketers at service businesses are able to ascertain the best use of the organization’s human resources.
The data generated through Etiometrix also enables business organizations to compare the effects of not just one marketing vehicle to another, but also of personal networking to traditional marketing, and the contribution to firm revenue by each staff member’s work on specific clients versus his/her work on business generation.
Because Etiometrix traces the origin of every firm client, the ROI metrics obtained are much richer. For example, a single exposure to an ad, an article or a firm attorney may have contributed in part to the obtaining of a particular client, who in turn contributed to the obtaining of additional clients and so forth — sometimes through several generations. By measuring the marketing ROI through such a prism, service businesses gain a clearer understanding of how the marketing and business development phenomena are exponential in nature, and thus which tools (or combinations thereof) work over the short and/or the long term.
Etiometrix also accounts for the relative influence different types of exposures play in influencing a prospect’s decision to actually become a client of a particular organization. For example, preliminary research confirms what we know instinctively to be true — that the personal recommendation of a trusted friend carries more influence on an individual’s decision regarding which business to hire, than does exposure to an ad, an article, a social media posting, etc.
Whereas Etiometrix accounts for exposures to all marketing tools and human interactions, it avoids the trap of comparing dissimilar metrics (e.g., click-through rates vs. seminar attendees vs. magazine circulation vs. page ranking) that often directs legal marketers away from the most direct and critical metric — dollar ROI.
No other ROI methodology offers all of these elements or provides service businesses with the level of comprehensiveness and detail that Etiometrix can.