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Law Firm Growth Podcast
The Paradox of Scaling
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You’ve probably never been asked this question before.
It’s a bit strange without context, but an important concept to grasp nonetheless.
So the question is…
If you were hungry, would you rather eat 100% of a grape or 75% of a watermelon?
In this scenario, just about everybody would pick a watermelon since it’s more food, after all.
So what the heck is the point of asking this question?
Well, think of the grape as referral marketing, and think of the watermelon as paid marketing.
Referrals are only a small percentage of what’s out there, so relying solely on referrals to scale your practice can be a bit challenging.
None of the largest firms in the country scale without some form of paid marketing.
Those firms understand that the more they make on their services, the more they can spend to acquire new business.
In this week’s podcast, Jan discusses the mindset and approach necessary to grasp the nuances of scaling, and why you can’t have a customer acquisition cost that’s higher than your LTV.
There’s much more to learn in this episode about structuring the framework of paid marketing in your firm, so tune in now!
In this episode:
- 0:43 - A quote from one of the all-time greats
- 2:20 - Breaking down the numbers
- 4:43 - The “auction” algorithm behind scaling
- 6:38 - Circling back to LTV
- 9:12 - Referral based practices
Jan Roos is the founder and CEO of CaseFuel agency, which helps law firms generate revenue through pay-per-click advertising. He is a legal marketing expert and is the author of the bestselling book, Legal Marketing Fastlane. It talks about PPC lead generation, a technique used to generate client leads for big and small practices.
If you liked this episode, please don’t forget to subscribe, tune in, and share this podcast.
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