Bail Agents: 10 Questions To Ask Yourself Before Planning for 2013
- January 05, 2013
- by Kimberly Faber
- Business Tips
Throughout the year there have been ongoing discussions on setting business goals, honing in on effective marketing strategies, and determining the best ways to increase business and revenue in 2012. As you develop plans for 2013 for your bail agency, it’s important to take some time to look at what you’ve learned in the past year. By closely evaluating what has and has not been working, identifying opportunities for improvement, analyzing the effectiveness of your marketing investments, and making note of big achievements, you may discover new ways to grow your business in 2013.
Here are a few questions to ask yourself before you begin planning for the 2013 calendar year:
1. Did I experience an increase or decrease in revenue this year?
Once you have final numbers for 2012, set aside some time to compare them with those from 2011. If you’ve experienced an increase in revenue, look at what you’ve done differently over the past year. Is your advertising and marketing budget invested in new arenas? Have you worked on maintaining a higher level of customer service? Try to identify definitive causes of your revenue increase and pledge to maintain those areas throughout the next year.
If you experienced a decrease in revenue, take a closer look at differences in spending and investments that may have affected this year’s revenue. First, identify if your firm spent significantly more than last year, and second, look into possible ways to cut costs. When looking at how your spend affected your revenue, be mindful of what costs and expenses were unnecessary as well as those that were unavoidable.
Tip for 2013: Set a reasonable and achievable revenue goal for 2013 and put together a few strategies you can implement in order to achieve that goal. Whether it’s through cutting costs, investing in a new marketing strategy, or finding new ways to personally reach out to potential clients, deciding how exactly you will strive to reach that goal will help you stay on track as the new year progresses.
2. Where have I invested my money?
Taking a look at where your money is being spent is just as important as taking note of where it’s coming from. Set some time aside to mull over your various investments, budgets, and spending plans. You might want to consider looking at your total spend versus your total income and see if the ratio between the two is acceptable for your business. Additionally, taking a look at each aspect of your budget individually will give you a better sense of where you can cut costs and where further investment may be worthwhile.
Tip for 2013: Focus on cutting small expenses. If you maintain monthly subscriptions to applications, services, or publications, look into prepaying for the 2013 year. Many services offer discounted rates when the year’s fee is paid up front. Though the savings per month may seem negligible, the mantra “every little bit counts” exists for a reason!
3. Where are my clients coming from?
Before delving into the specifics of your marketing plan and advertising expenses, it’s important to have a concrete sense of where your business is coming from. Hopefully you’ve been tracking this throughout the year and are able to calculate what percentage of your clients are finding your business through each individual advertisement.
Identify what percentage of your clients are coming from:
- Word of mouth advertising
- Attorney and professional referrals
- Yellow Pages, newspaper, magazine, and print ads
- Billboard and poster advertisements
- Local search listings on Google (listings with the red balloons on the map)
- Online directory and network listings
- Your website
Once the information is gathered you’ll have a stronger indication of how to shape your marketing plan for 2013. For example, if you discover that the majority of your clients are finding you via word-of-mouth, then you’ll know to focus on maintaining a high level of customer service throughout 2013. In contrast, if only a handful of clients are finding you through a magazine ad, you’ll know that it’s time to look further into that advertising opportunity and whether or not the cost is worthwhile. Gather as much information as possible on how your clients are getting connected to your business.
Tip for 2013: Online search is now the main method people use to find products and services. When asking your clients how they found your agency, don’t be afraid to press for specifics. Don’t settle for an answer as broad as “The Internet” or “Google”. Asking clients what specific website they found you on or if they called from your local search result listing will give you more useful data. If you’re not comfortable doing this at the initial point of contact, try getting more information at the end of your interactions with the client.
4. Is my marketing plan getting me a return on my investment?
A Return on Investment percentage is a calculation that shows how much profit you are getting from an advertisement. Many bail agents focus on the total amount of business that they’re getting rather than what aspects of their marketing strategy are paying off. You may feel comfortable with your current spend and revenue stream, but a healthy marketing strategy constantly evolves. An advertisement that once made up the bulk of your business may now only count for a small portion of your referrals, so it’s important to take a closer look.
To calculate your Return on Investment (ROI) percentage for a specific ad, subtract the total cost of the ad from the total profit of the ad. Divide the result by the total cost of the add. This one or two digit number is your ROI percentage. The higher the number, the larger the return on your investment is for that opportunity.
For aspects of your marketing plan that have a low ROI, look for ways to improve the opportunity. If it’s a directory or network listing, find out what you can do to better optimize it and attract more clients. If you want a higher ROI from your website, consider a redesign or making the interface mobile-friendly. In addition to improving low ROI investments, consider investing further into opportunities that are getting a higher return on investment.
Tip for 2013: Try something new! Write a guest post for an industry blog to get more exposure. If you’ve already been published, add publication links to your website. Host an appetizer and cocktail party for local attorneys to educate them about the services you offer and increase your professional network. Whatever you choose to do, try to find a new way to get exposure to both your peers and potential clients.
5. Do I have a solid web presence?
A solid online presence generally consists of three things: a great website, a good local search ranking, and listings on numerous respected networks and directories. To determine if you have a solid internet presence, ask yourself the following questions:
1. Is my website professional? When was the last time I updated it?
A professional, easy to navigate site that is strictly devoted to your bail agency is a key element of your web presence. An ideal site will have minimal movement, the business phone number at the top of every page, a concise URL, and many other elements. If it’s been a few years since your website was updated, add that to your goals for 2013.
2. Am I ranking in local search results? Have I claimed and optimized my listing?
According to recent estimates, over 70% of consumers search for products and services through a location-based search. What does this mean for you? Nearly two-thirds of your potential clients are searching for bail agents through an Internet search of: “(your city or state) bail bonds”. Essentially, if you’re not ranking in local search results for bail bondsmen in your area, your advertising isn’t reaching nearly half of your potential clients. Make sure you claim or set up your listing and optimize it for best results.
3. Am I listed on industry-related networks and directories?
It’s important to maintain business listings on various networks and directories, but your focus should be on those that are relevant to the bail industry. The more specific the listing is to bail bonds the more likely you are to get a return. Networks and directories can also have an effect on your search rankings; although the return may not be direct, these listings can have a positive impact on your overall web presence.
Another way to evaluate your web performance is to calculate your agency’s ROI for all web-based advertising and search engine optimization services. If your ROI is low and you’re not sure how to improve your presence, consider having an internet marketing professional evaluate this aspect of your marketing strategy.
Tip for 2013: Make sure your website is mobile compatible or has a mobile interface. As location based searches dominated 2012, searching for products and services on mobile devices is on the rise and will continue to climb through 2013. To keep up with this development, make sure that your website can be viewed on smartphones, tablets, and other mobile devices. If your website is not mobile compatible, your main options are to: 1. Pay a service to convert it for you, or 2. Commit to a site redesign and ensure that mobile compatibility is incorporated. If you’re considering a redesign within the next year or two, the second option is probably your best bet.
6. Am I an active association member? Did I attending conferences and take advantage of education opportunities?
As technology evolves, laws change, and issues like pretrial release shape the bail industry, it’s important to stay educated on the latest trends and news. If you attended conferences and association meetings this year, take a few minutes to write down what you learned. Take note of anything that can potentially affect your business in 2013 and look at any techniques or products that should be incorporated into your business strategy.
Tip for 2013: Commit to attending at least one conference or seminar. With state and national associations, there’s plenty of opportunity to attend events. Select a conference or educational seminar and commit to attending. You will likely benefit from networking opportunities, other bondsmen sharing their strategies and experiences, and from vendors showcasing tools and technologies that help bail bondsmen run their agencies more efficiently.
7. Do I utilize free resources?
A free resource can be anything from social networks like Facebook, LinkedIn, and Twitter, to applications like Google Apps (email, documents, spreadsheets) and eHour employee timesheet tracking. Social networks can be used to advertise to potential clients, stay connected with past clients, and interact with other industry professionals for tips and advice. Applications like Google Apps and eHour provide cost-free solutions for tracking hours, scanning and storing receipts, generating documents and spreadsheets, filing, and more. If you’re not utilizing free resources you may have unnecessary expenses.
Tip for 2013: Replace costly applications or products with free resources. If the time has come to update your computer’s office software suite, test free downloadable and web-hosted solutions before purchasing an upgrade. If you utilize an application that has a monthly subscription fee, search the web for a comparable application that is cost-free. Small savings can go a long way.
8. Are my employees happy? Am I happy with my employees?
Have there been any issues with customer services, intra-office conflict, or an employees not following protocol? Has someone really stepped up? The end of the year is a time to address any issues, offer praise and thanks, and evaluate opportunities to reward employees. Identify any changes you would like to see implemented by your employees and don’t forget to ask for feedback.
Tip for 2013: Set up a review with every employee. Take the opportunity to address any issues or concerns you have with the individual and offer praise and thanks where it is warranted. During the reviews, ask your employees for feedback. This can help you determine what processes within your agency can be streamline and if there are any requests or changes that can help keep your employees happy.
9. Have I met my overall business goals?
Now that you’ve looked at several aspects of your business’s performance, take a look at the goals you set for your agency in January. Celebrate the goals that you have met and take note of ways meeting those goals have changed your business. If there is any overflow of goals you weren’t able to meet, take some time to look into why those goals were not achieved and find ways to refine them for 2013.
Tip for 2013: Set reasonable and achievable goals for your business. Take, for example, the goal to make more money. What constitutes more money? Is a $1 increase in revenue enough to satisfy that goal? Is a 200% revenue increase achievable? As you set your goals for the coming year, make sure that they are attainable and that you have a system for how you will measure that goal.
10. What do I want to focus on in 2013?
There are an infinite number of ways to improve your business in the coming year, and maybe some of the things you’d like your business to focus on don’t fit into a yearly goals. If there are other ways you’d like to improve your business, select two or three things you’d like your agency to focus on. If you want to spend some time giving back to the community, keep up with opportunities to volunteer. If you want to focus on team building, talk to your employees and find out what company events and activities will help bring everyone closer. You may find that some of your major focuses will be more applicable to you individually rather than the company as a whole. Whatever the focus is, commit to making a positive change for yourself and your agency.
Tip for 2013: Focus on delegating tasks. Whether it’s filing paperwork, looking into advertising opportunities, or managing social media, identify tasks and responsibilities that can be handed off to other members of the agency. If it’s an ongoing task, be sure to discuss the opportunity and expectations before asking the person to take it on. When delegating tasks, always make sure you are available for questions as the person adjusts to new responsibilities.
With legislation changes, technology and product advancements, marketing plans, and multiple employees, bail agents have plenty to keep up with. Taking the time to plan and form strategies for 2013 will allow you to focus on other issues that pop up unexpectedly while remaining confident that you are working toward achieving your goals. Hopefully these questions have provided some guidance and helped you get a better idea of where you’d like to see your bail agency this time next year.
Further reading:
- 10 Free Business Tools for Bail Agents
- 50 Actionable Tips for Online Marketing Success
- 8 Bail Agent Resolution Tips for the New Year
- 5 Mid-Year Check In Tips for Bail Agents
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