Law firm marketing staff were once devoted to producing slick brochures and pretty PowerPoint slide decks, while business development efforts were focused on a handful of so-called rainmakers. Today, big law firms are investing in sophisticated marketing and business development strategies and professional staff. And the most successful firms are finding ways to use Competitive Intelligence as a competitive advantage.
Eleanor Windsor, Vice President of Client Engagement for LAC Group’s UK division writes about the CI advantage in an article she authored for PM Forum. PM Forum is a community for professional services marketers in accounting, law, management consulting and other professional firms in Ireland and the UK.
She presents a series of questions firms must ask and answer in order to make the most of their Competitive Intelligence endeavors:
- Who are your top competitors in relation to key clients?
- What work are your competitors winning (and you losing) within these organizations?
- Have there been any account management changes that correlate to wins/losses?
- Have your competitors changed their approach to sales, marketing, practice areas or any other relevant aspects?
Skilled researchers know that the best results come from asking the best questions, no matter what the topic or objectives. When you consider your own CI initiatives, make sure your business development teams include people with excellent research training and skills.