Business Development

Maximizing Your Firm’s Analytics in Business Development

Firms today are facing a variety of challenges: a growing internal pressure to generate revenue, slimming margins in an informed buyer’s market, and increased competition which lends to higher client acquisition costs. The growing solution to solve these challenges is to incorporate data management systems and data-driven marketing campaigns.

According to Martindale NOLO, an estimated 74.5% of firms are tracking lead activity through various tools. Firms that are able to embrace the power of business intelligence are gaining an upper hand and able to accurately measure their efficiencies, profit margins, and value provided to the client.

Is your firm maximizing its data resources to align with your business goals? Here are 4 TIPS and ACTION STEPS to capitalize on your firm’s data:

  1. Market to your target. Even those firms that are successfully tracking their activity still face the challenge of translating that data to a targeted marketing message. By segmenting your firm’s data, you can better understand who it is you are speaking to and their buying motivations. What is their industry sector, job title, demographics or interests? What are their buying patterns, needs, and projected demands in the future? The quality of the marketing message can only perform as well as the data on which it relies.

Take action: Analyze your client data, hone in on your target buyer profile(s), and perform a digital health “checkup”.

  • Review online content including web copy, blogs and social media – is your message on target with the needs of your ideal client?
  • Either internally or through vendors, evaluate website and search engine traffic for visitor trends – are they finding you and staying on the path of the customer journey?
  • Assess trends and patterns in digital ad performance, click through and open rates – are you attracting your target buyer? If not, what changes can be made?
  1. Take advantage of industry insights and indicators. The global economy is rapidly evolving under COVID-19 and it’s becoming critical for firms to stay up-to-date on the industries that they service. Incorporating a sector-based strategy may prove fruitful for some firms, depending on the business objectives. Important key indicators to watch include: current and projected analysis of the industry’s volume and value; trends with key stakeholders and decision makers; industry developments; and emerging regional markets.

Take action: Analyze trends and patterns in your firm’s data to pinpoint industry opportunities.

  • Incorporate a classification method in your lead tracking system, categorizing clients by industry sector.
  • Create an internal reference list of industry-related publications, websites and news sources to follow and stay informed.
  • Take advantage of tools such as Google Trends, Google Keywords Planner and Google Alerts to track industry insights that matter the most to your firm.
  1. Sell your strategy through numbers. With growing competition for work, legal service buyers are coming to the table better informed and with a more discerning eye. It’s up to attorneys and firms to present the same solid case that would be argued in the courtroom. A proposal or pitch that incorporates actionable insights can provide tremendous value to attorneys and firms and ensure longer-term partnerships with a greater likelihood of repeat business.

Take action: Review your firm’s (RFP) proposal workflow and incorporate quantitative data where possible.

  • Illustrate data that showcases successful verdicts and results.
  • Incorporate key insights into firm and team member profiles.
  • Showcase measurable, evidence-based advantages over the competition.
  • Provide data-based reasoning for strategy, timelines, budgets and outcomes.
  • Once a proposal is completed, track every win/loss, reasons, and profile of the client attached to the request.
  1. Refine the client experience and take advantage of real-time insights. Everything – everything – begins and ends with the client experience. Whether it’s a divorce client or a multinational corporation in an M&A, how satisfied are they at the closing of their case? Is there data to measure your firm’s performance, or lack thereof? If so, what did the client attribute to the success or failure?

Take action: Gather and track client feedback and capitalize on the results.

  • Include an exit survey in your firm’s case workflow and track results in a CM, CRM or spreadsheet database.
  • Set aside time on a recurring basis to review the findings, compare with business objectives and incorporate into future marketing campaigns.

While firms can – and should – place value on “tried and true” marketing strategies and word of mouth referrals, those that succeed at incorporating a data-driven approach will remain resilient through the coming years and set a solid foundation for the future.

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