Our latest article published in Strategies magazine urges law firms to consider their answer to the following challenge- with flat demand and stagnant profits, market power has moved to the buyer, and clients are using all the tools in their arsenal to keep pressure on law firm rates and billings.
For law firm CFOs looking for savings, the Marketing/BD function — which typically represents 2-3% of law firm operating costs – now offers a tempting target.
If you want to be prepared to explain your firm’s return on marketing investment, start here.
1. Focus: Key Client Marketing
Calibrate Legal’s Marketing Operations Index found that less than 40% of responding law firms aligned their marketing activities by Key Client. For 2018, we predict an increase in major firms’ adoption of Key Client best practices.
2. Measurement: Dashboards, Scorecards, and Integrated Metrics
In future we believe that the most successful law firm CMOs will base their decisions on data, rather than opinion, and will strive to build data-driven marketing cultures within their firms.
3. Data Quality: CRM Data Enrichment
For 2018, we predict that law firms will increase their investment in processes and products that help minimize the manual work involved in keeping CRM data current.
4. Process Improvement: Workflow Systems
This doesn’t mean driving people harder – rather, it’s about improving management of the work their teams take on, by reducing “random acts of marketing” and focusing on highest priority projects.
LMA members can access the full article here.