This series of blog posts describes challenges law firms face with regards to researching new opportunities and target clients. We outline an approach that improves the Business Development (BD) opportunity intelligence process and fuels revenue generation. This approach combines Mind-Alliance consulting and the MindPeer Strategic Intelligence Management System.
This first post in the series focuses on the key challenges.
Law firms face a few common, fundamental challenges when it comes to Business Development (BD) research to gain intelligence about opportunities and target clients.
1. NO STRATEGIC VIEW OF BD RESEARCH
BD directors often cannot systematically determine, based on data, whether the firm is adequately supporting BD pursuits with the required research services. At a strategic management level, they have not assessed the maturity of their BD research capabilities – people, process, technology, data, and governance.
Moreover, they don’t know whether they have enough research analysts around the clock to support a growing volume of BD research support requests.
In this blog post, I will outline some of the ways law library directors and their teams can maximize the value of email alerts and newsletters (aka bulletins) sent to attorneys, support staff, and clients.
UNDERSTAND THE CURRENT AWARENESS NEEDS AND PERSPECTIVES OF YOUR PATRONS
Effective alerts and newsletters are often designed to provide “current awareness” and keep busy recipients informed about news and social media related to topics of interest, client development opportunities, industries, regulatory and legislative developments, and competing firms. Naturally, emails with irrelevant news are seen as a distraction and go unopened. Creating meaningful goals and performance metrics for alerts and bulletins requires understanding the interests and perspective of each patron or group. For example, marketing and business development professionals have much higher-expectations than other patrons. They may want alerts to contain actionable intelligence that results in new business leads for a specific practice area.