Hook, line and sinker
When pitching current clients or prospects, how do you answer questions like:
- Should we compete for this business?
- What solutions and service strategies should we propose?
- What contents and document attributes should we include in our proposal?
- How should our team prepare for and behave during the interview?
- After the pitch, win or lose, how can we improve our competitive performance going forward?
According to an article in Law Practice Magazine, good market intelligence greatly aids partners who participate in these pitch scenarios.
You want the "big fish" client. You probably want to cast a wider net to catch many "big fish" clients. In order to accomplish this, your marketing department needs the right tools, and market intelligence (MI) is one tool with many purposes that can enhance marketing efforts and make them more efficient. The insights gleaned from actionable intelligence can provide everything from information on prospective clients' litigation matters to trends in targeted industries and more, ultimately distinguishing you from your competition during pitches.
Regular - daily or weekly - intelligence insights can help answer these questions and enhance thought leadership capabilities. These services should be tailored to your needs and curated by analysts who understand your business and have the skills to pull data from news articles, studies, journals and more into a well-articulated briefing.
MI is useful to foster new business development, but can also be used to promote and strengthen marketing efforts by providing updates on existing clients, scoping out the competition, tracking industry and regulatory developments.
This can be as easy as reading a condensed version of "what you must know now" in five minutes during a commute, with morning coffee, waiting for the bus, or in between meetings.
Don't let your next opportunity turn into the one that got away.