How market intelligence can help your business development
In marketing and business development, information can be a powerful tool. For law firms especially, it's important that they not only be seen as thought leaders in their practices, but also use information to attract clients. Below are a couple of ways to use market intelligence for that purpose:
Nurturing a prospective client
Jim Bliwas wrote in his B2B News Network article "7 proven management, marketing concepts law firms keep ignoring" that the time before a client makes a decision could be used to create a dialogue – on the client's own terms. This process can be helped by the lawyer's knowledge about their client's industry, company, etc.
Bliwas said his team has worked with lawyers who have successfully generated business through "FYI Marketing," or sending an email with a link to an article that could be interesting for a client prospect. While this won't accelerate the sales cycle, it will keep them at the top of the prospect's mind when they need legal representation, he noted.
Finding your edge
A lawyer's understanding of an industry could help leverage their law firm's "edge" when attracting clients. With market insight, a lawyer can more clearly see their own strengths and weaknesses as compared to the competition. This can translate into more effective strategy in generating business.
For all the uses of market intelligence in business development, it's important to keep in mind that information is most powerful when used at the right time and place.