Alan Mercer, Business Development Director: UK and Europe | Introhive
As technology’s evolution accelerates, the pace of productivity speeds up and clients’ service expectations rise accordingly.
For professional services firms, an increase in clients who require cross-practice, cross-expertise and cross-border work demands an increase in collaboration, which is often at odds with the sectors traditionally relationship-protective partners and consultants.
However, in today’s competitive environment, improved collaboration is key to profitable growth. Heidi Gardner’s in-depth look at the state of professional services collaboration makes it clear that everyone involved in deeper collaboration benefits. Firms who collaborate more effectively gain a competitive edge, resulting in increased revenues, profitability and improved client…
Is your CRM generating the ROI your law firm deserves?
With 63 percent of law firms reporting user adoption and data quality as their top CRM challenges, odds are the answer is no. If your lawyers and business development team aren’t using the tool, quality customer data won’t get entered, creating a vicious cycle of poor adoption and data that does the opposite of drive new business.
So, how can you correct course and right the ship?
In my experience, it all comes down to your approach to CRM. Instead of thinking about your CRM as a system, you need…
Whilst law firms recognise the many benefits of developing client relationships, efforts are often ad-hoc, tactical in nature, inconsistent, and difficult to measure an ROI.
A dramatically changing business environment, with increasingly complex client relationships, has created an urgent need for greater understanding and a more strategic treatment of key clients.
And even firms where innovative client development initiatives are well planned and executed effectively, a true key account management (KAM) strategy is often not in place.
Below, we explain what key account management is and how you can implement an effective KAM strategy at your law firm.
The three types of intellectual capital which make up the intangible value of a business are its people (human capital), everything that is left when these people go home (structural capital), and the value inherent in its relationships (relational capital).
One of the most valuable assets your law firm has are its relationships. The network of people and companies that represent your leadership team, board, clients, intermediaries, partners, suppliers, and employees constitute your relationship capital. These relationships underpin other types of capital, for example your firm’s reputation, brand, and intellectual property.
However, unlike other forms of capital (think financial…
Relationship intelligence is only as smart as the data behind it. As you build out your contacts, you need to ensure you are collecting the right information to give your business development teams the right data that can help them close deals.
But with only 45% of organisations using CRM to store their lead or customer data, your sales and business development teams could be missing out on valuable relationship intelligence and insights. Not having that data, or a full understanding of your current customers, means you could be losing out on opportunities with organisations you already work with, as…
A well-adopted CRM system can deliver an ROI of as much as 245 percent. So it makes sense that more than 80 percent of the United Kingdom’s top 200 law firms have invested in a CRM tool.
The goal is to help lawyers and business development teams better understand client relationships, spot opportunities, win more work, cross-sell and retain clients.
But a CRM system is only as good as the data it contains. And if your CRM adoption levels are low ROI will remain elusive. And to achieve high adoption levels, there is the often forgotten about cost of…
Friday night, and after a busy week for myself and the family, we decided to order a Chinese takeaway for our dinner.
We’ve used the same local Chinese take-away for a few years now. The food is always nice, the staff are friendly, and they have a speedy home delivery. All things considered, it’s a decent value for my money, once or twice a month.
But it’s the personalised customer service that’s really caught my attention. And, after 10 years helping law firms with client relationship management initiatives, it got me thinking about the lessons the legal sector could…