Client Intelligence Services
The Importance of Business Development Intelligence
Business development is one of the primary keys to success. However, it can also be incredibly challenging. Busy professionals are tasked with significant demands on their time, and for them, time wasted is money lost – literally. As a result, what many professionals say they want is to have business development made easier, less time consuming and more effective.
Effective Business Development = Information + Preparation
Effective business development requires preparation. Professionals have to take time to gain a solid understanding of a client’s business and industry to identify opportunities to advise and assist clients. But because they are busy with multiple priorities, sometimes professionals aren’t able to devote enough time to prepare thoroughly, which can result in missed opportunities – and lost clients. This level of preparation requires information – but the information must be synthesized to aid in quick and efficient preparation.
Resources
Historically, not all firms have had the time or resources to provide the information needed to properly support attorney business development efforts. Dedicated full-time, or even part-time, competitive intelligence professionals were often a luxury. When needs arose, some firms delegated information-gathering to the library. The result was often volumes of data, but not necessarily the analysis needed to make the intelligence actionable. Other firms relied on the marketing department for help. But as firms’ business development focus has increased, so has the demand for information, meaning more marketing staff had to be pulled away from other strategic projects.
The Solution – Client Intelligence (CI)
Good intelligence starts with good people. Among our Client Intelligence team members are analysts, attorneys and professionals with backgrounds in law, competitive intelligence and business development. They possess a wide range of education and experience and are well versed in research methodologies, allowing them to quickly locate the information needed to turn prospects into clients.
At CLIENTSFirst, we work with our clients’ schedules. We are available full- or part-time or to assist with individual projects or provide supplemental CI support to free up key marketing personnel for other strategic pursuits. We can also accommodate the quick turnaround sometimes required to meet last-minute deadlines. Most importantly, our team functions as a part of your team, scheduling regular status calls and providing detailed progress reports to keep you informed.
The Right Information….at the Right Time
By using the CLIENTSFirst Team, you can get the Client Intelligence you need – without a significant investment in staff or resources. Whether the goal is to expand opportunities with current clients, target new prospects, enhance the success rate of pitches and RFP responses, evaluate lateral hires or develop a niched industry practice, we can provide the information you need to succeed when you need it including:
Strategic Company Intelligence Reports
The first step in business development success is to learn all you can about the potential client: their current situation, future plans and long-term goals and the challenges and concerns they face. Our strategic company reports provide you with relevant company information including:
- Legal trends and current representation in areas including litigation, deals and intellectual property
- Information on executives, officers, directors or board members to help make personal connections
- Background history and future plans
- Strengths, weaknesses, opportunities and threats
- Current products and services as well as research and development for future offerings
- Revenue, finances and funding
- Ownership and related business entities
- News and business information
- Mission statements, corporate responsibility, community outreach and other company values
Strategic Industry Intelligence Reports
Key data on a client or prospect’s industry can also provide insights into opportunities for representation. Our reports can provide relevant industry information including:
- Legal trend and representation information in areas including litigation, deals and intellectual property
- Industry codes, overviews and descriptions
- Leading companies and competitors
- Business challenges and opportunities
- Growth predictions
- Financial information and sales and revenue prospects
- Brand and product segmentation
- Executive insights into the industry
- News and events
- Forecasts and trends
Client Intelligence (CI) Consulting
While it may sound counterintuitive, effective business development often requires less, not more, information. Relevant research needs to be synthesized into actionable intelligence that allows professionals to quickly spot and act on opportunities to provide legal services. Of course, since each professional may want different information, our analysts consult with you to learn:
- The practice of the professional
- The reason for the information request
- The nature of potential engagements
- The relationships and key parties involved
- Desired outcomes
- Timelines or deadlines for delivery
