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Competitive Intelligence in Law Firms - Where Do They Look to Help Their Clients - An Article From Socialmatica About Targeting Intelligence

Competitive Intelligence in Law Firms - Where Do They Look to Help Their Clients - An Article From Socialmatica About Targeting Intelligence

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a www.socialmatica.com article
a www.socialmatica.com article

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Published by: EricB2204 on Feb 03, 2011
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12/12/2014

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Competitive Intelligence In Law Firms- Where do they look to help their clients?

We found a research report that we thought you might find interesting it involved the evolution of how law firms are leveraging competitive intelligence to serve their clients. During the end of April 2009. Catherine Monte (Vice President of ILTA Knowledge Management) requested NLJ firms to participate in a survey that covered how law firms were approaching CI. The results showed: • 75.4% are performing some type of competitive intelligence with another 8.8% not doing so yet but are in the planning phase • • • • • 12.3% have a formal CI program 39.3% have management or executive committee endorsement 61.5% are seeing the CI request increasing with 7.7% decreasing and 28.2% remaining steady 23.7% are seeing funding for CI increasing with 7.9% decreasing and 55.3% remaining steady 49% of those doing CI research report to the library with 16.3% reporting to marketing, 20.4% reporting to Library/Marketing, 2% reporting to practice group leaders and 20.4% undefined The following are resources which were used in NLJ law firms for CI’ • • • • • • • • • • • • • • • • • • • • Bloomberg Boardex Capital IQ Credit.net D & B GRS Deal Pipeline Debt Market Dialog Google Hoover Incisive Legal Intelligence ISI Lead411 Leadership Directories Lexis Lexis Advantage Lexis Company Dossier Lexis Courtlink Mergent Online Merger Market

• • • • • • • • • • • • •

Newstext Nexis OneSource PACER Reference USA SNL Financial Thomson Financial Services VentureSource West Deal Monitor West IP Monitor West Litigation Monitor Westlaw Yahoo Finance

As I go through the list of resources in this post I am in awe by how many tools lawyers leverage to help their clients. So as marketers how many tools do we use to help ourselves? When I started to list what we use I realized how little we really know about certain parts of the marketplace. Customer CI 1. 2. 3. Companies do a good job defining their target buyer Companies do a good job identifying where their buyers are located on and off-line. Companies do a good job understanding for the most part their buying motivations

Influencer CI 1. Companies do not know who their target buyers refer to in order of priority

2. Companies have very little insight into which channels the Influencers leverage to impact the target buyers 3. Companies have to long a list of potential inflencers to market to

Market/Competitor CI 1. 2. 3. Companies have little insight what their competitors are doing on-line Companies have limited insight into where their competitors are investing their digital/social efforts Companies have zero insight into who is advocating or slamming your competitors

So, they $64,000 question is what impact can knowing the answers to these questions have on the ROI of your digital and social campaigns? We believe with the proper CI you can double even triple the return on your investments on-line. Please let me know what your firm is doing to make sure they are in touch with the pulse of the marketplace. See you on line soon. Jim @jimweldonjr

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