No one can argue that the legal sector is becoming more sales focused in its approach, in a bid to stay ahead of the competition. C24 recently conducted some research with a number of our legal contacts and clients and it revealed some interesting trends about just how crucial a topic business generation is within the legal sector.
- 87% of legal firms cited the main reason for implementing a business intelligence solution would be to have better visibility of sales and business development information.
- However, 75% of interviewees said that multiple, legacy systems were a blocker for extracting valuable business information out of their organisation.
When asked about what a business intelligence tool would need to look like, 100% of all respondees agreed that:
- Usability of the tool is key
- User-enabled reporting is crucially important, so that all users including sales and partners can run reports themselves without having to call on IT to provide information.
- Integration with existing Practice Management Systems would be required so that users don’t have to use multiple systems to extract data.
Clearly, information is becoming more important for legal firms, helping them to craft their sales strategies and target customer bases. We have produced a simple infographic to map out the findings. So what conclusions have we drawn from the information we collected:
- Legal firms are now recognising that they need to have a good awareness of their client and business data in order to develop effective sales programs.
- Information is a key enabler for making sales: it helps to direct strategy, understand what approaches are most successful, and determine how likely they are to win based on customer information.
- Winning new customers is more important than ever and is one of the top business focus areas for legal firms today.
- Client retention is dependent on providing information quickly to clients, in real-time and on-demand.
- There are unprecedented levels of competition in the market today which is driving sales behaviour within legal firms.
C24 has published a whitepaper which goes into more detail about the role that business intelligence and analytics can play within sales activities for legal firms. The report combines information from our own research and a range of industry sources who are also seeing a marked change within legal firms as they restructure to become more sales focused.