Knowing as much as you can about a client, prospect or industry is fundamental to being successful, yet many lawyers jump at an opportunity before understanding what that opportunity truly is. By putting time into research, the insights gained often reveal keys to a successful strategy.
As marketers, we often speak with lawyers who feel there is a new target client or market that is ripe for business development. Their feelings may be based on a hunch, what other firms may be doing, or information that has been shared with them. They want to jump right in, speak to people and deliver packages of material. However, by completing research that is based on analytics and trends rather than assumptions the lawyer will inevitably be in a better place to move on the opportunity.
Problems can arise when a lawyer goes after a prospect without conducting due diligence. Maybe the target is one being pursued by another firm member which can look as though your firm lacks internal communication and teamwork. Perhaps the target would cause conflicts within the firm or the industry is one that firm members know is not profitable. There are many possible negative outcomes that are easily avoided by having your marketing team conduct research.
The cure for unpredictability is to conduct frequent research on your targets. It has been proven that firms that do systematic, structured research on target audiences grow faster and are more profitable. Research saves you time and ensures you have the information needed to be successful. In short, research will help you grow your firm.
It is impossible to know what you don’t know. Developing actionable insights is a game changer for your business development.