Knowledge is powerful, especially for enchaining your law firm’s business development. In the December 2013 LMA Midwest luncheon presentation “How Analytics Drive Successful Business Development,” Peter Ozolin, CEO, chairman and co-founder of Manazama Inc. discussed how, with the right tools, law firms can use knowledge to take action and build new relationships and achieve better business results.
Knowledge can be influential in enhancing business development in several ways, he said, including:
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Influencing strategic decisions firmwide, including marketing, lateral hiring and expansion decisions.
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Helping evaluate the effectiveness of marketing campaigns.
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Directing budgeting decisions, and
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Motivating attorneys.
Thanks to the Internet, we find ourselves in information overload, and unfortunately, the current situation at many law firms is rife with challenges. The task of sifting through and synthesizing information is daunting, and not easily prioritized. Even when that hurdle is surmounted, many firms still find the tools for delivering that data to be inadequate and lacking effective ways to benchmark both data and performance.
Peter recommended several tools that help tackle these problems, including Redwood Analytics, ALM Market View and Manzama Inc. He demonstrated how Manama’s tools address these challenges by providing an interactive interface and implementing effective filters. The tool helps eliminate noise and deliver actionable information, enabling legal marketers and attorneys to monitor issues and analyze trends that may point to business opportunities.
When you’re able to gather and make sense of relevant industry and practice data, you can then act on that data to build relationships with clients and prospects. Content marketing is a powerful way to do so. The concept is hot for marketers worldwide, and law firms are getting on board, pushing out content via web sites and social media. However, with limited time in the day, it’s clear that quality trumps quantity, and a strategic approach to content development is imperative. Referencing a study done in collaboration with Hellerman Baretz Communications, Peter discussed some of the challenges in content marketing, including:
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The need to deploy a strategy that addresses marketing needs
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Discerning how to evaluate the strategic value of content
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How to benchmark the value of that content within a practice or industry.
He provided several keys to creating engaging content that will attract readers and, ultimately, incite them to seek partnership with your firm:
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Think like a journalist, remembering that proximity, impact, usefulness, timeless prominence and conflict are of utmost importance.
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Focus on a niche issue and position yourself as a domain expert with multimedia content.
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Be creative and engage your audience.
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Leverage your successes to build relationships and justify your clients’ buying decisions.
Again, Peter noted the importance of metrics for benchmarking the success of these initiatives, which can include improvements in share of voice, uptick in Google Analytics metrics, more social media followers and engagement, and enhancement to the list of contacts in a CRM system. Establishing and tracking meaningful metrics is a multidisciplinary effort that should involve staff across the firm including IT, accounting, recruiting, etc.
Peter Ozolin is the CEO, Chairman and co-founder of Manzama Inc. He is responsible for leading the company’s strategy and vision. The majority of his career has been spent working with the legal profession in a number of capacities, with the underlying objective of furthering the practice and business development objectives of lawyers and law firms. He can be reached at peter@manzama.com.
Additional credit for the presentation goes to John Hellerman, partner and co-founder of Hellerman Baretz Communications, an award-winning corporate communications agency specializing in content development, reputation management and revenue growth for the world’s leading law, consulting, healthcare and financial service firms.