Gain insight into the hottest marketing technology trends and how these innovations impacting professional services business development. Learn how the wider B2B sectors are evolving their strategies and adopting new technologies for securing, nurturing and building client relationships.
LMA BD SIG - Hottest Marketing Trends Revolutionizing Law Firm BD
1. July 2014 - LMA BUSINESS DEVELOPMENT SIG
MARKETING TECH TRENDS REVOLUTIONIZING
LAW FIRM BD
Mark Power Evan Bruno
Founder Senior Account Executive
Concep Relationship Science
2. OUR DISCUSSION
What is happening out there?
Challenges facing professional services marketing &
business development
Next generation techniques to tackle these
challenges
– Mobile
– Content Marketing
– Marketing Automation
– Relationship Capital
– Ultra-personalization
– Sales Technology Enablement
– Marketing Empowerment
Future gazing
3. WHAT IS HAPPENING OUT THERE?
It’s a sea of content
– Information overload, constant access and endless
communication
– Irrelevance increasing, quality decreasing
Big consumer brands are now publishers
– Taking back audiences (previously lost to social)
Shift from campaign-centric to content-centric
marketing
– Designed for multi-channel / multi-device
Mobile means business people now act like
consumers
– Clients now tech savvy and ‘switched-on’
4. WHAT IS HAPPENING OUT THERE?
Ultra-personalization
– Audiences expecting highly personalized content
experience
Communication is now a BIG driver of business
– Enhances the client experience
– Can deliver a competitive edge for those that get it
right
Organizations continuing to invest heavily in sales
and marketing technology
– Tablets, mobile, CRM and sales intelligence tools
– There are a lot of choices
5. WHAT IS HAPPENING OUT THERE?
Technology innovation is a leading change agent in
the legal marketplace
– Other agents include corporate legal departments
and law firms themselves
Data underpins most marketing activity
– CRM key to success
– CRM central to all marketing system integration
6. $135 B
SPENT ON
CONTENT
MARKETING
IN 2014
67%
OF B2B MARKETERS
CONSIDER CONTENT
MARKETING THE
MOST EFFECTIVE
STRATEGY
78%
OF CMOS
THINK CUSTOM
CONTENT IS THE
FUTURE OF
MARKETING
9 in 10
ORGANIZATIONS
MARKET WITH
CONTENT
27mPIECES OF CONTENT
ARE SHARED
EVERY DAY
43%
OF MARKETERS
ACQUIRED A CLIENT
THROUGH THEIR
BLOG IN 2013
CONTENT CONTINUES
TO BE KING
7. WHAT IS HAPPENING OUT THERE?
Endless marketing
channels and
systems to
consider
8. WHAT IS HAPPENING OUT THERE?
Enterprise
Mobile Apps
Content Marketing
Mobile Sales Enablement
Email
Marketing
Automation
Mobile Event Tech
Visualization
Marketing
Intelligence
Mobile
CRM
Adopted
Adopting
Legal Sector
Social
Time
Expectations
Future
Marketing Tech Hype Curve
CRM
Video
9. CHALLENGES – FOR PROFESSIONAL FIRMS
Standing out in the sea of content
Firms now having to act like publishers
Behavioral change so fee earners prioritize
communications and contribute
Delivering a personalized, consumer-like experience
Adapting firm-wide content for mobile channels and
devices to deliver a slick user experience
Calculating return on investment / return on content
(ROC)
Data and privacy
10. CHALLENGES – FOR PROFESSIONAL FIRMS
Difficulties finding reliable data
Fragmented data
CRM systems still have low adoption rates
Out-dated information
Internal collaboration
11. CHALLENGES – FOR PROFESSIONAL FIRMS
THE COMMON CHALLENGE:
“To deliver highly relevant and
personalized content to the right people,
via their preferred channel and at the
frequency and time they desire.”
13. MOBILE – THE BIG SHIFT
18% of tablet
purchases will be
made directly by
enterprises in 2017
Gartner
14. MOBILE – THE BIG SHIFT
Is Your Firm
Mobilizing?
1/3rd of lawyers
use a tablet
device *
Vast majority
(94%) are
privately owned,
meaning only 6%
firm issued *
* Legal Week Intelligence - 2013
15. MOBILE – THE BIG SHIFT
49% of email is now opened on a mobile device*
* Litmus Email Analytics - Jan 2014
16. MOBILE – THE CASE
Mobility of content – consume / share
anywhere
It’s where professionals and clients
are consuming personal AND
business content
Highly interactive and engaging
brand experience
Perception as innovative / techy
…..it’s a no brainer!
17. MOBILE – NAVIGATING FOR EMAIL
Optimized design
Single layout across all devices
Desktop iPad Mobile
Benefits
• Dependent on audience
• More engaging brand
experience
• Covers all inboxes
• Cheaper to produce
• Faster to market
18. MOBILE – NAVIGATING FOR EMAIL
Responsive design
Multiple layouts across all devices
Desktop iPad Mobile
Benefits
• Works perfectly on iOS
• Will not render in all inboxes
• More expensive to produce
• More flexible for mobile
• Perception as innovative
19. CONTENT MARKETING –
REPLACING CAMPAIGNS?
.
CONTENT MARKETING: WHAT IS IT?
A marketing technique of creating and distributing
valuable, relevant and consistent content to attract
and acquire a clearly defined audience – with the
objective of driving profitable customer action.*
*Content Marketing Institute
22. CONTENT MARKETING – CHALLENGES
Processes can be
overwhelming.
ROI difficult to
calculate.
Only quality content
works.
CHALLENGE FOR LEGAL MARKETING:
Firms need to produce highly technical content
written by LAWYERS.
Difficult to outsource production to 3rd parties.
23. CONTENT MARKETING – RECOMMENDATIONS
Firms must now think AND act like publishers
Embrace principles of corporate journalism
– Content aligned with firm’s strategic priorities
– Enhance consistency, quality, reach and shelf
life of existing content
– Ensure content reaches intended audiences.
Modify firm-wide content to
work across multiple channels
and devices
– Drop the ‘print-first’ mindset
– Achieve a consistent
experience for your
audience
24. RELATIONSHIP CAPITAL – WHAT IS IT?
Relationship Capital - Definition
– Collective network of an organization
– Web of connections to decision makers
accomplished professionals have cultivated and
developed throughout their careers
25. RELATIONSHIP CAPITAL – REFERRALS
Identifying key relationships
– People we know and work with
– Not social networks
– Top 20-25 critical contacts
Tapping into key relationships
– Who do they know
– How do they know them
Value of one referral equals $30,625
– ($1MM revenue/partner/year)(10% revenue
from new biz)(25% new biz from
referral)(3.5 years)(35% profit margin)
FIRM
26. Measurable improvements from sales intelligence systems
– Survey results from over 1,200 Chief Sales Officers worldwide
RELATIONSHIP CAPITAL –
FOR PROFESSIONAL SERVICES
27. MARKETING AUTOMATION –
SOME INSIGHT
MARKETING AUTOMATION - DEFINITION:
Technologies designed for marketing
departments and organizations to more
effectively market on multiple channels online
(such as email, social media, websites, etc.)
and automate repetitive tasks.
29. MARKETING AUTOMATION –
FOR PROFESSIONAL SERVICES
Be wary of marketing automation:
– Client relationships are too important to ‘automate’
– Fee earners know their clients, must be part of the
comms process
A better interpretation for PS:
– Improving marketing efficiency, whilst not decreasing
intimacy
– “Personalized Marketing Automation”
What should be automated:
– CRM data flows
– Client preferences management
– Event workflows
– Content approval
33. ULTRA-PERSONALIZATION –
APPLICATIONS FOR LEGAL
Delivering tailored digital comms for
the individual client
Controlled centrally
Empower partner/relationship owner :
– To determine
Content being shared
Frequency of comms
Who ‘NOT’ to send to
– To contribute:
Add a personal note (e.g.
invitation)
Add commentary (e.g. briefing)
35. SALES ENABLEMENT
Data, intelligence and insight captured and actioned on-the-go
• Sales enablement for law
• Empowering professionals with mobile tools to prepare for
meetings and engage clients, prospects and referral sources
Understand BD content popularity
Capture and track opportunities
Gauge professional engagement in BD
36. SALES ENABLEMENT
BD content to be mobilized:
• Marketing and sales collateral
• Market intelligence
• Experience databases
• Deal alerts
• Attorney biographies
• Client and prospect presentations
• BD pitch books
• Research
• Industry team and practice group overviews
• Sales tools and applications, e.g. AFA offerings
• Etc…..
37. EMPOWERMENT MARKETING –
WHAT IS IT?
Combining the efficiencies of marketing automation
tools with the principles of content marketing
Intuitive digital tools and mobile applications for fee-
earners and client-facing teams to actively conduct
high-value relationship marketing and business
development activity.
EMAIL + WEB + MOBILE + SOCIAL
+ FACE-TO-FACE
38. EMPOWERMENT MARKETING – WHAT IS IT?
CRM
CLIENTS, PROSPECTS & STAKEHOLDERS
CENTRAL
MARKETING✔Template design & Control
✔Brand compliance
✔Campaigns
RELATIONSHIP OWNERS
SOCIALCOMPETITORS
✔Detailed reporting
✔Business leads
✔Personalized Campaigns
Ultra-personalized, One-to-one & Mobilized Content
39. EMPOWERMENT MARKETING –
MARKETING AUTOMATION FOR PS
MARKETING
CLOUD
MARKETING
AUTOMATION
- Consumer
- E-commerce
- Expensive
- Un-personalized
- Consumer content
- Data-driven
- Brand-to-many
- Sophisticated Mktg Orgs
- Fans, not clients
- B2B
- For sales, not BizDev
- Data-driven
- Light personalization
- Total automated
- Non-technical content
- One-to-many
- Customers, not clients
EMPOWERMENT
MARKETING
- High-value Services B2B
- Business & client dev
- Relationship-driven
- Data supported
- Ultra-personalization
- Workflow automation
- Technical content
- One-to-one / One-to-few
- Clients
41. FUTURE GAZING
Professional services will adapt to its own version of
content marketing
– By deploying empowered marketing tools
Custom content experiences for clients
– Corporate branded ‘Flipbooks’ with curated
content
Omni-channel marketing
– Delivering a consistent communication and brand
experience across channels and devices
Taking back audiences from social channels
– Creating closed communities who interact with
firm content
42. FUTURE GAZING
Big Data for PS BD – crunching data from extensive
marketing and CRM touch points
– Delivering insight in the client journey and
engagement
Mobilized CRM for professionals and clients
– Making it easier, immediate and more automated
Sales enablement tools for BD and cross-selling
– Gamification of BD / CRM activities
Video to become mainstream in B2B