Due Diligence is something lawyers know a thing or two about. It is engrained in them from the first day of school. Due diligence includes the reasonable steps taken by a person to satisfy a legal requirement. It is an investigation. The theory behind due diligence is that by doing research the amount and quality of information available to decision makers improves. Lawyers are very good at doing this for clients yet spend little time doing it about clients.
Lawyers spend a lot of time understanding the law – and so they should. However they tend to spend very little time understanding their audience thus missing a valuable opportunity to uncover potential opportunities. There are so many resources available today that lawyers, and as an extension the marketing department, can uncover all sorts of information with a few simple Google searches. If funds are available, using paid services can provide information beyond what is openly available that the competition may be missing.
Prior to meeting with a prospect, use the advanced time to learn more about them as a person, what the company stands for, products and services provided, geography, brand awareness, competition and history. To the same degree, keeping on top of what a client is up to by maintaining due diligence is extremely important. Use the time to build your competitive advantage.
Marketing due diligence is referred to in many ways including competitive intelligence, commercial due diligence or business strategy due diligence to name a few. In the end it is all the same – having the most information available to make decisions. Making the time to get the strategic thinking and planning right will ensure the business side will follow seamlessly and effectively.