Using Technology to Support Client, Industry, and Competitive Knowledge

Legal Marketing and Business Development executives understand the importance of staying on top of clients, industry trends, and competition. While leveraging the right software can be incredibly valuable, it feels like every week, a sales rep promises that their platform will deliver game-changing insights, and we are missing out by not signing up immediately.

With a glut of tools available to us, how do you choose which ones are right for your firm? Decision fatigue is a reality, so cutting out the noise is crucial when assessing your firm’s needs.

Types of Tools

General Information Tools: Google Alerts is the best example. Add some keywords – for example, your key clients and competitors – and Google will send you an email as often as you like. It is ideal for staying updated on industry news and competitor activities.

Client and Prospect Tools: These tools help us understand relationships better and potentially uncover opportunities. CRM Tools like Clio and Salesforce help track client interactions, communications, and client information. They help you maintain records and support preparation for client meetings, communications, gifting, etc. Tools such as Lawmatics, go a step further by helping to manage client intake, marketing automation, and relationship management, ensuring that no client interaction is missed.

Take this as a warning, whether you use Clio, Salesforce, Lawmatics or another platform, success depends more on process than features. Opting for a simplified approach, focusing on capturing only essential data that drives decisions will dramatically improve your success.

Industry and Competitive Intelligence Tools: For deeper insights into industry trends and competitor activities, tools like Manzama and Zoominfo are great. Manzama aggregates information from various sources, including news articles, blogs, and social media, providing a deep view of the industry landscape. Zoominfo offers detailed information about companies and professionals, making it easier to gather competitive intelligence and prospect for new clients. AlphaSense is a powerful tool that uses AI to search and analyze financial documents, news, and research reports, making it particularly useful for in-depth industry analysis.

Like the other tools, if you opt for one of these, spending time early to fine-tune your needs will improve results and usage dramatically. With competitive intelligence tools, generic settings will produce generic results. If you are not willing to invest time, you likely should not invest resources.

Allocating Resources and Time

When deciding where to allocate resources and time, consider the following factors:

• Firm Size: Larger firms may have the budget to invest in multiple paid tools, while smaller firms might need to prioritize free or lower-cost options.
• Type of Practice: Different practice areas require different types of information. For example, a corporate law firm might prioritize industry and competitive intelligence tools, while a family law practice might focus more on client relationship management or in-take tools.
• Frequency of Use: Some tools, like CRM systems, need to be used daily to keep client information current. Fortunately, much of this can be automated, unlike early systems that required a lot of data management. Others, like the industry analysis tools, might be used less frequently but provide valuable insights for pitches, client monitoring, and opportunities to get involved in industry events when there is a need.

Budget Considerations

Free tools such as Google Alerts are excellent for basic monitoring. They allow you to stay up to date on industry news and competitor activities, but you do get what you pay for.

For smaller firms, low-cost tools like Lawmatics, offer affordable plans that help manage client interactions and track communications effectively.

Premium tools like Manzama, Zoominfo, and AlphaSense, provide comprehensive insights that can justify investment for larger firms or firms with specific needs. These advanced tools offer detailed information about companies and professionals, aggregate industry data, and use AI to analyze financial documents, news, and research reports.

Return on Investment (ROI)

Every one of those sales reps that contact you will explain why their tool is a must-have. The truth is investing in the right tools for your firm can lead to a positive ROI.

• Improving Efficiency: Automating information gathering and client management tasks frees up time for other activities.
• Enhancing Client Relationships: Keeping detailed and up-to-date client information helps in providing personalized and timely services.
• Gaining Competitive Advantage: Access to industry and competitor insights can help your decision-making and strategic planning processes.

Hard-Earned Knowledge

There is little question that all these tools offer something that can help your firm be better but that does not mean they all will. You want to start with and understand your firm’s actual workflows, not the ideal scenarios that the sales rep proposes. Change can happen but sometimes those gorgeous dashboards that no one uses because they require changing longstanding habits end up being a waste of time and money.

Budget realistically for implementation, not just subscription costs. The hidden expense is the internal time required to make these tools effective. And be willing to cut your losses if it’s not working.

While choosing the right tools is essential, taking the time to understand the different types of tools available, how to allocate resources and time, and considering budget constraints, will help you make informed decisions. Whether you opt for free tools like Google Alerts or invest in premium options like Manzama and Zoominfo, the key is to select the tools that best meet your firm’s specific needs and goals.