Competition. It’s the number one barrier to growth, according to the recently released LexisNexis survey, Law Firms in Business Development Transition: Marketing, Business Development and the Quest for Growth.
Besides having to joust with other firms to impress the same collective of prospective clients, survey respondents reported that added hurdles are attorney participation; pricing; lack of long-term strategy; and no accountability.
Despite the challenges, more than half (57%) of the 400 law firm marketing and business development professionals surveyed were optimistic about future growth.
Acknowledging that law firm marketing and law firm business development are two distinct, yet interrelated, tools for success, the professionals responsible for driving firm growth are investing in a variety of solutions. Thought leadership, analytics, blogging and content marketing, social media marketing, and technology such as CRM were ranked in the survey as areas of focus for future investment.
The accompanying infographic published nearby illustrates a short list of the survey’s findings and is this week’s Friday Share.
A copy of the complete survey report in PDF format is available for download with registration. You can also register to view a recording of a webinar that details the survey findings. In addition, a slide presentation of the survey results may be viewed on the Business of Law Blog – New Study: Emerging Story of Law Firm Business Development.
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