This year’s Legal Marketing Association Annual Conference promised to be the premier meeting for legal marketing and business development professionals and did not disappoint. The LexisNexis® InterAction® team had the opportunity to participate in the annual event and be part of the legal marketing conversation. One of the overriding themes in the conference was that firms needed to differentiate themselves in an often-stagnant market. Fortunately, marketing leaders at the conference discussed some easy-to-implement tactics that are helping their firms stay on top.
Standing out From the Crowd
In any industry, adjusting to the ebb and flow of the market can be a challenge. When things get tight, marketing and business development budgets are often the first to get cut, so maximizing available resources is an absolute must.
In order to facilitate growth, successful firms are positioning themselves as trusted advisors to customers and future customer bases. This requires focusing on not just marketing legal services but also positioning their team as thought leaders in their focus area.
Where are firms starting? Legal marketing experts encourage firms to do the following:
- Assess the demand in the marketplace.
- Evaluate how well clients know the firm and the firm knows its clients
- Determine the extent the firm understands the market they are in
- Size up direct competitors
During LMA, a common theme was that tackling the steps listed above requires a comprehensive understanding of your firm’s data and relationships. A CRM solution can help your firm take advantage of both. The right CRM solution provides firms with access to reports that uncover insights on key targets and opportunities. CRM tools also allow firms to more efficiently manage client relationships and see how marketing and business development efforts measure up.
Rapidly Evolving Technology
Another important focus of this year’s conference was emerging technology. Artificial Intelligence, also referred to as “AI,” is disrupting the industry. More than just a buzzword, AI can now be trained to understand context and perform tasks that were once thought possible by only the human brain.
In the legal industry, AI is now being incorporated into HR, cyber security and finance functions. AI allows firms to quickly analyze data and proactively stay ahead of market challenges. Leading firms that embrace AI are reaping the benefits and seeing immediate results.
When it comes to marketing, AI is already providing insights and helping firms determine if they have any cost drains. With close to 60% of Fortune 500 companies utilizing AI, now is the time to get in the game.
As technology in the legal sector evolves, so does our understanding of its power to advance firm marketing and business development efforts. InterAction is proud to be a leader in legal technology and will continue to support advancement within the industry through constant innovation.
Have you reserved your spot for Accelerate?
We started the conversation at LMA around AI and how technology can help you grow your business. We now look forward to continuing that conversation during the 3rd Annual Accelerate Business Development Summit, hosted by LexisNexis InterAction. Accelerate 2018 will bring together business development and marketing executives—across leading law firms—for a series of interactive discussions. We’ll explore best practices driving success and how you can make AI a practical part of your business. Check out the agenda here. We look forward to seeing you there!