lma bd sig - hottest marketing trends revolutionizing law firm bd

July 2014 - LMA BUSINESS DEVELOPMENT SIG

MARKETING TECH TRENDS REVOLUTIONIZING LAW FIRM BDMark Power Evan BrunoFounder Senior Account ExecutiveConcep Relationship Science

OUR DISCUSSION

What is happening out there?Challenges facing professional services marketing & business developmentNext generation techniques to tackle these challenges

Mobile Content Marketing Marketing Automation Relationship Capital Ultra-personalization Sales Technology Enablement Marketing Empowerment

Future gazing

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-deviceMobile means business people now act like consumers

Clients now tech savvy and ‘switched-on’


Ultra-personalization Audiences expecting highly personalized

content experienceCommunication is now a BIG driver of business

Enhances the client experience Can deliver a competitive edge for those that

get it rightOrganizations continuing to invest heavily in sales and marketing technology

Tablets, mobile, CRM and sales intelligence tools

There are a lot of choices


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

$135 BSPENT ON

CONTENT MARKETINGIN 2014

67%OF B2B MARKETERS CONSIDER CONTENT

MARKETING THE MOST EFFECTIVE STRATEGY

78%OF CMOS

THINK CUSTOMCONTENT IS THE

FUTURE OFMARKETING

9 in 10ORGANIZATIONS

MARKET WITHCONTENT

27mPIECES OF CONTENT

ARE SHAREDEVERY DAY

43%OF MARKETERS

ACQUIRED A CLIENT THROUGH THEIR

BLOG IN 2013

CONTENT CONTINUES TO BE KING

WHAT IS HAPPENING OUT THERE?Endless marketing

channels and systems to consider


Enterprise Mobile Apps

Content Marketing

Mobile Sales Enablement

Email

MarketingAutomation

Mobile Event Tech

Visualization

Marketing Intelligence

Mobile CRM

Adopted

Adopting

Legal Sector

Social

Time

Exp

ect

atio

ns

Future

Marketing Tech Hype Curve

CRM

Video

CHALLENGES – FOR PROFESSIONAL FIRMS

Standing out in the sea of contentFirms now having to act like publishers Behavioral change so fee earners prioritize communications and contributeDelivering a personalized, consumer-like experienceAdapting firm-wide content for mobile channels and devices to deliver a slick user experienceCalculating return on investment / return on content (ROC)Data and privacy


Difficulties finding reliable dataFragmented dataCRM systems still have low adoption rates Out-dated informationInternal collaboration


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.”

MOBILE – THE BIG SHIFT


18% of tablet purchases will be made directly by

enterprises in 2017

Gartner


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


49% of email is now opened on a mobile device** Litmus Email Analytics - Jan 2014

MOBILE – THE CASE

Mobility of content – consume / share anywhereIt’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!

MOBILE – NAVIGATING FOR EMAIL

Optimized designSingle layout across all devices

Desktop iPad Mobile

Benefits• Dependent on audience• More engaging brand

experience• Covers all inboxes

• Cheaper to produce

• Faster to market

MOBILE – NAVIGATING FOR EMAIL

Responsive designMultiple 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

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

CONTENT MARKETING – DESIGNED FOR MULTI-CHANNEL

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.

CONTENT MARKETING – RECOMMENDATIONS

Firms must now think AND act like publishersEmbrace 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

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

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

Measurable improvements from sales intelligence systems– Survey results from over 1,200 Chief Sales Officers worldwide

RELATIONSHIP CAPITAL – FOR PROFESSIONAL SERVICES

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.

MARKETING AUTOMATION –WHAT IS IT?

Marketing Cloud vs Marketing Automation

MARKETING CLOUD

MARKETING AUTOMATION

• Consumer

• End-to-end customer journey

• E-commerce

• Expensive

• Un-personalized

• Data-driven

• Brand-to-many

• Sophisticated Marketing Orgs

• Fans / customers

• B2B

• For sales, not BD

• Sales journey

• Data-driven

• Personalized for segment

• One-to-many

• Customers

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

MARKETING AUTOMATION –FOR PROFESSIONAL SERVICES

ULTRA-PERSONALIZATION – THE CASE

Q1 2014 Open Rates Per Sector

ULTRA-PERSONALIZATION – THE CASE

Personalization and relevance go hand-in-hand

ULTRA-PERSONALIZATION –APPLICATIONS FOR LEGAL

Delivering tailored digital comms for the individual clientControlled centrallyEmpower 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)

ULTRA-PERSONALIZATION - MOBILE ENABLEMENT

Client comms on the go - consume, curate and share.

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

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…..

EMPOWERMENT MARKETING –WHAT IS IT?

Combining the efficiencies of marketing automation tools with the principles of content marketingIntuitive 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

EMPOWERMENT MARKETING – WHAT IS IT?

CRM

CLIENTS, PROSPECTS & STAKEHOLDERS

CENTRALMARKETING✔Template design & Control

✔Brand compliance✔Campaigns

RELATIONSHIP OWNERS

SOCIALCOMPETITORS

✔Detailed reporting✔Business leads✔Personalized Campaigns

Ultra-personalized, One-to-one & Mobilized Content

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

EMPOWERMENT MARKETING–CLIENT EMPOWERMENT

FUTURE GAZING

Professional services will adapt to its own version of content marketing

By deploying empowered marketing toolsCustom 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

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 activitiesVideo to become mainstream in B2B

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