Aligning technology with client needs to drive business growth
In today’s professional services marketplace, marketing and business development teams find themselves faced with a new set of challenges. Where new clients once came knocking with a seemingly limitless supply of work, firms must become more focused on business development to drive growth.
During a recent webinar, Michael Warren, Vice President at Wilson Allen, discussed the industry’s key challenges candidly:
- Firms have a history of working in silos
- Analytics and reporting have been overly focused on financials
- Risk and intake functions often don’t consider business development needs
- Data that’s captured in other parts of the business often doesn’t feed through to business development
Even more critically, business development is becoming increasingly important at the same time that firms have fallen behind in data and technology to support business development. With all that’s at stake, what’s the answer?
Many strategies for firm growth, but a single solution
Responding to market pressures, firms are implementing a range of growth strategies. Leading firms are focusing on growing their key-clients’ business, while others focus on winning more new clients. Many will target profit gains through efficiency. Firms of all sizes are choosing to expand via laterals and combinations; other firms are increasing cross-border deals with their international network. The one common thread between these strategies? They are all difficult — if not impossible — to implement without connecting the dots between the firm’s systems to leverage the data that exists more effectively.
Instead, Warren suggests that forward-thinking firms that want to succeed in the modern marketplace must devote their resources to vertically integrated solutions to meet all of their business development and marketing needs. He’s identified three key factors that differentiate a successful technology investment:
3 key factors for success when investing in legal technology
- The best options include CRM, relationship management, and experience management capabilities in one seamless and integrated solution
- To avoid disconnected priorities, this solution should align with and support the firm’s growth strategies
- And, in order for deployments to succeed, that solution must also be easy to use and maintain.
>> To learn more about Michael Warren’s strategies, view the recent Wilson Allen webinar “Practical tips to align with client needs to drive growth”.
Vice President, Wilson Allen
Michael Warren has dedicated his career to helping professional services firms successfully implement CRM. In his role the Vice President of Wilson Allen’s CRM practice, Michael helps firms identify the critical success factors for their CRM and then implement simple, practical, and realistic measures to achieve them. He is the co-founder of Stanton Allen, which merged with Wilson Legal Solutions in 2018 to form Wilson Allen. Previously, Michael worked with LexisNexis focusing on InterAction projects and with Tikit in data client services.