The Trend Is Clear. Don't Fall Behind.
A recent CMO survey and LinkedIn post by Christine Moorman, a Duke University Fuqua School of Business professor, should be of great interest to legal marketers. According to the survey of over 350 CMOs, U.S. companies intended to increase their spending to acquire new knowledge and capabilities in marketing by a staggering 113 percent over 2016, doubling the percentage growth in budget allocated from 3.1 to 6.6 percent.
While the marketing budget for training in U.S. firms represents only 3.8 percent on average of the total marketing budget, B2B service firms, which include law firms, expect the largest budgetary increase for creating new capabilities. At 8.5 percent, according to the survey, this spending on new marketing skills outpaces the average 6.6 percent expected increase for all firms cited above.
The question, then, is simple: When you look at your firm, does it match those numbers, or is it going to fall behind in the development of new knowledge and capabilities? Numbers don’t lie. If your firm doesn’t measure up, it may face a declining position in coming years as its competitors spend more on creating real competitive intelligence capability within marketing.These numbers do not include spending on information and research from various databases and publications. As many of the B2B and B2C companies learned over the years, data is not a capability. The capability is in transforming the data into strategic advantage. That’s the marketing capability we teach trainees at the LMA Competitive Intelligence Certificate program.
While budget allocation is the partners’ choice, you can choose whether to gain further training to develop a new marketing capability, like CI, for your firm. In many law firms, a capability in CI still lags behind other service firms, but, if the numbers are telling any story, it is that firms are eager to catch up.
Will you be part of the trend?
Learn more about the 2017 LMA Competitive Intelligence Certificate program, held Nov. 13-14 in New York City. Early bird pricing ends September 15, 2017!
Dr. Ben Gilad, considered a leading developer of competitive intelligence theory and practice in the U.S., is founder of the Academy of Competitive Intelligence and an instructor for the 2017 LMA Competitive Intelligence Certificate program.