By Marcie Shunk, President & Founder of The Tilt Institute
Competitive intelligence (CI) can take your firm’s business development to the next level. Here, Marcie Borgal Shunk, founder and president of the Tilt Institute, shares the top three reasons why CI matters for law firm sales:
1. Eliminate guesswork
Experimentation can be expensive, as can pursuing multiple paths to please the masses. Ditch the field of dreams approach and sideline the “spray and pray” model in favor of a more targeted approach. CI helps take the guesswork out of pursuits, targeting dollars for greater impact.
2. Deliver more value to clients
Anticipating trends in clients’ businesses and needs is a high-value activity that defines the most coveted relationships. CI is essential to shed light on what factors are transforming client industries and the organizations themselves. This approach works best in partnership with lawyers who can translate trends into relevant, actionable recommendations and advice for clients.
3. Define your unique competitive advantage
Rare is the law firm that accurately captures its value proposition in a way that resonates with clients. CI can produce an objective analysis of competitive attributes to delineate — and quantify — how your firm compares to other firms on metrics, ranging from leverage to deals closed to time to settlement. As CI tools continue to become increasingly sophisticated, so too will firms' ability to objectively demonstrate their competitive advantage.
Editor's Note: This article originally appeared in the September/October 2018 issue of Strategies magazine. For more great thought leadership, LMA members can access the Strategies magazine digital archive.
Marcie Shunk is president and founder of The Tilt Institute, specializing in helping clients make better, more informed decisions based on insights, intelligence and intuition. Marcie helps law firm clients position themselves ahead of changing markets. She is a recognized leader in competitive intelligence, client relationship dynamics and the business of law.
Marcie is an outspoken proponent of change and shares her unique perspectives as a regular contributor to such recognized publications as The American Lawyer and The Legal Intelligencer.