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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’
WHAT IS HAPPENING OUT THERE?
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
WHAT IS HAPPENING OUT THERE?
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
WHAT IS HAPPENING OUT THERE?
Enterprise Mobile Apps
Content Marketing
Mobile Sales Enablement
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
CHALLENGES – FOR PROFESSIONAL FIRMS
Difficulties finding reliable dataFragmented dataCRM systems still have low adoption rates Out-dated informationInternal collaboration
CHALLENGES – FOR PROFESSIONAL FIRMS
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
MOBILE – THE BIG SHIFT
18% of tablet purchases will be made directly by
enterprises in 2017
Gartner
MOBILE – THE BIG SHIFT
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
MOBILE – THE BIG SHIFT
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 – 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
THANK YOU
WWW.CONCEP.COM
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