Technology provides a clear advantage. You can see more of what matters and target your resources with precision. All CMOs dream of technology prowess. BTI research reveals just over half of CMOs dream of the basics—foundational tools to drive BD. AI and advanced analytics will have to wait until CMOs get what they need now, including:
1. An Experience Database
27% of law firm marketing leaders dream of an experience database. These CMOs want to know what the firm has done (and when) so they can pitch clients with relevant and detailed experience. They want a summary of the work, the impact, the industry, the practice, the attorneys—and the outcome. All this is to support the proposal and BD effort and build systematic, easy-to-access knowledge. Some forward-thinking CMOs dream of linking this data to winning proposals to pinpoint experiences resonating most with legal decision makers. Lofty, but a future enhancement.
As we discussed 3 weeks ago, client relationships are the lifeblood of any law firm. 25.5% of CMOs say the ability to map and learn about these relationships is their top technology need. They want to track down the firm relationships so they can pitch a team who knows the client and can garner institutional knowledge. CRM is also one of the few tools enabling CMOs to use past activity to inform the future.
The 2 building blocks of marketing infrastructure above make up over 52.5% of 169 CMOs’ wish lists across law firms. Ideally, firms looking for CRM will use systems with a self-populating feature.
The CMOs who already have the experience database and CRM in place have a completely different point of view. This lucky group is wishing for a wide variety of technology, performance, and productivity boosters including:
BD Tracking and Analytics
Revenue-driving CMOs want to know a lot more about BD. Most firms only track BD hours in aggregate across the firm. Some high-performing firms track BD efforts with both existing and new clients. But 9% of law firm marketing leaders want to track how much time partners are spending on specific pitches. They want to know what is paying off. And, they are trying to spot the high performers early on.
Some CMOs want to track their website’s performance, lead generation, and content usage. They want to use digital analytics to inform their campaigns and drive more focused content. They also want to know: where is the traffic coming from? How often do clients and prospective clients visit? Where do they go and who are they? These are just a few things these digitally minded CMOs wish for.
Most organizations struggle with this. How to make the technology work in unison—one interface, one platform, one intelligent set of high-performance data.
Data Analytics, AI, and Everything Else
Only 5% of CMOs are looking for data analytics and AI, while 8% are looking for competitive intelligence tools. A small number are looking for project management and proposal software.
Thanks, But No Thanks
The biggest surprise is 12% of law firm marketing leaders say their tech wish list is blank. They are fine with what they have.
Technology Troubles? Don’t Be Worried—Yet
The great thing about technology at this stage is firms who still need the basics are not out of the game yet. You can easily leapfrog those in front of you with a clever strategy and the right technology. But, waiting too long will put you too far behind to catch up. Better to find a way to act now—while you can still jump out in front.