Digital White Papers

I L T A W H I T E P A P E R | K N O W L E D G E M A N A G E M E N T & M A R K E T I N G T E C H N O L O G Y 31 Collecting, centralizing, and analyzing sales data is critical to measuring progress toward goals. How do business development and marketing track and measure the success of various lead generating activities, such as conferences, speaking events, and web content? What are lead conversion rates for each of these activities? Even though it may be difficult to quantify the impact of a particular strategy, assigning values to each type of business development outreach effort is important in order to measure which strategies are more effective in driving business. The key is to start somewhere and refine your process over time. Look at what the data tells you is working. Focus scarce resources on strategies that work over ones that do not. Without capturing and analyzing data, it is difficult for business development teams to demonstrate ROI and get more traction and support. Leverage Data to Help Clients and Deliver Results Salespeople and law firm business development people have a lot in common. In order to sell and increase revenue, we have to know our clients, our competition, and industry trends. We have to have systems in place that keep us in front of our clients, stay connected with them, evolve with them, deliver value and insight, and provide excellent service. Legal data and analytics are critical pieces of the business development puzzle. The combination of internal data sets, Sona Hamilton brings a wealth of experience from the intersection of law and finance to her role as Enterprise Account Executive at vLex. Sona leverages her experience working with law firms and corporate legal departments for over 15 years and her finance perspective to make sure they have access to the right data, analytics, and intelligence to better serve clients and grow their business. Sona can be reached at shamilton@vlex.com such as firm experience, financial data, pricing data, third-party external data sets, and attorney experience data provides a solid foundation for business development teams to get a holistic view of clients, their share of the market, understand and articulate their competitive advantage, spot trends, and proactively advise their clients. Firms that truly believe in using statistics and data analytics to solve problems and invest in resources and design systems that promote collaboration, remove silos, reduce manual data collection, streamline automation, and use structured, normalized data, will have an advantage in an increasingly competitive landscape. These types of investments are critical to moving from a reactive to a proactive business development strategy, responding quickly with accurate data, and filtering through mountains of info to find data that's actionable, relevant, and maximizes profitability. ILTA

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