P2P

39 I L T A N E T . O R G repository of information about clients, prospects, and referral sources, collects data in an organized fashion that makes it useable across the organization. More than just contact lists, an advanced CRM also gives you the who- knows-who and how strong data is needed by business development, client teams, and lawyers pitching business. Marketing automation platforms house client and prospect information such as leads, interactions, and engagement. Simplistically, what did the client or prospect click on that may indicate need or interest? These actionable insights are then used for personalized, targeted outreach and nurturing to take place. Once again, the marriage between data, technology, and client insights. Paul Roetzer and Mike Kaput, Marketing AI Institute may have said it best, "Next- gen marketers know that to deliver the personalization and experiences modern consumers expect, marketing must become smarter. It must become marketer + machine." Data Drives but Does Not Replace Conversation But to avoid getting all tangled up in our data underwear, when we look at data, sometimes in the absence of context, we forget that we are dealing with real people. And the importance of building relationships with those real people, since those real people are the clients of the firm. Focusing attention on a data-first strategy, must never take time, attention, and resources away from what never changes over time: the need to establish strong, personal relationships. While traditional business development touchpoints (phone calls, emails, lunches, etc.) may seem somewhat obsolete in a digital-first world, these activities are part of relationship building, the importance of which can never be underestimated. Data helps to enrich, target, and direct personal efforts, but it can never replace these efforts. "Send me the analytics so we can talk about it," the client said. Sure, the numbers may drive the story – but clients need to hear, understand, and ask questions via conversations with real people. This brings me to my point: Data can and must drive a conversation – but data does not replace that conversation. Data helps target not just the development of personas but also real people, sometimes individually. Let me give you an example. I collect modern Japanese block prints. Each year at print shows, I visit with two vendors. The first uses past purchase behavior – data based on the collective buying patterns of customers – to organize their booth. The prints they offer for sale are organized by artist name, theme, and price. You are asked what you are looking for when you enter their stand. Based on their prior knowledge of what people might buy, which has influenced how the merchandise is displayed, they can "Data helps to enrich, target, and direct personal efforts, but it can never replace these efforts."

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