Digital White Papers

MARKETING AND BUSINESS DEVELOPMENT 9 WWW.ILTANET.ORG | ILTA WHITE PAPER Data-Driven Business Development Initiatives: Is Your Firm Utilizing the Complete Value of Existing Assets? Advanced data analytics are enhancing business development and marketing efforts across many sectors. Companies are implementing data-driven content marketing programs and using data to improve the customer experience and identify potential opportunities. Many law firms today are not equipped to leverage all existing data resources –– insight on clients and maers, in particular. This is due to a combination of factors, including IT systems that silo information, a lack of broad buy-in for a data investment and cultural mores that hamper collaboration. Marketing and business development teams use the firm's experience data primarily for request for proposals (RFPs), website content and pitches. Gathering information is typically a time- consuming and reactive process with immediate deadlines. In a highly competitive marketplace, a firm's ability to use and process its data effectively represents a fundamental strategic differentiator and can provide a distinct advantage. Modern firms use data to drive strategic initiatives, assess risk and find opportunities to expand. Intapp recently invited 400 law firms to participate in a survey on the mounting pressures faced by business development teams. The results were clear. Leading law firms are eager to do more with data to devise and inform their business development strategies. How firms face and overcome various roadblocks when approaching business development in a more data-driven way will be the key to their success. Survey Demographics Responses to the aforementioned survey reflect business development priorities and practices at a range of large and midsize law firms. by Jennifer Roberts of Intapp Data-Driven Business Development Initiatives: Is Your Firm Utilizing the Complete Value of Existing Assets?

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