if you want loyal clients you need crm xrm4legal 2015 update 1
Post on 21-Jan-2017
407 Views
Preview:
TRANSCRIPT
xRM4Legal 2015 Update 1
Business Developers
Professionals
Marketing team
Growth
Increased revenue
Increased competitiveness
Enable staff to grow careers
Build book of business
???
• Keep your best clients / stop them jumping ship to your competitors
• Transform your top clients into loyal clients
• Help your clients think forward – enable your business units and staff to stay a step ahead of your clients
• Client Lifecycle Development – find the right clients, treat them right, grow them into loyal, long-term clients
• Capitalize on Alumni – grow relationships, open doors, increase referrals
• Capture a market segment – or beat the competition to a new market segment. Be there first to be best known
• Increase the client pool – don’t be dependent on two or three big clients (or two or three biggest practice areas/ “rainmakers”)
• Deliver outstanding client service – be the best and known for it
• First to know (e.g. Lobbying firms)
For many firms increasing client loyalty and increasing your pool
of best clients is a very viable CRM objective
80:20 rule – 20% of the firms clients account for 80% of firm’s
revenue
CRM requirement: 1st year grow 20% to 20.5%
• Extended firm / market intelligence
• Delivers pipeline, budget and forecast dashboards
WHAT IS IT?
• Create long-term value, not by today’s revenue but RFM –
Recency, Frequency, Monetary
ALLOWS USERS TO
• Drive firm-wide client insights to generate new
revenue / fees / retainers
• More precisely identify and target key clients / prospects
FIRM BENEFITS
• Rapidly configure views and searches of CRM data
• Expose this data to firm-wide access and review
WHAT IS IT?
• Understand business unit, areas of expertise, industry,
geography, current trends, emerging opportunities
ALLOWS USERS TO
• Configure audience-specific engagements and client
events / subscriptions with CRM data
• Access information, deliver to those who need it
FIRM BENEFITS
• Integration with social and business network media and
websites for up-to-date access to company and contact
details
WHAT IS IT?
• Be automatically alerted to contact job and role changes;
client company ownership, revenue, employees, contact
details and more
ALLOWS USERS TO
• Automatic CRM updates. Deliver the latest information to
users that enables immediate client action and response
FIRM BENEFITS
Client’s business
Corporate family tree
Competitors
Industry
Competitive intelligence – other firms
News – legal, business, market, industry, personal
Trends
People (who’s in, who’s out)
Referrals
Take you to new employer
Relationship networks
Social and business networks
Projects, outcomes, alumni
Responsiveness to your firm (mailings, events etc.)
• Corporate project and knowledge base with firm specific
productivity customizations
WHAT IS IT?
• Ensure enough staff in your firm know clients so well, and
in such depth, that you never need to be taught their
business
ALLOWS USERS TO
• Institutional knowledge of clients pushes their switching
costs too high; they become “clients for life”
FIRM BENEFITS
• Enriched reporting in CRM – one pagers / taxi packs,
dashboards, online / real time
WHAT IS IT?
• Quickly classify deal flow as High, Low or Commit
• Track revenue budget for nominated periods
• Generate forecast reports
ALLOWS USERS TO
• Deliver flexible yet SIMPLE deal pipeline reporting and
forecasting – for revenues, resources required, practice
areas affected
FIRM BENEFITS
Traditional CRM solutions
Things lawyers actually use
xRM4Legal
What BD / marketing need
1. CRM education
2. Align and prioritize practice area and firm-wide objectives
3. Validate the firm’s business objective against the firm’s real client
strategy
4. CRM readiness
5. Project name
6. Project champion/s
7. Roll CRM out, one business unit at a time – build CRM on success
stories
8. Capitalize on external intelligence resources
9. Automation
10. Technology
top related