business and competitive intelligence: revealing strategy...
TRANSCRIPT
1
Business and CompetitiveIntelligence: Revealing Strategy
Within Data
Chris EmersonBryan Cave LLP
Mark GreeneWaller Lansden Dortch & Davis
Cyndy McColloughDickstein Shapiro LLP
#PSPG5
2
Panelists
Cyndy McColloughSr. Manager of Marketing TechnologyDickstein Shapiro LLP
Chris EmersonDirector – Practice Economics GroupBryan Cave LLP
Mark GreeneChief Business Development OfficerWaller Lansden Dortch & Davis
#PSPG5
3
Agenda
• Overview of BI and CI
• Key Intelligence Topics– You need good questions before you can go find answers
• Technology– It’s not how much technology you have, it’s what you do with it
• Setting Expectations– Manage expectations and explain deliverables
• Challenges of More Demands than Resources– Get at the heart of what is really needed
• Making an Impact– Sharing examples and ideas #PSPG5
4
History of Law FirmCompetitive Intelligence
In the beginning. . .
As early as 1985:• Analysis of firm financial data• Client satisfaction surveys• News clipping services• A few primary market research studies• I, for one, had never heard the term “CI”
#PSPG5
5
1986•First law firm marketer attended a SCIPconference
1990s•Under names other than CI, a few of usconducted studies that we now might call CI
•Unsubstantiated rumor had it that the Society forCompetitive Intelligence Professionals (SCIP) hadits first law firm members
#PSPG5
6
Our Benchmark• First program on law firm CI given by
Ann Lee Gibson, Ph.D. to the Bay AreaLMA Chapter in 2002
• ShiftCentral had its first law firm client in 2003
• First national conference on law firm CI in 2004
• Led to 2005 survey to assess situation
2005 survey bottom line:
“Although every firm is constantly involved in CI activities, theyaren’t necessarily familiar with the term ‘CI,’ and they don’t havethe integration processes in place to make it ultimately effective.What should be an elegant integration of information fromvarious sources is often haphazard.”
#PSPG5
7
Competitive Intelligence
For the 2005 survey, CI defined as:
“Knowledge and foreknowledge of thecompetitive environment that has been refined tothe point that it can be used in making a businessdecision.”
#PSPG5
8
2005-2009
• A handful of law firm marketers and consultantsenrolled at the Academy of Competitive Intelligence
• The first law firm employees with CI in their titles &job descriptions appeared
• The topic became a staple at industry conferences– The annual Ark Law Firm CI conferences began
• A small number of firms began actual war gamingand scenario planning
#PSPG5
9
And in 2010…
Ann Lee Gibson,Ph.D., wrote thebook on the subject.
#PSPG5
10
CI and Firm Strategy Today
CI must have focus
• Every partner will place demands on CI
• Strategic Plan should be the touchstone for prioritization
– Development of the plan
– Implementation of the plan
• Distinguish “wants” from “needs”
• Relentlessly ask:
– “What decision will this support?”
– “What action will this drive?”#PSPG5
11
CI Frameworks
Ways of organizing data and analysis
• SWOT
• Porter’s Five Forces
• Many others
#PSPG5
12
SWOT Analysis
#PSPG5
13
Porter’s Five Forces
#PSPG5
You don’t know what you don’t know
#PSPG5
15
Key Intelligence Topics
What should we track on an ongoing basis?
Triage based on Strategic Plan is essential
• Competitors
• Clients
• Key prospects
• Legal industry trends
• Client industry trends
• Macroeconomic trends
• Legislative initiatives
• Etc., etc.
#PSPG5
#PSPG5
Technology only gets you so farTechnology only gets you so far
#PSPG5
GreatexpectationsGreatexpectations
#PSPG5
Reveal the strategy within the data
#PSPG5
Make an impactMake an impact
20
Market Your Magic
• Collaborate across administrativedepartments
• Keep mental talking points that answer“What have you done for me lately?”
• Work to the competitive ego
• What is the end result: 10 page analysisor summary chart presented in person?
#PSPG5
21
Visual Scooby Snacks
22
Questions?Cyndy McColloughSr. Manager of Marketing TechnologyDickstein Shapiro [email protected] @lawmktggeek
Chris EmersonDirector – Practice Economics GroupBryan Cave [email protected]
Mark GreeneChief Business Development OfficerWaller Lansden Dortch & [email protected]
#PSPG5