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The technology horizon: Trends for legal sales & service

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Critical technology trends for professional services firms

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The technology horizon: Trends for legal sales & service

  1. 1. The technology horizon: Trends for legal sales & service Adam L. Stock Chief Marketing & Client Services Officer Allen Matkins @adamlstock 2014 RainDance Conference www.legalsales.org
  2. 2. Twelve trends to follow 1. CMTO 2. Relationship capital 3. Sales automation 4. Competitive intelligence 5. Information platforms 6. Content marketing 7. Content branding 8. Social marketing 9. Niche marketing 10.Mobile devices 11.Multi-screen engagement 12.BizDev training technologies
  3. 3. What technologies are existential v. incremental? 0 10 incremental existential That would be nice to have If we don’t master this we may not be around in 5 years! The way we did work before we got this product…
  4. 4. Existential technologies Law has had its fair share Word processing Personal computers Microsoft Word Email Mobile Email (BBerrys) The Web / Internet
  5. 5. Right now here are no existential technologies in the business development space, …but there are many incremental & disruptive technologies to understand & integrate.
  6. 6. Disruptive innovations provide new ways to solve problems faster, cheaper, better
  7. 7. Technology domains Marketing Business Development Practice of Law Getting your message out Closing business Delivering legal services E-Discovery Cloud computing Cybersecurity Virtualization BYOD Our focus
  8. 8. Legal marketplace drivers Generational Shifts Reduced Demand NON TECHNOLOGY flat demand / increased competition / buyers’ market / increased efficiency Client demographics / different communication modes
  9. 9. Technology drivers
  10. 10. 1. The emergence of the CMTO (Chief Marketing Technology Officer): driven by the rapid adoption of technology What's new? There’s lots of technology… especially for Marketing What’s being affected? Success for CMOs will be more tightly coupled with mastering technology. CMTO
  11. 11. Big Data: More data is being created than ever before!
  12. 12. 2. Unlocking relationship capital driven by “Big Data” and “little data” systems What's new? New forms of relationship information What’s being affected? Unlocking your firm’s relationship capital. relationship capital
  13. 13. Automated relationship mapping through ContactNet
  14. 14. Massing several sources in one dashboard
  15. 15. Connecting people through data
  16. 16. 3. The rise of “sales automation” driven by “Big Data” and multiple online channels What's new? Technologies to automate/coordinate: Relationship information: e.g. Gwabbit, ContactNet What’s being affected? More elements are automated. CRM systems will look very different in 5 years sales automation
  17. 17. Automating CRM contact updates
  18. 18. How signature scraping works: Gwabbit and others
  19. 19. 4. The commoditization competitive intelligence driven by “Big Data” technologies What's new? New forms of competitive information. Much cheaper than ever before! What’s being affected? Commoditized competitive intelligence. Turning data into information. competitive intelligence
  20. 20. Significant growth in competitive intelligence sources tools, and services
  21. 21. There is more data, but our capacity to absorb information has not changed
  22. 22. We need ways to filter information that we value
  23. 23. 5. The rise of “information platforms” a byproduct of “Big Data” technologies What's new? Information overload is leading to tools that get us the information we need. How to turn “data” into “information”? What’s being affected? New categories of competitive intelligence tools Information platforms
  24. 24. Using listening platforms to understand markets … and create targeted content Uses ShiftCentral to help gather relevant information Also Manzama, Thomson, Lexis, and others
  25. 25. Using “listening platforms” to track information about industries, clients, competitors, emerging issues
  26. 26. Using listening platforms to track information about industries, clients, competitors, emerging issues (adding mobile to the mix)
  27. 27. On-demand dashboards are amassing multiple relevant sources (adding mobile to the mix)
  28. 28. “Smart” competitive intelligence tools – turning data into information Uses Intelligence Center to connect public dockets with competitor market share
  29. 29. 6. The growth of content marketing a byproduct of “Online” and “Social networks” What's new? Information is so easy to transmit that we are drowning in it Good information is shared What’s being affected? Law firms have many more channels to reach potential clients. content marketing
  30. 30. What do we need to do great content marketing? Important insights That are valuable Communicated well Regularly We have an entire organization that does this!
  31. 31. Good information gets shared through social networks (Crap doesn’t)
  32. 32. 7. The rise of law firm content branding a byproduct of “Big Data” and “Content marketing” What's new? Information overload is leading to the reemergence of content brands Law firms investing in “owned” media What’s being affected? Law firms are looking more like content publishers. content branding
  33. 33. Law firm content marketing brandsBenesch MoFo AllenMatkins BakerDonelson
  34. 34. 8. The coordination & gamification of social marketing driven by “Content Marketing” and “Social networks” What's new? Technologies to use social networks as publishing networks Ways to orchestrate information What’s being affected? Law firms will be coordinating their social networks to drive sales. social marketing
  35. 35. Services make it easy to share information with your networks
  36. 36. 1 click to share on LinkedIn or to email Hi, everyone. Please share one of these articles below on your social networks.
  37. 37. “Gamification” drives activity/behavior
  38. 38. Transparency shows a user’s activity. Leaderboards encourage competition “Gamification” drives activity/behavior
  39. 39. “The Long Tail” effect: Online marketing is making it easier to profitably focus on niche markets The cost of client acquisition is reduced The long tail
  40. 40. 9. Increased success of niche marketing driven by reduced “friction” of customer acquisition What's new? Niche marketing continues to evolve What’s being affected? Law firms are using online tools to acquire target customers effectively niche marketing
  41. 41. Soy el número uno! Getting niche-ier Win by picking a niche and dominating it Criminal defense DUI defense DUI defense, Los Angeles DUI defense, Los Angeles, Spanish Speaking
  42. 42. The rapid growth of mobile devices
  43. 43. 10. Need for information to play on mobile devices driven by growth of mobile devices What's new? Many more mobile devices than personal computers Important place to get information and read emails What’s being affected? Mobile emails. Are your emails mobilized? (26-50% of your communications are being read on a mobile device) Mobile website. Is your website mobile friendly? (12-26% of web visitors are mobile) (Responsive Design) mobile devices
  44. 44. 11. Engagement across screens driven by growth of mobile devices and multiple devices What's new? People have integrated multiple devices into doing their jobs – are using multiple screens to accomplish tasks There is no clear line between workplace and home What’s being affected? Coordinating prospect and client interactions across screens. multi-screen engagement
  45. 45. Coordinating prospect and client interactions across screens Source: Google, Inc.
  46. 46. Mobile apps: Coordinating mobile, content marketing, niche marketing, and more!
  47. 47. 12. Using technology for BizDev training & coaching driven by web and video technologies What's new? Multimodal learning – learning that engages auditory, visual and kinesthetic senses – is more effective What’s being affected? More learning and coaching options. Integrated learning and BD tracking BizDev training technologi
  48. 48. Distance learning and coaching companies are using video, internet and apps to bolster effectiveness
  49. 49. Distance learning and coaching companies are using video, internet and apps to bolster effectiveness
  50. 50. Twelve trends to follow 1. CMTO 2. Relationship capital 3. Sales automation 4. Competitive intelligence 5. Information platforms 6. Content marketing 7. Content branding 8. Social marketing 9. Niche marketing 10.Mobile devices 11.Multi-screen engagement 12.BizDev training technologies

Critical technology trends for professional services firms

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