As attorneys know, a company’s intellectual property is among its most valuable assets but as Denis Pombriant, managing principal of Beagle Research Group, a CRM market research firm and consultancy, explains in an entry on CRM Buyer, marketers are now developing customer IP to help expedite sales deals, or in the case of law firms, generate business.
Pombriant says not long ago basic information was enough to initiate a conversation that might lead to a sale or an attorney’s retention by a company to handle a specific matter, but today’s competitive marketplace demands a more tailored approach.
Thus, social media, data collection and analysis tools are now a given when researching a business target. In addition, he says the subject’s or company’s changing daily situation must be considered, which can be gleaned via press releases, earnings reports, news items, analyst reports, etc. Together, he says these elements can “produce a potent combination,” approaching the value of intellectual property that can be used to make a sale or win a client.
“The knowledge you can develop about your markets and target customers, in relation to your business' other knowledge, designs and plans, is unique,” he says. “You own it; no one else has it, and it is a competitive weapon.”
He says by identifying potential needs and suggesting specific solutions, it’s possible to move from the role of business solicitor to “trusted partner.”
Sherry Karabin is a freelance writer and reporter based in New York City. Email: sherry.karabin@yahoo.com.
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