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.
Whether securing a job or developing business, it’s always better to have an inside contact, especially someone high on the totem pole.
As Robert Ambrogi explains in a post on LawSites, LinkedIn is no longer the only business development option in town. Relationship Science, or RelSci, is quickly making a name for itself, Ambrogi says, claiming to employ more powerful mapping and searching tools and to have “far more information about prospects” than LinkedIn.
Launched last year, RelSci says it has more than 1 million organizations in its database—every public company across the globe, a number of private companies and, now, law firms, including several Am Law 100 firms. It also boasts of 3 million high-level decision-maker subscribers, including corporate counsel, nearly half of whom are not on LinkedIn, Ambrogi wrote.
“It works by mapping your contacts and those of others in your firm against its database of people and companies,” Ambrogi wrote, using Path Finder to determine how you’re connected and the strongest pathway to pursue.
Other features:
Advanced search filters for industry, interests, work history, education, investments, political contributions, etc.
Maps external relationships to find out which firms represent a company.
Daily customizable alerts by email when people and companies you know are mentioned in the news.
“Visit a City” lets you research who to meet with in advance of a business trip.
An individual subscription costs $3,000 a year.
Sherry Karabin is a freelance writer and reporter based in New York City. Email: sherry.karabin@yahoo.com.
