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Research Notes
The BTI Consulting Group, Boston, MA just released the results of a new survey of law firm Chief Marketing Officers (CMOs). The results are based on telephone interviews conducted during the first quarter of 2003 with the CMOs of 62 AmLaw 200 firms. Among the findings:
- The Pareto Principle is alive and well. A typical law firm derives 80% of its revenue from 25% of its clients.
- There are 13 people on the marketing staff of a typical law firm. That translates to one person for every 41 attorneys.
- The range in gross billings per marketing staffer runs from $8 million to $20 million.
- One hundred percent of the CMOs surveyed have undertaken technology changes to improve marketing efforts and results. One in four CMOs have implemented or improved their CRM systems in the past year.
- 42% of law firms have conducted formal client satisfaction surveys in the last two years. This is up 20% from 2001. While most use a mix of channels for conducting surveys, only 11% rely on Web-based or e-mail instruments.
- Over the past twelve months, 62% of CMOs have implemented changes designed at improving client retention.
The full analysis of the survey is available in BTI's 'CMO Strategies for Success' at http://www.bticonsulting.com/
www.ftc.gov eMarketer.com www.metagroup.com www.forrester.com
Building a Customer Experience Metrics Portfolio.
How should firms measure customer experience? Customers naturally rate their interactions based on factors such as previous experience and current perception. If your firm wants to change customer perceptions, or influence future 'buying' behavior, you must build a metric portfolio that includes data on customers': past actions and experiences; demographics and psychographics; and direct observation of customer behavior. Short of becoming a crystal ball gazer, you can talk with firms such as ForeSee Results and Usability Sciences (for online behavior) and InContext Enterprises (for offline behavior) to evaluate future activity based on past behavior.
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