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Eureka! I Struck Data!
“Thar's gold in them thar hills.” Like the miner panning for gold, you can increase revenues and profits by finding nuggets of data, which has been captured in your software programs. This critical information can provide a blueprint for creating a plan for future business development that will increase your revenues and your profits. Yet, few law firms take advantage of their existing data by analyzing it and then using it strategically.
Data, such as the client referral source industry or marketing activity that generated the client, the client industry and client matter linked to the clients' revenues can be the foundation for future marketing efforts.
Case in point: An attorney determines that 40% of his or her revenue is generated from referrals who are bankers. This attorney should market to bankers by focusing on writing for banking publications, speaking at banking organizations and networking with bankers. Through data mining, the attorney analyzes the clients' industries and sees that 25% of the revenue is generated by video game companies. The attorney, who is familiar with the nuances of this industry, should find it easier to attract clients in that industry as opposed to one in which he or she knows very little. It's more efficient to market by industry segment than it is to conduct general marketing to all industries.
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