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Technology in Marketing: Competitive Intelligence in Law Firms
Editor's Note: This month we are privileged to have a guest columnist, Shannon Sankstone of Quarles & Brady. Shannon's article builds upon the presentation she will be making at the Competitive Intelligence for Law Firms Conference on April 8 with the American Conference Institute. The link to the conference is: www.americanconference.com/law_firm/CI.htm. Joshua Fruchter's column will appear in the May issue followed by Nancy Manzo's column in June.
Gathering intelligence on competitors, industries, and marketplaces is becoming increasingly popular in law firms. Intelligence is being used to support and guide business development efforts, while market research has long been a cornerstone of marketing. Yet, few firms evaluate the long-term growth of competitive intelligence (CI) in firm business development, and even fewer have sought to build systematically on current efforts to create an intelligence function that can predict opportunities. This article seeks to illustrate how a law firm can build a robust intelligence function ' gathering both competitive and business intelligence ' that will provide the greatest strategic benefit over the short and long terms.
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