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<b><i>Voice of the Client:</i></b> Business Development Program Best Practices: Business Intelligence
In corporate America, strategic account management is a cornerstone of most companies' go-to-market strategies. Most businesses can count on recurring business from their key accounts. Having witnessed the success related to such programs with their corporate clients, accounting firms have adopted a similar process that they refer to as “Account Planning” into their sales strategy, and it now drives their respective sales teams' focus each year. Law firms are ever-so-slowly starting to follow this trend by incorporating similar strategies across their firms. In any case, whether a formal or an informal initiative, or whether the program is referred to as “key account planning,” a critical element in any successful strategic go-to-market strategy and/or best-in-class business development program is “business intelligence.”
Business Intelligence v. Competitive Intelligence
I am hearing more-and-more about Competitive Intelligence (CI) these days. I'm finding that the term “Competitive Intelligence” is, in many cases, a misnomer. When I peek behind the intelligence curtain, the CI function actually includes broader business intelligence data and is not simply limited to how the competition is positioning itself in the market. If, in fact, your CI function truly is focused solely on your competitors, you may want to take the time to finish reading this article and then consider changing your focus. If your CI function already takes a broader look at the client's business and isn't limiting the research to competitive positioning, you may want to consider changing the name of the function to something more akin to Business Intelligence.
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