Competitive intelligence profiles

Th gathering and analysis of competitive intelligence -- about companies, other law firms and individuals -- helps lawyers and law firms make important decisions.  This article, written by Janet Ellen Raasch, summarizes a presentation by Wanda McDavid and Judy Goater of Access Information, a Denver-based firm that provides competitive intelligence for law firms across the country.  This is part three of a four-part article.  For the complete article, see link below.

When preparing to meet with a potential client, lawyers often ask marketers or librarians to prepare a profile of the client.  “All too often,” said McDavid, “this is done just a few hours before the scheduled meeting – and we need to scramble.

 

“Even with very little lead time, you would be surprised at how much information you can turn up by simply visiting and mining the potential client’s website,” said McDavid.  “You should also search company or firm pages on social media sites.”

 

When you have a little more lead time to prepare – like for a proposal or the resulting beauty contest – then you can delve more deeply into client background.  Good sources for public companies include SEC filings.  Good sources for private companies include Dun and Bradstreet reports.

 

A good profile addresses some or all (depending on your time and research skills) of these categories:

 

n      Quick facts

n      Company overview

n      Business segments

n      Products/services

n      Business partners

n      Board of Directors

n      Key executives

n      Key developments

n      Representative clients

n      Legal issues and litigation

n      Locations

n      Case studies

n      Patent information

n      Marketing strategy

n      Competitors

n      Sources

n      News articles

 

Armed with this type of information, your lawyers and law firm are well-prepared to make good decisions about how to approach a potential client (or anyone else), and how to make a good impression once the contact takes place.

Competitive intelligence an essential component of better law firm decision-making

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