In the April issue of LPM magazine, Brian Coventry talks about how leveraging existing data and harnessing relationship intelligence is the vital clue to revenue growth for professional services firms.
This echoes insights from the latest LPM Legal IT landscapes 2020 report indicating that it’s time to ‘beef up business basics’ as data and analytics move to more SME legal leaders’ top of mind.
But why is data the linchpin?
There’s always the risk that clients move away when conversations and the level of engagement fade, or the main contact from your team moves on. Knowing the total spend on the services you market, the percentage of wallet share you win from a client, and how much referrers generate for you is crucial. Ensuring you’re managing all your key relationships effectively is vital to this dynamic. Leveraging existing data to nurture these relationships is therefore essential to grow a firm.
However, you need the visibility to manage, protect and grow the relationships that drive your revenue.
In the article, Brian explains how this visibility can be achieved. Read more in his column about real-time data; succession planning; maintaining and developing mailout lists. Find out how a relationship intelligence data driven approach can help your business development and client retention strategy by revealing opportunities and improving the client experience.
Perhaps it’s time to unearth the linchpin of key relationships and leverage your existing data.
Read more about our client retention platform - Client Sense - which allows a professional services firm to automatically join the dots to manage, protect and grow the relationships that drive revenue.
Talk to us about getting your software application platforms working together to support your firm’s organisational objectives and strategic goals…