Interpersonal relationships have always been and will always be crucial for the success of IP law firms’ business development. These relationships are built on trust, reputation and/or legacy. Without proper maintenance, however, they can be arbitrary and transient.
Data has a way to minimize or mitigate this. This is especially so as we enter into the post-Covid era when people and businesses alike are already accustomed to efficiencies and new ways of working (digitally). Data allows law firms and attorneys to make strategic and informed decisions such as whom to work with and why. It also justifies resources to be allocated to specific marketing and business development initiatives that will bring about the best returns on investment.
In this 4-part series, we dive into how to use big data analytics to (1) create a business development strategy for a law firm, (2) identify the right targets which are aligned to this strategy, (3) prepare to approach and prospect targets, and (4) successfully pitch at meetings.
Let’s start first with creating an IP business development strategy.