2012 MARKETPLACE IS PREDATORS' PARADISE: BTI'S ADVICE
I recently attended a webinar by The BTI Consulting Group, Inc. providing an overview of corporate counsel survey results and advice for law firms desiring to compete favorably in what was called a “predators’ paradise” in the marketplace for services. In my opinion, the advice is relevant beyond the legal arena to any professional service or actually any business with which needs a strong client focus. So I offer this brief recap of salient points to my readers. (For more details, contact me at pwhaserot@pdcounsel.com.) It is important information for members of any generation aspiring to attract and retain clients in the “new normal” economy.
- High client satisfaction rates are crucial to defending against predator competition.
- The more fronts (practice or service areas) on which you can penetrate and serve the client, the more likely you are to keep the business.
- You must be strongly aligned with clients” marketplace objectives, thinking like them. Situation specific approaches garner higher fees.
- Start with identifying marketplace needs and work backwards to determine and develop what you will offer, with flexibility. The aim is to provide individual clients with semi-customized services and delivery, that is, customizing for each from processes and templates in place.
- Rapid change in external factors means processes and approaches may have to change every 18 months. Firms that are static in their mindsets and offerings will only get commodity work, which pays on the lower end.
- Focus is critical. Have 5 or fewer strategic objectives in a 12-month period.
- Actively and specifically respond and anticipate clients’ changing needs and priorities.
- What clients said was most difficult to find is “commitment to help them” rather than focus on the service provider’s needs.
- The second most important goal for clients is to have providers who give the best value for the dollar. So they are looking for more value for less cost.
BTI’S ADVICE ON HOW TO THRIVE IN A PREDATORS’ PARADISE.
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