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Competitive Intelligence: Practical Applications and Real-World Tactics

Competitive Intelligence: Practical Applications and Real-World Tactics. Speakers: Ellen Taverner, CMO Marketing Strategies Keith D. McLemore, Cooley Godward Kronish LLP. Everyone is Looking For Competitive Differentiators. What makes your firm different than others?

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Competitive Intelligence: Practical Applications and Real-World Tactics

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  1. Competitive Intelligence: Practical Applications and Real-World Tactics Speakers: Ellen Taverner, CMO Marketing Strategies Keith D. McLemore, Cooley Godward Kronish LLP

  2. Everyone is Looking For Competitive Differentiators • What makes your firm different than others? • Focus on specific industry? Region? • Notable client list? • Deep bench of unique experience? • Unique relationships? • Answer(s) to these and similar questions drive factors on helping first identify competitive differentiators • Why does this matter? • Answers the question on who are your key clients , prospects and pools of talent

  3. Wait…There is More • This effort merely answers…who you are • With all due respect to Microsoft, the bigger question is “where to you want to go?” • Answer(s) to this question – the other piece of the puzzle

  4. Now You Have the Full Picture Who or What You Are Now Future Differentiators Where You Want To Go Current Differentiators

  5. Why Does This Matter? • Provides the basic roadmap of: • Metrics you want/need to track • Your needs or requirements when it comes to looking at internal/external systems • Addresses strategic or tactical focus of firm • How to tie back to your firm’s perceived strengths or brand identity Future Differentiators Current Differentiators

  6. What is Next? • Case Study One: Continue to Focus on Current Differentiator(s) • Firm has the perception of being a strong, high-tech firm with an emphasis on emerging companies • Footprint mostly on the West Coast, but some recent expansion into areas known for entrepreneurial growth, specifically in high-tech • Client list reinforces the perception • Talent in the way of existing attorneys and recent laterals also reinforces the perception What Metrics or Information Should You Track?

  7. Case Study One • Clients that are important to your firm’s perception – must keep an eye on them • Prospects that further your firm’s perception – must try to bring them into the fold • Notable laterals, affiliations or alliances to help further the perception – add to the existing resources

  8. Where is this Information? Information You Need Finance Marketing HR Who Needs This? How Do They Receive The Data? External Information Available to Augment Existing, Internal Data? REPORT ----------------------------------------------------------------------------------------------------

  9. What About Focusing On “New” Markets? • Case Study Two: Where are your clients focused? • VCs were entering the “Clean Tech” Market in 2005 • Growth strategy #1 – Trends in a new market • Identify expertise in the new area • Quickly develop content that backs up your expertise • Determine if your lawyers are up to speed on legal topics in the new area What Metrics or Information Should You Track?

  10. Case Study Two • Experience in industry vertical • Matter history and depth • Attorney experience (within Firm and elsewhere) • Specific, strong relationships • Who is doing the ‘deep dive?’ (e.g. angel investors) • X-Reference with external databases • Pick up the phone …

  11. Where is this Information? • Experience - same overall model covered from the first case study • Relationships – the classic model still applies, but often this information is not in a centralized system • Brainstorming with the lawyers to build a cohesive picture • Roll-up your sleeves and try to put the pieces together

  12. Processes to Consider • Think Windmills! • Not talking about Don Quixote • Maximize results by tying into existing processes • Look for existing processes or work flows that exist independently from Marketing agenda • First need to know what you are looking for = metrics or goal(s)

  13. Experience Database

  14. Break Out Group Exercise

  15. Ground Rules • Talk about one of the three items: • Example of something your firm has done similar (e.g., expansion into new market or vertical, increased ‘footprint’ in existing area) to either of Case Studies • Example of some technology, either internally developed or developed by 3rd party, that has helped with your Competitive Intelligence efforts • Example of how you may have successfully worked together with other Administrative Departments (e.g., HR, Accounting) to achieve a Competitive Intelligence-based project • Report to the room. Be sure to highlight: • What worked / did not work? • How did your firm measure success?

  16. Questions?

  17. Contact Information Ellen Taverner Executive Consultant & Principal CMO Marketing Strategies : etaverner@yahoo.com Keith D. McLemore Director, Legal Information Services Cooley Godward Kronish LLP : kmclemore@cooley.com

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