Monday, April 4, 2011

CI & law firms- more of "where to begin"

I want to post more "how-to" tips for establishing a law firm initiative in competitive intelligence (CI).  So here goes......Suggestions may seem too apparent; but given this fairly new and exploding information tool for many firms, large and small---we all need building blocks.

  • What will be the role of CI in your firm? Experts in tracking CI know success within a firm is the result of cooperation between the library/information center, marketing and business development factors. Get as many players and skill sets thinking and working on competitive intelligence.
  • Where within your firm can CI be applied? Helping to target new areas of business or influence client services or examining your competitors' client base?
  • Know your firm's Strengths, Weaknesses, Opportunities and Threats....do some SWOT analysis. (more details on this process later in the blog)  Learn how your firm compares and can best position its strengths or zero in on possible weaknesses and threats.
  • Look at internal data, i.e. balance sheets and billing statements  and compare with "external data", i.e. market landscape and client industries- to gauge your firm's potential profits and business growth.
  • ......and most important...self promote!  Look at ways to brand, deliver and successfully start working with CI in your firm.

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