Need to Do More with Less? Focus on CRM Success
In this era of more with less, marketers desperately need tools to fill in the gaps between more and less. One potential tool should be the firm's customer relationship management software.
March 27, 2024 at 03:11 PM
7 minute read
Law Firm Marketing and Business Development
What You Need to Know
- In this era of more with less, marketers desperately need tools to fill in the gaps between more and less.
- One potential tool should be the firm's customer relationship management software (CRM).
- Without a solid strategy, the risk that CRM will fail to meet expectations increases dramatically and can result in a significant loss of time, money — and credibility.
Less Isn't Just More… It's Everything
Marketing teams have heard so many times: do more with less — and 2024 is no different. According to new research, in 2023 law firm marketing budgets shrank (see, Thomson Reuters: The Oracle's Temple: The State of the Global Legal Marketing & Business Development Profession) even though revenue grew by 4.6% (see, Thomson Reuters Q3 Report) — and yet the demands on the marketing department actually increased. (Shocking, I know.)
At the same time approximately 50% of buyers said that they are looking to replace their existing law firms (see, 2023 Thomson Reuters State of the Legal Industry), resulting in more pitches, more proposals, more RFPs — and more hours of work for marketing and business development teams.
Add to the mix more competitors that now include an array of midsize law firms, boutique and specialty firms, accounting firms, new law companies and well-funded alternative legal services providers. All this means more pressure on the marketing department to differentiate their firm's brand and enable strategic, effective business development programs — but with less budget and staff.
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