Conducting an effective and useful competitive intelligence program is critical to long-term success in the legal industry. But if you want to do it right, you’ll need the right technology in place. Below are a few things that your competitive intelligence tech should do for you.
Provide Timely and Accurate Data
The most important element of effective competitive intelligence technology is that it provides data which is up-to-date and accurate. Law firm intelligence tools Leopard Firmscape fit the bill in that aspect because it pulls data from reliable sources for over 1700 law firms. And that data is constantly updated based on the most recent information available. Without accurate data as the foundation of your competitive intelligence strategy you could find yourself making decisions based on inaccurate or outdated information.
Provide An Overview Of The Legal Industry
Your competitive intelligence strategy will be incomplete and myopic if it only includes examining your competitors. For a more holistic approach, you’ll need to also take a bird’s-eye-view of the entire industry. What trends are emerging? Who are the latest losers and winners? What changes in the larger society are shaping the legal industry? Use Leopard Hot Spot to get updated news on the legal industry, and visit Law Firm Profiles to get a closer look at how individual firms are being impacted.
Allow You To Spy On Competitors
Solid competitive intelligence software will give you the ability to spy on your competition the legal way. Tools like Leopard Firmscape allow you to take an in-depth look at your competitor’s business. Who are they hiring? And which law schools did those attorneys attend? Which practice areas are other law firms focusing on and which are they letting contract? With this type of in-depth knowledge about your competitors you can make decisions that are more likely to benefit you.
Help You Make Financial Projections
At the end of the day, you want your competitive intelligence tools to give you data that will help you make financial projections. For example, if your research reveals that your practice area is in decline, then you can project that revenues may fall if you don’t refocus your energy on more lucrative areas. The same can be said for looking at the financial positioning of your competitors. Are they hemmed into a stalling specialty? Have they overextended themselves by expanding too much and too fast? If so, they may be financially overstretched, giving you the perfect opportunity to snag market share they’re unable to capture.
Help You Conduct Accurate Market Research
Smart competitive intelligence tools will help you conduct accurate market research. Tools like Leopard Firmscape will provide answers to questions such as, which practice areas are thriving? Which regions of the country are experiencing an increased demand for attorneys? And which law firms are rising stars? And it will also allow you to do this research easily and on an ongoing basis by providing dynamic information that updates quickly so that you’re always one step ahead of your competitors.
And if you want to stay competitive, you’ll need to leverage only the best competitive intelligence technology in the industry.