Getting Inside Your Ideal
Client’s Mind
Tapping Advanced Analytics to Pinpoint Target Clients
Today’s data platforms allow unprecedented client insight. But firms first must identify the appropriate pool to analyze. Resist spreading efforts thin across too many audiences.
The ideal process narrows through segmentation by attributes like industry, size, growth phase, and legal budget. Persona profiles then emerge, powered by AI modeling of behavior patterns within each group.
The following is a dramatization and is not an actual event: Global firm DLA Piper uses predictive analytics to track early warning signs of contract disputes among its media industry clients. This informs preventative advice offerings.
Getting Inside Your Ideal Client’s Mind
Tapping Advanced Analytics to Pinpoint Target Clients
Today’s data platforms allow unprecedented client insight. But firms first must identify the appropriate pool to analyze. Resist spreading efforts thin across too many audiences.
Start by examining past clients and prospect interactions. Look for patterns around the industry, size, growth stage, tech culture, legal budgets, and more. Use statistical modeling and AI to determine which attributes correlate to becoming an active client.
These insights allow you to create profiles of your most valuable targets. For example, mid-sized biotech firms preparing for an IPO have distinct needs versus mature F500 retailers. Outreach can then be tailored accordingly.
Continuously Track Performance Data
Analytics is an ongoing initiative, not a one-time effort. Instrument online content with click-tracking pixels, embed engagement prompts into research papers, and tally referral traffic driven by owned channels and shares.
Setting up an executive dashboard brings this data together to observe trends and outliers. Monitor the response rate lift when switching formats, such as a webinar vs. whitepaper. Track how seniority level impacts downloads of specialized research reports.
The following is a dramatization and is not an actual event: Hooper Law tracks professional association speaking engagements and correlates new client retainers back to each event, determining an optimal forum slate based on yield.
Just 5% of law firms have extensive performance analytics expertise, according to a recent LexisNexis survey.
Strong data plans will set law firms apart because clients want real proof, not just promises.
Evolving client preferences will dictate regular content adjustments. Make sure your data analysis tools help you make quick and smart changes. If necessary, use extra tools from outside experts to get a different point of view.
Conduct Voice-of-Customer Research
Expand understanding of target clients through direct outreach like interviews, surveys, and focus groups. Ask about their choice criteria for legal counsel, preferred formats for expertise delivery, unmet needs, view of the competitive landscape, and more.
The following is a dramatization and is not an actual event: Law firm Ropes & Gray surveyed executives in the media sector to guide the development of M&A readiness assessments, positioning themselves as the go-to advisors for deal preparation.
Map Client Journeys to Pinpoint Triggers
Using data analysis, we can map potential trends and important events that cause companies to seek legal help and anticipate their needs. For example, when a company makes progress in creating new technology that could be patented, they often need patent lawyers.
Also, when there’s a change in the company’s leaders, it’s common to hire corporate lawyers to assist in reshaping how the company is run.
This shows how closely legal needs are connected to a company’s developments and changes.
The following is a dramatization and is not an actual event: Akers & Garcia law firm performs journey analysis to detect pre-acquisition signals among tech companies, allowing timely pitching of due diligence support.
Catering Content to Match Their Online Behavior
Understanding how your audience gets information online helps you figure out the best ways to reach them. An eCommerce retailer may best respond to Instagram videos about relevant regulatory changes. A hospital CEO might prefer policy update podcasts during their commute.
Experiment with Innovative Outreach
Look to non-legal content creators for inspiration. Buzzfeed’s tasty videos reimagine cooking tutorials – could this style work for complex tax provisions?
The following is a dramatization and is not an actual event: Boutique firm Venture Law uses AI chatbots and interactive quizzes to engage seed-stage startups on common investor term sheet sticking points.
Catering Content to Match Their Online Behavior
How your targets consume information online reveals how to resonate. An eCommerce retailer may best respond to Instagram videos about relevant regulatory changes. A hospital CEO might prefer policy update podcasts during their commute.
The following is a dramatization and is not an actual event: Boutique firm transfer Law leverages speech analytics to discern triggers and barriers when advising tech startups on seed round term sheets. This tailors verbal positioning.
FAQs
1. What attributes matter most to analyze?
Start by grouping targets using industry, size, growth stage, legal budget, tech savviness, innovation culture, compliance risks, M&A activity, global footprint, etc. High-value niches emerge from patterns within each cluster.
2. How can firms cater outreach content?
Observe social media engagement across target personas – content types, messaging angles, and influencers that resonate can inform law firm positioning. Tailor formats from reports to infographics, podcasts, interactive tools, and more.