Tier I Sales Techniques - Know Your Competition
George Elliot on the importance of being proactive:
“It’s but little good you’ll do a-watering last year’s crops.”
Know the Competition
Knowing what the other guys are doing isn’t just a modus to keep up with what’s happening in your industry. It’s essential to client retention. Here’s why: If your competition is gathering a stable of new clients, expanding practice areas in your specialty, or is implementing new tactics and technology, you need to know. Because chances are, they’re aiming to tell your client how they can do the job better than your firm. Lasting client retention means you always stay on your A-game to beat off the competition.
Eyeing the competition also keeps you on your toes. If you’re a principal at the firm, make sure associates and new hires understand the folly of complacence, even if the client has retained your firm for years. In fact, that’s when you should be most alert. One change in the C-Suite and it could mean your ruin. Conversely, if you are a new associate or just new to the account, use your fresh eyes to make sure all precautions are in place.
Practical Ways to Keep Track of the Competition
Make a List: Do you know who you competition is? When was the last time you checked? Competition is a living, breathing animal. It changes. That list you made even six months ago may be outdated.
Media Tracking: Develop a research team in tandem with your law firm marketing department. Keep note of news on new hires, mergers and acquisitions, and cases won and lost. The internet has made it easier to conduct such tasks, and services like Google News allow you to track news immediately as it appears on the web with email alerts right to your inbox.
Good OldWord-of-Mouth: Keep your ear to the ground. You’d be surprised what you can learn from chance discussions at conferences, seminars and association events.
Get an Understanding: Survey after survey, clients say that understanding their business is one of the biggest measures of satisfaction. Make sure your competition doesn’t understand your client’s business better than you do.
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