The past two years have brought dramatic changes to all aspects of our lives, and CRM and data quality management are two areas that have also seen major changes. Here, Chris Fritsch explores some key trends that are reshaping CRM and data quality management for law firms – and some ideas for addressing them.
1 – Finish the old (CRM), make way for the new
Working with hundreds of companies over the past 15 years, I’ve never seen so many consider changing their CRM system. This is largely because companies want to move to the cloud and many companies have become more sophisticated when it comes to business development and want more advanced features to support opportunity tracking, referral tracking and monitoring the return on investment. So they are looking for systems to do more. than simply managing contacts and lists.
Read our guide to choosing the right CRM system that can help you identify needs and requirements, improve adoption and deliver value to your users, and get value from your technology investments.
2 – ERM has become essential
Many lawyers are simply not interested in technology, especially when it comes to using and contributing contacts to the CRM. Additionally, the old method of collecting contacts from Outlook has become obsolete as many lawyers no longer use Outlook, and for those who do, their address book data is often incorrect, incomplete and dated.
As a result, companies had to find a new adoption paradigm. This is where ERM, or Enterprise Relationship Management, comes in. Rather than relying on Outlook synchronization, ERM automatically creates contacts from email signature blocks.
It also creates a relationship with the lawyer and uses an algorithm to identify the strength of the relationship based on the recency and frequency of communications. Meanwhile, lawyers can spend their time doing what they do best (and want to do) working with clients.
3 – Bad data throws a spanner in technology projects
Over the past two years, during the Great Resignation, many people have changed jobs and even more are now working from home. As a result, more businesses have dirty data than ever before, as contact data changes rapidly, making it difficult to track. ]
In the past, research suggested that around 30% of data degrades each year, but since the pandemic it could easily be over 50%.
Your attorneys probably spend a lot of time writing, speaking, and hosting webinars, but if their marketing messages aren’t reaching the right people, it’s wasted billable time.
Additionally, if your invitations don’t reach the right recipients, event attendance can suffer and getting a return on your investment can be difficult. It is therefore essential to have clean data.
4 – Outsource when it makes sense
People continue to quit and change jobs in record numbers, and law firms struggle to fill vacancies, especially in marketing.
One solution is to keep innovating and thinking outside the box by finding another way to recruit staff by leveraging technology and outsourcing.
More than ever, our clients have contacted us for outsourced support with CRM management, eMarketing and data stewardship – and this trend continues to intensify.
Smart companies have realized that they’re not in the business of data management – they’re in the business of law firms, so it makes sense to delegate some of these non-strategic tasks to outside experts who can perform more efficiently and at lower cost. It also frees up marketing and business development teams to work on more strategic projects.
5 – Invest in the research of your graduates
Alumni can add a lot of value to your business from a business development, recruiting, and marketing perspective. It is therefore important for many companies to create a lifelong relationship with your alumni. At the heart of a strong alumni relations program is good, clear data about your former lawyers and where they are now.
Take the time to find your alumni’s up-to-date contact information and segment that information so you can use email marketing and other tactics to engage with them.
Without good alumni contact information, all the events, emails, content, and programs you have planned will be meaningless.
Another Trend: Smart Companies Are Asking for Help
Tackling the impact of these five trends is an opportunity to be more strategic, efficient and effective in a competitive market when it comes to your CRM and data quality management efforts, and there is no no downside to that.
© Copyright 2022 CLIENTSFirst ConsultingNational Law Review, Volume XII, Number 166