A broad marketing and business development approach may make sense when starting out, but it can drastically reduce your ROI compared to a targeted approach especially for well-established law firms.
A successful ABM initiative can boost revenue, optimize your efforts, and provide in-depth metrics that would be otherwise inaccessible.
Problem: Our biggest problem is to find new strategies to win new business. This is one of the most common problems law firms face. In the 2021 Global Legal Business Development report, 62.7% of law firms said their biggest challenge is identifying new strategies to generate new clients. ABM is removing the need to find new strategies as it is the most effective strategy for law firms to generate new clients.
Problem: We’re wasting a lot of valuable partner time and financial resources. Since account-based marketing is focused on investing time in the most promising, high-value clients, it allows Partners to focus their limited time and resources more efficiently and run business development programs that are specifically optimized for target clients.
Problem: I’m not able to show clear ROI. One of the main goals of ABM is to prioritize ROI, resulting in clear business results. In fact, compared to other marketing and business development initiatives, the 2020 ITSMA Account-Based Marketing Survey found that “ABM delivers the highest return on investment of any B2B marketing strategy or tactic.”
Problem: Engagement on our newsletters and marketing content is very low. Since ABM is so personalized, targeted clients tend to be more likely to engage with content. Since it is geared specifically to them, their business, and their specific legal needs, clients are more likely to engage with your content.
Problem: Our business development team, marketing team and partners are not aligned. If your Partners and business development teams aren’t syncing up, ABM is one of the most efficient ways to get them on the same page. ABM runs similarly to how partners currently develop business, putting the marketing team, BD team and partners in the same mindset so they are thinking both in terms of high-value clients and how to target them, bring them to the table, and close the deal.