Data analytics is a hot topic in the business world. Even so, it rarely comes up in the legal sector. Many law firms still haven't taken data analytics seriously—or even know how to. Data usually only comes up in law firms when there are client privacy concerns or data breaches. Attorneys of all stripes need to leverage data analytics for business purposes, and this begins with the understanding of data quality.
To run a successful law practice, firms need to improve data quality and ensure the data captured is relevant to the business objectives. For law firms to leverage data analytics, the data first needs to exist. Attorneys and the law firm staff responsible for capturing data should validate its value to ensure it will contribute to the success of the practice. Data validation needs to be something law firms do with every piece of information they get, so they don't capture irrelevant data.
Beyond capturing, the firm should make sure they store accurate data. The data should be consistent throughout the different databases in which a copy exists. Besides, upholding data integrity ensures law firms escape malpractice claims.
There is an oft-quoted saying that “those who tell the stories rule the world.” Effective storytelling has the power to adjust viewpoints, change minds, and motivate actions like no other method of communication.
Understanding the journey a prospective buyer goes through in order to purchase your product or service will ensure that you are developing sales and marketing strategies that are engaging and represent your company’s brand effectively.
To a marketing or sales professional, determining where lead generation dollars should be spent to maximize the return on investment can be the hardest part of the job. Not understanding what activities are working best, or even worse, what activities in what order are working best, can impact a company’s ability to drive lead generation effectively.
Craft beer – the tasty, above-average alcohol content, mystical potion beloved by beer enthusiasts around the world. So much so that loyal customers wear their favorite brewery’s logo like a badge of honor and have been known to stir up trouble with rival brew gangs when necessity demands it. According to brewersassociation.org, from 2016 to 2017, the amount of brewpubs, microbreweries and regional craft breweries grew by 16%. In 2017, 27% of all craft breweries saw negative barrel growth, and 17% saw double digit losses. More breweries are losing money than entering the market and managing the vital components of the business are essential to success.
If your company can successfully capture and use relevant data, then it can have a dramatic positive impact on your business. In fact, companies that use data analytics effectively experience a 40 percent growth in sales pipelines, and a 22 percent year over year increase in operating cash flow.
Google has created an instant gratification culture...always having the answer to everything at our fingertips can sometimes leave you feeling like the world is working against you on your quest to find the answer to the meaning to life. Why? Because there isn’t one, singular right answer to that question. So often, we get caught up in immediately knowing the answers for everything that we forget the joy in the journey of asking questions, researching, failing, failing again, and finally making a glimmer of progress that leads to our big revelations which give us inspiration and energy to keep pushing forward.
If you are unfamiliar with CRMs, a CRM is a Customer Relationship Management system. CRMs are ideal for helping your business to both manage and use data more efficiently. If you do not have a CRM, then you are missing out on an incredible source of value for your company. Using a CRM allows your business to gain a much greater understanding of your customers and their behavior. It also allows you to organize all of your contacts, your leads, and other key information for your customers and clients.