LI23: ROI - The Only Technology Acronym that Matters ...my.alanet.org/events/specialty17/handouts/LI23... · LI23: ROI - The Only Technology Acronym that Matters Presented by Christine

LI23: ROI - The Only Technology

Acronym that Matters

Presented by

Christine R. Fritsch, J.D.

The handouts and presentations attached

are copyright and trademark protected and

provided for individual use only.

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Committed to the Growth and Success of Our Clients

ROI: The Only Technology Acronym That Matters

September 8, 2017© 2017 CLIENTSFirst Consulting

© 2017 CLIENTSFirst Consulting

15 years experience working together with more than 300 top law firms across the country

Background in Law, CRM Technology, Competitive Intelligence & Business Development

Focus on Client service and CRM Success

Team of more than 100 professionals

CRM Success consulting

Outsourced data quality and enhancement

Competitive intelligence reports

Christina R. Fritsch, JDCRM and Business Development Technology

Success Consultant

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ROI vs. bells and whistles

Technology challenges

CRM success

ROI on technology investments

Thinking outside the box

Integration

Q/A

Today’s Agenda

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Technology Acronym Soup

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What Really Matters:R.O.I.

© 2016 CLIENTSFirst Consulting 5


Results

Retention of current Clients and attorneys

Representing new Clients

Revenue generation

Reducing time spent on redundant tasks and processes

Risk assessment

Recruiting key laterals

Reports to drive business decisions

Rewarding positive behavior

Putting the ‘R’ in ROI

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Challengesin Buying Technology

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The Technology Dichotomy

When it comes to legal technology, there is often a fundamental disconnect between buyers and sellers

Buyers often want the latest and greatest technology

But sometimes aren’t focused enough on firm needs, issues and problems

Sellers make great technology tools

But sometimes get too focused on bells and whistles

This leads to more disconnects – and complaints

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Typical Complaints

Don’t meet our needs

It’s an overpriced or glorified rolodex

The ‘lawyers’ won’t / don’t use it

Interfaces aren’t intuitive

Systems don’t ‘talk’ to each other

Data cleanup was ridiculous

Sales rep didn’t know the product

Support and service was non-existent

A waste of money

‘Shelfware’


Another Big Problem with Technology

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Dogs & Ponies

Providers open the stables and trot out coolest things that they think customers

will find appealing including:

A parade of features and functions

Complete with bells and whistles


Ok, Yes, They Are Appealing – But…

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We Deserve More

Law firms should expect –

and receive –

return on

technology investments

Radical, I know


If you are buying a ‘solution’,

first, you need to understand the problem

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Seller’s View of Solutions –aka, Bells and Whistles

Litigation / Deal Monitoring

Prospecting

Industry Monitoring

Company information

Financial information

Business information

Social media monitoring

Proposal generation

Experience tracking

News and Alerts


Buyer’s View of Solutions

Business development

Enhanced Client retention

New business opportunities

Cost reduction

Process automation

Improved leverage

Improved Client service

Lateral identification

Associate retention

Increased revenue and profits per partner

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More sleep

Fewer problems

Staff retention

Reduced headaches

Fewer late nights or weekends worked

No irate lawyers in our offices

Real Solutions

CRM Challenges: Is CRM Dead?

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The CRM Challenge

According to respected business research organizations, up to 70% of CRM implementations failed to meet expectations –

Resulting in a tremendous loss of money, time, resources and credibility

And yet, the annual worldwide market is more than $26.3 billion

It’s growing at more than 12% per year.

In 2017, it is predicted to be a $36B Market


Reasons for CRM Failure

The most common reasons for CRM failure

Lack of buy-in from management

Failure to commit necessary resources

Lack of input or buy-in from key user groups

Lack of strategy or planning

Data quality issues

Misguided or unrealistic expectations

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What CRM Was - CRM 1.0

A database

A marketing tool

List and event management

Marketing activities

Relationship intelligence / who knows whom

A ‘really expensive mailing list’

A glorified ‘Rolodex’

A year (or more) of your life


What CRM Should Be

A communication tool

A Client service tool

An information delivery tool

A cost reduction tool

A process automation tool

A business development tool

A fundamental change – and improvement – in how your firm manages relationships

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CRM Can Do a Thousand Things Targeting / segmenting

Referral tracking

Alumni tracking

Information delivery

Client team support

Cross selling support

Opportunity identification / tracking

Improved Client service

Activity tracking

Expense tracking

Identification of top or at risk Clients

Who knows what (experience / expertise tracking)


But It Should Probably Do Only 3

Do you know what those top 3 things are in your firm?

Figure out your needs first

Then buy the technology

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What To Check Before Writing the Check

Have we assessed the firm’s needs?

Did we address a real problem or issue?

How have we defined success?

Did we set goals?

Did we involve key stakeholders?

Do we have management support?

Do we have a realistic budget?

Do we understand staffing requirements?

Did we check references of the provider?


Checking References

Short lists of references can be a bad sign for an established provider

Long lists of positive references can be a good sign – but check them anyway

If references are too rosy, run don’t walk

Reach out to other firms or LMA members

Ask questions on the list serve or social media sites

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Getting to Success

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The Good News

Success is possible

Costs have come down

Technology has improved

There are more options than ever

Innovation has been driven by Clients

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The Cloud

OnePlace

SalesForce

E-mail tools

Vuture, Tikit, Concep

Eloqua, Marketo, Perdot

Pipeline tools

New Marketing Technology Options


Keys to Success

People

Process

Planning

Communication

Commitment / buy-in

Time

Money

Resources

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People

Get end users involved early and often

Gain management / leadership support

Create a pilot group

Get feedback –

and implement it

Communicate successes

Know if there anyone who

won’t ‘play nice’ in the sandbox


In the immortal words of a Managing Partner of a 700 attorney firm in the middle of a CRM rollout:

Don’t P!#$ off the secretaries!

One More Key Group to Consider

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Partner with IS/IT

Their assistance is often essential

They may have to help with support

They are often great negotiators

They understand the

hardware and software requirements

They understand integration

and security issues

Make Technology a Team Sport


Process

Assessing specific firm needs

Gaining management / leadership support

Selecting the right technology

Setting realistic expectations

Involving end users

Customizing the system to firm needs

Defining measurable, achievable goals

Incremental achievement of goals

Communicating successes

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Planning

Considerations

Timeline

Budget

Firm culture

People / resources

Data quality

Systems integration


The REAL Key to CRM Success

FOOD !

http://images.google.com/imgres?imgurl=http://agitprop.typepad.com/photos/uncategorized/donuts.jpg&imgrefurl=http://grafwurks.wordpress.com/2008/08/19/&h=467&w=640&sz=31&hl=en&start=1&sig2=2M-AOfpxqmeG4VqF8PlCtg&usg=__Vf6LoZAITXAMktUGPpivdxdpqa8=&tbnid=_uXWo4ETJxSPQM:&tbnh=100&tbnw=137&ei=bAXASKHxHp-m8QTW8KGtDg&prev=/images?q=donuts&gbv=2&hl=en&sa=G

http://images.google.com/imgres?imgurl=http://www.junkfoodnews.net/Brooklyn Style Pizza-712w.jpg&imgrefurl=http://www.junkfoodnews.net/Dominos-Brooklyn-Pizza.htm&h=357&w=712&sz=45&hl=en&start=1&sig2=htLUJt6t1FHT2j5_ScnFwA&usg=__K_yrHoNlgeUHibwtHbnY0rUFZoc=&tbnid=n8jlbRW5cIMenM:&tbnh=70&tbnw=140&ei=RgTASOqiFIOc8wSV-PGzDg&prev=/images?q=pizza&gbv=2&hl=en

http://images.google.com/imgres?imgurl=http://bostonist.com/attachments/ldacundo/Chocolate_cupcakes.jpg&imgrefurl=http://bostonist.com/2008/03/29/transplanted_ta_6.php&h=332&w=470&sz=63&hl=en&start=66&sig2=Y9QtzF230c5BFCjW1-tNZg&usg=__tpQZS7lehyfp4y-Rp-NIKlgxWyE=&tbnid=1H-4E337feVtcM:&tbnh=91&tbnw=129&ei=3ATASMC8JJ3g8wS62ayvDg&prev=/images?q=cupcakes&start=60&gbv=2&ndsp=20&hl=en&sa=N

http://images.google.com/imgres?imgurl=http://candiedquince.ca/wp-content/cornmuffins15.JPG&imgrefurl=http://candiedquince.ca/archives/99&h=411&w=480&sz=81&hl=en&start=11&sig2=SXvycmKgBakSSH85IwiC8w&usg=__UONwndGVkhycT--xVCUcqCRoe_Q=&tbnid=eMgy_FBg-gThUM:&tbnh=110&tbnw=129&ei=AgXASJ3hGp3g8wTH2NytDg&prev=/images?q=muffins&gbv=2&hl=en&sa=G

http://images.google.com/imgres?imgurl=http://rocklyngeneralstore.com/sandwiches.jpg&imgrefurl=http://rocklyngeneralstore.com/traysandtreats.htm&h=375&w=500&sz=134&hl=en&start=4&sig2=o4Kk-wOkq9xypsLtdsfBDA&usg=__8W32stJPEIXVdxAMUBI3JJVSBL4=&tbnid=6ewKj6QLjGbKDM:&tbnh=98&tbnw=130&ei=mAXASKjgJp6W9gSThdyvDg&prev=/images?q=sandwiches&gbv=2&hl=en

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R.O.I. Is About More Than Letters…

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Numbers Positive Numbers

Revenue, Profitability, Realization

Attorney time spent on business development

Success rate on pitches and proposals

Negative Numbers Mailing costs

Poor attendance at expensive events

Billable hours wasted

Inability to target and segment and ensure information gets to the right audiences

Write-offs

Dollars wasted on non-strategic activities

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Thinking Outside the Box

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Forget ‘Out Of the Box’ Solutions

Customize

Configure

Integrate

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ERM

Online contact information verification

Online event RSVPs and surveys

E-mail marketing

Event management

Opportunity tracking

Mobile

Business card scanning

Company information

Evaluating the New Technology


ERM

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ERM


Track Opportunities

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Business Edge


Business Edge

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Practice Pipeline


Use data to find opportunity and define focus

Relationship Data

Referral Tracking

Areas of Interest

Time and Billing

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Send Surveys and Track Results


Mobile

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Company Data

Relationship Data& Updates

Family Trees

Competitors

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Boards & BiosFirm Relationships


Time & billing

E-mail marketing

External data sources Company and industry info

Litigation and deal info

Portals

Business analytics

Social

Integration Options

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Key financial information in Outlook under the contact or company record.

Time & Billing Integration


ContactEase Phone Integration

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InterAction Website Integration


E-mail Marketing CRM Integration

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First, ask why

Communication, coordination, Client service

Enhanced user experience or participation

Ease of access to information

Reduced time spent on redundant processes

To Integrate or Not to Integrate


Consider the Costs of Integration

Implementation

Subscriptions

Training

Staffing

Maintenance

Ongoing upgrades

Data quality

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Final Tips to Achieve ROI

Small wins, communicate successes, repeat

Involve end users

Be patient

Focus on best practices

Don’t try to do everything

Don’t reinvent the wheel

Don’t do it alone - reach out for help

Subscribe to CRM Success

Q & A

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Christina R. Fritsch, JD

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E: [email protected]

P: 404-249-9914

W: www.ClientsFirstConsulting.com

B: www.crmsuccess.net

L: http://www.linkedin.com/in/chrisfritsch

T: @CRMSuccess

CLIENTSFirst Consulting

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Documents

LI23: ROI - The Only Technology Acronym that Matters ...my.alanet.org/events/specialty17/handouts/LI23... · LI23: ROI - The Only Technology Acronym that Matters Presented by Christine