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Law Firm Financials Law Firm Marketing and Business Development

Business Development: Biz Dev on a Budget: The Reality for Small and Midsize Firms

If you’re still stuck in “making a business case” for the tools needed to perform data analyses to unlock value, uncover trends and identify practice correlations to drive revenue, it’s not the end of the world just yet!

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 It’s no secret that firms and marketing departments aren’t equal in regards to aggregating enterprise data, hiring data scientists, or utilizing other resources to try to unlock value, uncover trends and identify practice correlations to drive revenue. So if you’re still stuck in “making a business case” for the tools needed to perform these analyses, it’s not the end of the world just yet! There are plenty of ways to see the forest, even if that value is hidden in disparate silos and requires some manual synchronization. For ease of explanation (and perhaps at the risk of simplicity), I will refer to these areas as the “3 I’s”, where you can use industry, individual and internal data to begin to see patterns, start to test hypotheses around potential “if/then,” “go/no-go” decisions, and potentially unlock other qualified opportunities on your horizon.

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