Selling is hard and it’s not getting any easier with a global pandemic. With changes in the business landscape lawyers too need to take in account modern business development trends.
The buying landscape continues changing in favor of the buyer. Consumers have access to vast amounts of information. This is helping them make educated buying decisions without ever having to talk to a salesperson.
From remote and hybrid styles of working, to increased tech use and social media marketing, the pandemic has accelerated many trends that existed long before the first COVID-19 outbreak occurred. But with the unpredictable nature of the virus, it’s also likely that 2022 will bring with it some unexpected market changes.
In this blog, we’re going to take a look at these business trends, before helping you understand how your business can take advantage of them.
Top trends for 2022:
So, without further ado – let’s have a look at our top 8 BD trends for 2022:
Hiring a business development professional:
The business development profession is not a new one, but it certainly has been on the rise in the past few years, and law firms whether big or small need to hire one. The business development ecosystem, although still niche, is becoming more established and that’s a good thing. They are necessary to strengthen the relations among all the stakeholders active in the field, to make sure to keep innovating and providing relevant information.
Customer Research:
With the pandemic taking center stage since last year, client preferences and the way they interact has changed drastically. To be able to connect efficiently with your audience, you need to re-learn all about your customers. Having detailed information about your audience is necessary to ensure that lawyers have a steady stream of clients coming at all times of the year.
Showing authenticity:
Among the business development trends for 2022, we must mention the need for authenticity. Being authentic is crucial for BD success because it helps us be consistent and therefore, gain the credibility of our audience. According to Forbes, especially new generations have a need for authenticity which is a critical element in how they evaluate products and services.
Automation in Business Development:
Automation is not such a new trend by itself, it is now present in every aspect of our lives. And now it finally arrived in business development. Until now we had fancy CRMs that could help us keep track of our tasks. Today we have a complete and varied tech stack that can help us automate every step of the BD process. You can find software to automate your customer research, spot opportunities, and more, find emails, write emails, and even send them!
Taking advantage of online networking events:
As with everything, the pandemic has changed the way we network. Choosing the right events will help you find people that don’t want to waste time and are looking to build actual opportunities. This means you can achieve your goals much faster than it used to be with real-life events. Besides, you should also consider attending events as speakers or even create your own events.
Customer centric approach:
In the ever-changing business environment and increased digital consumption, it is getting increasingly challenging to stand out and attract new customers. Modern business development trends ask for law firms to provide highly demanded solutions, they need to know the current struggles of their customers. One of the essential practices here is to prioritize relationships as customers aren’t merely numbers. They are actual human beings with real needs. Work on establishing long-lasting relationships with them and continuously improve quality.
Implement design thinking:
Don’t get us wrong, any business can benefit from having a design first thinking, even a legal firm. Design is everywhere, even if we often don’t realize it. Keeping track of the visual identity of your brand could be what differentiates you from the pack. Modern business development trends need to align with general technology trends as well.
Customer Success for existing clients:
The more you learn about what builds or weakens bonds with your clients, the more you can lean into your strengths. If you can build trusted relationship status with clients, they’re going to be your best source of referral. And if you’re so entrenched with your client that you don’t have to worry about them leaving your firm, you’re going to enjoy your practice more.
In conclusion, remember that there is no such thing as a “one-size-fits-all” approach to law firm business development or marketing. Don’t be scared to experiment with a few various approaches. Keep in mind that business development is a protracted game of trust and relationships. The consequences of your actions today could last for years.
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