Monday, June 1, 2009
In the past 6 months, many Am Law 100 and 200 firms are carefully re-examining the performance, deliverables and results from their existing marketing departments. That is why there have been so many layoffs of CMOs and other marketing staffers (many unreported). If the current department is not a net revenue producer (at least marginally), it's been cut, re-vamped or may be soon. The days of big budget-big spend on big ticket, non contact marketing items are largely over because most firms need to limit spending in this economy in order to keep PPP up. Firms have also realized that many traditional marketing investments do not really help bring new business in the door. Certainly there is a need to reinforce the brand with key non contact, marketing tools like cutting edge websites and select speaking and writing. But because the vast majority of business is generated one-to-one or in small groups between lawyers and client/prospects - some firms are re-vamping their departments more toward the British model, where every expenditure and effort is driven mainly by the old-school, "gentlemanly" question of "what value does this add directly to my existing or prospective client relationship(s)?" and "what mechanisms/technology/tracking/reporting do we as a firm need to put in place to help increase the results from our greatest areas of investment?", then building the marketing/client services department around the answers to those questions.
Posted by Administrator at 3:30 PM