An effective sector strategy creates distinction for your brand, enhances specialization and is a very client-centric proposition. Sector groups are an effective platform for collaborating across practices.
It is also an effective way to attract and build relationships with referrer firms as a channel to winning international clients.
The “Making it Or Faking It, Building an effective sector strategy” workshop at the 2019 LMA conference in Atlanta, facilitated by Acritas’ Lizzy Duffy and Baker Botts’ Gillian Ward explored how to build an effective sector strategy. The discussion explored what it takes to make a sector strategy work in practice and attendees shared insight on the challenges they face and their success stories.
The key takeaways from the session were:
10 Steps to Building an Effective Sector Strategy
- Take your top client list and dissect by sector (as the client defines it!)
- Find and work with your champions
- Collect hard evidence around the market opportunity
- Build a mandate for the sector team
- Define the support team and allocate resources
- Present the business case to leadership including internal expertise, market opportunity and competitor analysis
- Create a marketing plan with roles, accountabilities and how you will create competitive advantage in this sector
- Set a budget! Whatever the scale of your sector strategy, you need one.
- Measure inputs and results to report internally
- Start manageable and scale up