On Wednesday May 20, Acritas’ UK Law Firm Brand Index 2015 will be revealed. But we are often asked ‘what is the purpose and value of measuring brand amongst law firms?’, so we thought it would be worth sharing a little reminder.
In legal markets which are still crowded and fragmented, the only way to grow market share is to stand out.
It is impossible to, nor would any client want to, keep abreast of every law firm in the market place. So by ensuring your firm is top of mind, favored and well consideration means you have an opportunity to convert it in to revenue.
Successful brand alignment is key. Historically firms that have done best are the firms that have established similar reputations among clients, albeit in different ways. They are winning out over other firms because their brand offerings are aligning with client demand, client behavior and client needs.
Featuring in the Top 20 of the UK Index means your firm has a clear standout brand, beyond this the brandscape is often more fragmented. However, with more firm consolidation expected in the near future, investing in the strategic alignment of your brand cannot be ignored or considered lightly. This is because we are seeing the international needs of clients continue to grow and competition from global firms increase. The data used to generate Acritas’ Indexes shows that law firms which listen to the evolving needs of clients are equipped to deliver competitive advantage through building a more compelling brand proposition. And as long as firms deliver an authentic experience that lives up to the brand promise, rewards will be realised.
Accountants are the ones to watch. They have been doing it for years. They understand that a brand is a perception in the minds of others that must be developed, nurtured, managed and of course tracked. They appreciate a brand will stand at the forefront of influencing all types of stakeholders in the niches your firm serves which comes through experience, expertise, thought leadership, honesty, integrity and capabilities. That is why they invest so heavily in their own brand. Accountants would not spend millions of dollars/pounds on brand strategy if they thought they could not measure and realize a return on that investment!
The best way for law firms to stand out and prosper in an increasingly noisy and fast-paced business development world is alignment to clients’ evolving needs, but that can only start with brand awareness.
All buying decisions and subsequent client relationships have a life-cycle that starts with raising a brand’s awareness and driving up favorability, then leads through to consideration before usage of the brand is even on the cards. Hence the methodology for Acritas’ Indexes and their reliability for firms as a measure of how clients rank law firms in the early stages of the buying process.
Once successful in reaching consideration, knowing what clients want in key performance areas will ensure a firm can live up to and exceed expectations, but that can only be achieved by asking them sensitively through robust market research. Our data shows that these client needs vary depending on the industry or country that a client is working within or the type of work being undertaken but critical to successful growth strategies is having access to this insight and aligning the firm’s offering accordingly.
Designing your brand-building strategies around facts and real market trends removes risk and expensive mis-spending from decision making.
To find out more about how Acritas’ data can help you and your firm achieve its’ goals and objectives more effectively please contact Jo Aitken on +44(0)808 178 3020 or email firstname.lastname@example.org