Metrics, big data and analytics--oh my!

• Author: Corcoran, Timothy B.

Imagine a world in which marketers and business development professionals pursue only those tactics that generate the greatest return. In this world, there are fewer RFP responses because the objective is to win more of the right opportunities, not chase every opportunity. Capabilities statements that endlessly brag about our lawyers' credentials give way to succinct proposals focused on the client's business challenges. Marketing support isn't offered to every partner or even every practice equally, but those practices generating greater financial or strategic results earn a disproportionate share of attention. In this world based on metrics, marketers have both the luxury and challenge of operating within boundaries dictated by performance data. And it's coming soon to a law firm near you.

Marketing and business development, as we define the terms in law firms, create awareness and visibility with potential clients, differentiate our expertise and provide support to the lawyers as they pursue opportunities.

But do we pursue the right tactics? Could we have improved results with a different approach? Have we invested time and energy in the wrong practices, spawning missed opportunities in more lucrative practices?

Legal marketing has generally measured success the same way that law firms do--on a large scale, calculated at year end by comparing year over year financial performance. But this is no longer enough.

Experienced marketers know there are more campaigns and creative ideas than funding, more products and market segments needing attention than we have time to address. So there's quite a science built on measuring performance to ensure that the right project gets the right funding to produce the right results. It's not a perfect science, but the rigor required to justify an investment of time, money or resources clearly generates a greater return than a model built on reacting to every partner whim.

But with metrics comes responsibility. If we are to hold the lawyers accountable for pursuing only those tactics that generate results, we must hold ourselves accountable, too. And this means embracing the right-brain analytics that some find uncomfortable.

The use of metrics in law firms doesn't have to be scary, and it doesn't require a degree in math. We can start with data already at our disposal and compare the relative performance of tactics we...