sms questionsto+61 418 325 351 - icon · march 6th2018 george beaton paul hugh-jones sms...
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March6th 2018GeorgeBeatonPaulHugh-Jones
SMSquestions to +61418325351
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ClickonthelinkbelowforarecordingoftheInnovationwebinar
• https://recordings.join.me/MgJ1_Nqk2EO0V-Kbro3aFQ
• Thepresentationstartsat3.10onthetimebar
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TheworldistalkingaboutInnovation…butourresearchsaysthatclientsdon’tcaremuch
Question: (1) Which of the following are most important to you when considering a firm to provide legal services?(2) And now thinking about the time when your organisation most recently selected a firm to provide legal services in Australia, what was the most significant reason for choosing the winning firm over the next best option?Base: Total market
Attributes
%'yes' rank %'yes' rankExpertiseinyourareaofneed 73 1 52 1Understandingyourbusiness/industry 64 2 37 2Responsiveness 59 3 27 4Commercialityofadvice 57 4 31 3Reliability 51 5 19 8Easeofdoingbusinesswith 44 6 19 6Costconsciousness 42 7 15 9Accesstopartners/principals 41 8 19 7Excellentcommunication 40 9 10 11Leadingexpertise 40 10 19 5Price 35 11 11 10Qualitydocumentation 33 12 7 12Caringabouttheirclients 21 13 4 13Friendly 18 14 2 15Innovation 13 15 1 16Strongbrand 10 16 3 14
DriversofconsiderationDriversofpurchase
decision
Driversofconsiderationandfinaldecision– 2018beatonbenchmarks AULegalmarket
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ClientsratefirmsloweronInnovationthanotherserviceelementsin beatonbenchmarkstracking
4
Law ConsultingEngineering(CE)
6
6.2
6.4
6.6
6.8
7
7.2
7.4
7.6
7.8
8
2011 2012 2013 2014 2015 2016 2017 2018
Overall Client Service Innovation
6
6.2
6.4
6.6
6.8
7
7.2
7.4
7.6
7.8
8
2011 2012 2013 2014 2015 2016 2017 2018
Overall Client Service Innovation
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Co-developmentofInnovationresearch
5
1. beaton’shypothesis:Despiteallthetalkandpositioningaroundinnovation,thereismismatchbetweenfirms’currentinnovationactivitiesandwhatclientswantandvalue
2. GroupdiscussionwithCMOsofleadingfirmsconfirmedneedforVoiceofClientresearch
3. Researchdesignco-developedwithleadingfirms
beaton’sdefinitionofInnovation:
“Implementinganideawhichaddressesaspecificneedanddeliversvalueforboththeirclientsandthefirm”
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Datatosetthescene
• Clientswhodonotconsideranyfirmtheyknow(?)tobeinnovative
• Law:27%
• Consultingengineering(CE):25%
• Ofthefirmsnominatedasinnovative…1/2to2/3werenot themain
supplier
• Over50%oflawrespondentshaveneverseenanexampleofoutstanding
innovationfromalawfirm(?)
• 50%ofCErespondentshaveneverseenanexampleofoutstanding
innovationexceptAutomation(leastinfluence)fromaCEfirms
….Thereispent-up,unmetdemand
6
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Innovationresearchunpacksthetypesofinnovationclientsvalue/howtheseinfluencechoiceoffirm1. Automation
2. Applicationofanalytics
3. Betteroutcomes
4. Reducedrisk
5. Moreusefuldocumentation
6. Betterclientservice
7. Fasterclientservice
7
8. Closercollaboration
9. Moreeffectivecommunication
10. Lowerfees
11. Lessworkforyou
12. Morechoiceinhowyourworkis
done
13. Addedvalueforyourcustomers
(CEonly)
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QuickPoll– gotowww.zeetings.com/beaton
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WhatdidclientssaymostinfluenceschoiceoffirmforbothLawandCE
1. Moreeffectivecommunication
2. Reducedrisk
3. Lowerfees
4. Automation
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InfluencevsExposurequadrantanalysisInnovation– Law
10
Faster client serviceMore choice in how your
work is done
Application of analytics
Automation
-0.2
-0.15
-0.1
-0.05
0
0.05
0.1
0.15
0.2
-0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6 0.8
Top
of m
ind
reca
ll[%
seen
out
stan
ding
exa
mpl
e -M
ean
%]
Influence of benefit[Likelihood to increase firm use - Mean likelihood]
ExtremelylikelyVerylikelyModeratelylikely
BUSINESS AS USUALLower influence, More common
COMPETEHigher influence, More common
TARGETLower influence, Less common
DIFFERENTIATEHigher influence, Less common
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Faster client service
Application of analytics
Automation
-15%
-5%
5%
15%
25%
35%
45%
-0.80 -0.60 -0.40 -0.20 0.00 0.20 0.40 0.60 0.80
Top
of m
ind
reca
ll[%
seen
out
stan
ding
exa
mpl
e -M
ean
%]
Influence of benefit[Likelihood to increase firm use - Mean likelihood]
11
Business as usualLower influence, More common
CompeteHigher influence, More common
TargetLower influence, Less common
DifferentiateHigher influence, Less common
ExtremelylikelyVerylikelyModeratelylikely
InfluencevsExposurequadrantanalysisInnovation– CE
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Howreceptiveareclientstoinnovativeproposals?
12
Yes17%
No83%
Have you ever received an unsolicited proposal from a consulting engineering firm
for solving problems and/or realising opportunities of which your organisation was
previously unaware?
Yes12%
No88%
Have you ever received an unsolicited proposal from a law firm for solving problems and/or realising opportunities of which your
organisation was previously unaware?
Law CE
Winrate:33% Winrate:35%
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Segmentation:EarlyadoptersvsLaggards
13
EarlyAdoptershaveinnovationasaveryimportantKPITheyrelyontheirfirmsforinnovation– speciallyCE
14% 11%
7%4%
8%
6%
37% 40%
33%38%
(70%)
(79%)
-40%
-20%
0%
20%
40%
60%
80%
100%
How important innovation isto achieving the KPIs for
which you are accountable?
How important is advicefrom outside law firm/s on
new technologies andprocesses?
11% 6%
10%3%
5%
28%17%
47% 72%
(75%)
(89%)
How important innovation isto achieving the KPIs for
which you are accountable.
How important is advicefrom consulting engineeringfirm/s on new technologies
and processes.
Veryimportant(8-10)
Important(6-7)
Neitherimportantnorunimportant(5)
Unimportant(3-4)
Veryunimportant(0-2)
Law CE
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beaton insights/recommendations
1. Innovationhaslimitedvalueunlessappliedtoaclient’sneeds
2. Innovation Technology
3. Don’tinnovateonyourowninthedark
4. Understandwhatinnovationclientsneedandvalue
14
Innovationreports• Law,CE– now• Accounting– April• $10,000each
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ThisreportisoneofaseriesanalysingtheVoiceofYourClientsintheprofessionalservicesmarketplace.Eachreportfocusesonatopicofimmediatestrategicimportanceandcontainsinterpretedinsightsintotypicalclients’andprospects’needsandthedriversoftheirbuyingbehaviourandsatisfactionwiththevaluetheyreceivefromprofessionalservicesfirms.Asaleaderinprofessionalservicesresearchandadvice,beaton’s trustedrelationshipwithfirmsandtheirclientsensuresthesereportsarebasedonarelevantcross-sectionofthemarketandcontainrich,actionablefindings.
AlsoavailableinLaw,ConsultingengineeringandAccounting:• MarketingEffectivenessReport
15
Clientinsightsguidingyourstrategy
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