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Serendipity is not a strategy - making better marketing plans

Ruth Napier

Wise words shared by David Sparkes of Millbourn Ross at a conference I attended this week.  The context was law firm mergers and acquisitions and was a cautionary piece of advice to law firm leaders.  The evidence is compelling with a trend of consolidation in the sector, headlined in big law but likely to be an ongoing reality in the SME space.

Waiting for an opportunity to turn up at your door or focusing on operational needs ahead of having a clear and shared vision of the future can lead to trade-offs which may not be good for your business, your stakeholders or your employees.


Red neon sign reading Market 3  times on a black background

Strategy is one of the foundations for successful marketing and business development. But it is often focused developed within a narrow framework – drawing on internal points of view, coloured by influential voices within the firm.  A strategy is not a reactive operational response plan to a situation but a proactive way of channelling energy, speeding up decision making and bringing the collective effort to achieve ambitions. 


And it does not need to only serve commercial imperatives such as improving profitability.   


Technology (including AI) is adding greater uncertainty and challenges into the mix. Without the budgets of large law, small and mid-sized firms were already being tested by the need to invest in new tech and ways of working.


The first step in establishing a strategy and then in translating that into an actionable plan, is where the hard work sits.  The analysis of your firm's situation is a critical step in creating a better marketing plan.

In my early career I was a corporate finance analyst and spent as much time as possible within the deadlines to any potential transaction to gather together the intelligence from all relevant sources to inform that analysis. From reputation and market sentiment to competitive positioning, from financial health and leverage to management style and culture, from industry trends to geopolitical risk.


Over the years I have added to my analytical skills with business planning and data modelling. A self-confessed curiosity disposition means I’m always seeking out new ideas and opportunities to help me craft better marketing plans. And this led me to SOSTAC (R), a great methodology and process for building (and constantly evolving) marketing and bd plans. The initials match the process, which, no surprise, starts with situation analysis. 


Business or situation analysis of this type, isn’t a skill they teach in Law School. But having an expert to help, educate, inform and challenge you can unlock insights and may prove invaluable when crafting your firm’s pathway to the future and the objectives, strategy and actions that will take you there.

 

I am Ruth Napier, a fractional CMO and the Marketing Director for firm’s that don’t have one but need one. And a SOSTAC(R) certified planner.

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