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[Author: Noreen Fishman]
Have you conducted a competitor analysis recently? Chances are you completed one when your firm was in its beginning stages, but it’s an activity that can help at any stage of your firm’s growth. An effective competitor analysis can give your firm an edge in your market – but only if done correctly, so you get the full picture. In this post, we are exploring how to conduct a competitive analysis that will make a difference when marketing law firms.
What is a Competitive Analysis?
A competitive analysis is a process that involves researching your major competitors in order to gain insights into their offerings, client base, and marketing efforts. Taking the time to complete one will yield several benefits, including developing stronger marketing strategies, warding off competitors, and gaining more market share. Essentially, a competitive analysis will help you to learn the ins and outs of marketing law firms, and find opportunities to outperform them and attract new clients. Furthermore, a great competitive analysis will provide information on industry trends and standards.
Some of the other reasons to conduct such an analysis include better narrowing down your firm’s unique value propositions, identifying what your competitors are doing correctly, and learning where other firms are falling short (which can help you to find new opportunities). Many marketers like to understand where other firms have gaps so that they can figure out new ways to meet client needs. These analyses are also valuable when it comes to having benchmarks for measuring your own efforts.
You can see how a competitive analysis might yield different results over time. If the last time you conducted one was five years ago, many things may have changed. There might be new firms in your area, or one has fallen out of favor. The specialties of firms can adapt over time as professionals come and go. Plus, client needs change over time and their…
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