By now, most professionals know the value of using social technologies for marketing and business development through the use of social media marketing techniques. Other professionals are aware of the use of social technologies for enhancing collaboration and communication with employees, partners and clients. However, there is lesser known use for social technologies that plays an important role in a law firm’s tool set: competitive intelligence.
Social technologies can be effectively used and deployed to provide a firm with valuable competitive intelligence that can be used to monitor the competition and make strategic business decisions based upon data and research. Social technologies can also be leveraged by law firms today to help gain an early understanding of risks and opportunities in target markets–enhancing a firm’s ability to define, gather, analyze and distribute intelligence about clients, competitors and prospects in support of strategic decision-making for the firm.
According to Ann Lee Gibson, a legal consultant who writes a blog on law firm competitive intelligence, “Competitive intelligence (CI) is an increasingly hot topic within law firms. However, many firms—and the broader legal industry—are still struggling to understand what the discipline of CI is and how it can benefit them. This confusion often stems from equating CI with secondary information or “spying” into competitors’ secrets.“Continue Reading