Embracing Change: Taking the Lead in Conducting an Effective Marketing & Business Development Audit

Transcription

1 Marketing Partner Forum January 24, 2018 Embracing Change: Taking the Lead in Conducting an Effective Marketing & Business Development Audit Anusia Gillespie Harvard Law School Executive Education Zeynep Ersin Seyfarth Shaw Erin Meszaros Eversheds Sutherland Jennifer Scalzi Calibrate Legal, Inc.

2 Where we are: Defining the current climate Planning for unknown change When to audit/assess What we need: Right talent Enabling and recalibrating cultures High-performing teams Getting from here to there: Hiring practices Aligning people with objectives Sample scenarios, strategies and discussion 2

3 <insert Image re current client > Where We Are

4 Current Climate 10 Years of Law Firm Economics Demand Growth Billable Hours per Lawyer Collections Profit Margins Source: Thomson Reuters 4

5 Growing Demand for Accountability Marketing Accountability Audit CFO s Four-Step Guide 5

6 Demand for Customization Relational/ Symbolic Customization Customized Market Intelligence Language and Terms Customized for Industry Legal Advice Customized for Industry Symbolic Substantive Customization Clients are Demanding

7 Demand for Customization Relational/ Symbolic Customization Customized Market Intelligence Language and Terms Customized for Industry Legal Advice Customized for Industry Symbolic Substantive Marketing/BD should be capable of partnering with lawyers on deal teams to provide this industry customization. Could your department do so now? Do your industry/sector heads feel successful in their roles? 7

8 Triggers for Change High-profile lateral Hires Downsizing/Upsizing Leadership Shifts/Changes Changes in pricing strategies 80/20 Shift in % breakdown of generations represented on your team Change Technology 8

9 About Our Research Objectives Measure state of Marketing Operations at law firms Identify gaps, priorities and opportunities Population CMOs at leading law firms in US, Canada, UK 68 respondents, including 22% of Global Top 50 Average 793 lawyers, 36 Marketing/BD FTEs Methodology Compare law firms against leading organizations in other sectors Importance/performance analysis Benchmark data available 9

10 7 Leading-Practice Categories Marketing Performance Management Measure the performance and business contribution of Marketing/BD. Alignment and Accountability Marketing/BD addresses the firm s goals and strategies. Marketing Data Ability to practice datadriven marketing. Business Processes Maintain standard business processes within Marketing/BD. Revenue Enablement Tactical and strategic alignment between Marketing and BD. Systems and Technology Effectiveness in applying marketing technology. Talent and Knowledge Commitment to developing Marketing/BD talent and knowledge base. 10

11 How CMOs Rated Their Teams Not confident their teams meet best-in-class standards for Marketing Operations or even their firms expectations Low scores on ability to measure return on marketing investment Improving marketing data is a priority Marketing/BD not strategically aligned to support revenue growth Poor integration of marketing technology a concern 11

12 <insert Image re current client > What We Need

13 Talent and Knowledge Target for Top Performance (3.75) Gap 5.5% Key Findings CMOs are confident in their performance on core HR disciplines Rated their teams high on training, performance management and career development Lack of quantitative skills apparent 8% Importance/Performance gap in the question related to marketers data and analytics abilities Low awareness of teams skills and skill gaps Few CMOs have developed a skills inventory although they acknowledge its importance Training is top talent investment priority Business development, project management and soft skills training mentioned most frequently 13

14 The Importance of Culture Managing is the art of making dreams come true. Dr. William Torbert The First Six Stages of Development 1. Conception 2. Investments 3. Incorporation 4. Experiments 5. Systematic Productivity 6. Collaborative Inquiry Torbert, William R. Managing the Corporate Dream: Restructuring for Long-Term Success. Homewood, Ill: Dow Jones-Irwin, Print. 14

15 The Importance of Culture The First Six Stages of Development Hallmark of Stage 1. Conception Invisible event with no timeframe 2. Investments Crucial priority = attracting resources necessary to open doors for business 3. Incorporation Physical, observable organization 4. Experiments New ways of doing business as business grows and environment changes. 5. Systematic Productivity Attention on procedures to accomplish predefined task; roles taken for granted as given. 6. Collaborative Inquiry Self-reflective and correcting capacity; explicitly recapitulating earlier stages. 15

16 The Importance of Culture The First Six Stages of Development 1. Conception 2. Investments 3. Incorporation 4. Experiments 5. Systematic Productivity 6. Collaborative Inquiry It does not work to hold back or turn back the developmental clock. - Torbert So how can firms create a culture that ensures continued success? Push development forward 16

17 The Importance of Culture The First Six Stages of Development 1. Conception 2. Investments 3. Incorporation 4. Experiments 5. Systematic Productivity 6. Collaborative Inquiry When an organization moves to the Collaborative Inquiry stage, its identity becomes lodged less in its current structure than it is capacity for restructuring to more consistently enact the corporate dream. 17

18 High Performing Teams Conditions Required 1. Direction - Clear understanding of context and goals 2. Structure - Understand value and role of each team member, and team norms (top teams communicate in person) 3. Supportive Dynamics - Google s Psychological Safety 4. Mindset - Sharing knowledge vs. competitive

19 Assessing Team High Performing Teams Performance Reach objective? Qualitative Analysis #s Well-being Capability of future performance Play to a strength, communicate well, contribute Ex. burnout, burned bridges, toxic dynamics Qualitative Analysis Combination 19

20 <insert Image re current client > Getting From Here to There

21 How does an organization develop? Through its people. 21

22 Hiring Practices Research with Dr. Heidi K. Gardner for Globe Law & Business, finding little evidence of strategic hiring for marketing professionals: New talent based on prior needs, not forward looking New talent hired as replacements, instead of reassessing departmental strengths and needs To the extent forward-looking, new marketing positions are not given the resources and support they need for firm buy-in, i.e. set up for failure 22

23 Attributes for Tomorrow s Teams Flexibility Humility Thirst for learning Managing up Feedback guru IRL Transparency Political savvy Engaged Proactive Curious Intellectual firepower Comfortable in uncertainty Dot-connector Quickly absorbs context 23

24 Aligning People to Objectives Hiring New Talent: What Should This Look Like For You? Optimizing current talent: Best talent managers build jobs around strengths to reach business objectives. 24

25 Aligning People by Discipline 25

26 Aligning People by Strategy CPD BD STRUCTURE 2018 CMBDO Business Development and Client Service International Programmes Regional Support Practice Group BD Sectors and Industry Groups Pursuit /RFP Germany Asia Middle East New York Texas Litigation Real Estate DI TMT TIMBER Pitch/RFP Team - Pricing and Value (Adjunct) France Europe Liaison (EVSEL) Ireland EEG BPG CYBER Kelly Rike - AI Client Service Teams/Key Account Management BD Training FINANCIAL SERVICES SALES TEAM Tax INSURANCE IP ENERGY AND INFRASTRUCTURE

27 Aligning People by Strategy 27

28 Recommended Reading The Future of The Professions, Richard Suskind / Daniel Suskind How The Mighty Fall and Why Some Companies Never Give In, Jim Collins Managing the Corporate Dream, William Torbert, Ph.D. Getting Past NO: Negotiating in Difficult Situations, William Ury The Future Workplace Experience, Jeanne Meister / Kevin Mulcahy Switch: How to Change Things When Change is Hard, Chip Heath/Dan Heath 28

29 Marketing Partner Forum January 24, 2018 Embracing Change: Taking the Lead in Conducting an Effective Marketing & Business Development Audit Anusia Gillespie Harvard Law School Executive Education Zeynep Ersin Seyfarth Shaw Erin Meszaros Eversheds Sutherland Jennifer Scalzi Calibrate Legal, Inc.