With Clio's major product and capability announcements this week, CLM and LPM leaders need to scrutinize whether their customers will churn and become Clio customers. Clio is making big moves.
Here are 7 tips to assess your business and turn competitive intel into actionable insights:
Analyze your customer portfolio to identify personal injury firms vulnerable to Clio's new PI features. Develop targeted outreach to reinforce loyalty.
Brief sales on your AI roadmap and vision. This is a perfect time to educate sales and marketing on the progress, use cases defined, and how your AI is best for customers. Stress importance of your AI policy and how your AI is being developed.
Arm Sales and Customer Experience reps with updated battle cards, and value prop messaging.
Highlight key use cases and pain points from customers, reviewing why customers select your solution over rivals.
Launch market research on efiling adoption trends to calibrate the 2024 threat and add an efiling question(s) to your next customer survey. Same for client pay functionality.
Monitor your rivals and stay focused on new developments. Clio hired their first CPO, how does this influence their strategy and product roadmap? Several legal tech companies are launching new products thru Q1 '24 stay engaged.
Conduct diligent post-mortem reviews of top lost accounts and directly contact decision-makers to understand why they chose competitor solutions.
Clio continues to push innovation in the CLM / LPM category and staking their claim. Competition makes everyone better and it's your time to innovate as well. With the right competitive intelligence and strategic response, you can reinforce loyalty and stress your differentiators.
Let's connect if you need help countering threats and finding the opportunities.
Ponder on this:
When did you last complete an unfiltered competitive analysis across your product, sales, and marketing? What did you uncover?
What assumptions about customer needs and pain points drive your product roadmap? How are you stress testing them?
Who within your company consistently monitors competitive threats? Is your leadership truly listening?
Let me know your thoughts. Thanks so much.
Comments