4 Frameworks Law Firms use to Map Client Industries

During our session with Eric Chin on Data Driven BD Functions, we spoke about different qualitative data BD and marketing teams can use to help their practice groups map their clients’ industries.

Listed below are four frameworks that Alpha Creates outlined that you can use to analyze your clients and provide more value.

1. PESTLE Analysis

The PESTLE analysis enables understanding of the external macroenvironment in which a firm operates. PESTLE is an acronym for the five main dimensions of the macroenvironment:

  • Political
  • Economic
  • Sociocultural
  • Technological
  • Legal
  • Environment

These factors play a vital role in the value creation opportunities of a strategy, yet companies usually have little or no control over them.

2. Porter’s 5 Forces

Porter’s five-forces model is an outside-in strategy tool used to assess the attractiveness of an industry by looking at its structure. Specifically, the analysis rests on five fundamental competitive forces:

  • New entrants: the ease with which competitors can enter
  • Substitutes: the threat of substitute products or services
  • Buyer power: the bargaining power of buyers
  • Supplier power: the bargaining power of suppliers
  • Competitive rivalry: the competition among existing players.

3. SWOT Analysis

A SWOT analysis is a great tool to help work out the internal and external factors affecting your business. It is one of the most commonly used business analysis and decision-making tools. A SWOT analysis helps you:

  • Build on strengths (S)
  • Minimise weakness (W)
  • Seize opportunities (O)
  • Counteract threats (T)

A SWOT analysis is often part of strategic planning. It can also help you understand your market, including your competitors, and predict changes that you will need to address to make sure your business is successful.

4. Ecosystem Analysis

Companies are often part of a business ecosystem that crosses a variety of industries. In a business ecosystem, companies co-evolve capabilities around a new innovation; They work cooperatively and competitively to support new products, satisfy customer needs, and eventually incorporate the next round of innovations. Every business ecosystem develops in four distinct stages:

  • Birth
  • Expansion
  • Leadership
  • Self-renewal (or death)

This analysis unearths the complex interplay between competitors.

To learn how your firm can become more data-driven, download the pdf below and get in touch with Alpha Creates.