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Drivers of choice case study
“We’ve been focusing on the wrong things”

 

Since the recession, a top-tier law firm had been engaged in heavy discounting of rates to win work—even from existing clients with which it enjoyed long-standing relationships.

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FACT

The [BD Effectiveness Report] showed that conditions improved after the worst of the recession. Price was still less important to clients in awarding work than demonstrating a superior understanding of the clients’ business and industry.

 

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INSIGHT

While the firm’s clients were demanding lower fees, they were responding to discounting led by this firm and others, more than fundamentally changing their purchasing criteria.

ACTION

The firm:

  • revised its business development process and tender templates to emphasise its knowledge of the clients’ business and industry
  • Included this criteria in its bid go/no go assessment
  • offered smaller discounts where it had clearly superior knowledge of the clients.
 
 
 
 
 

OUTCOME

The firm improved its bid: win ratio, winning more work at higher margins.

   

 

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