In other words, it is a set of information which, taken in isolation, is of no interest but which, linked to a particular context, makes it possible to predict an event in order to anticipate it and integrate it into its strategy.
Weak signals: a strong impact on your business
If it is possible to detect weak signals in all the services of a law firm, the systemic industrialization of these in the framework of commercial development proves to be a winning bet in the creation of wealth.
The great difficulty of this exercise lies in the choice of information to be monitored and analyzed. Indeed, in a world marked by the multiplication of information, how to choose the relevant information and how to create a predictive analysis routine? Because, as a lawyer, you cannot afford to constantly scrutinize what is going on in your ecosystem.
In addition to the industrialization of signal research and analysis, the speed of information flow is crucial to its predictivity and the implementation of a strategy. Thus, a law firm in which information is transparent and circulates quickly will always capture more information than a firm with little communication. By multiplying interactions between Partners, information will tend to become viral and easily analyzed, a direct consequence of this management style is a rapid increase in business flows and revenue.
In summary, to take full advantage of weak signals, law firms must:
- Be able to detect and capture information in a systematic way
- Be able to analyse information and relate it to a business development strategy
- Circulate information quickly within the firm
Equip yourself to pick up and decipher weak signals
As mentioned in the previous paragraph, capturing and analyzing weak signals should not be done at the expense of your business. There are tools on the market to help you with this task.
The easiest to implement, even before investing in Big Data analysis type tools, is the use of a data oriented CRM that will be able to give you the right information at the right time. In particular, it should be able to automatically search for the "news" of your contacts, whether they are customers or prospects, but also of their company. But beware of the trap of receiving a sum of unanalyzable information, the information must be relevant to you!
Let's take an example: as a lawyer specialized in M&A, it is likely that you would not be interested in a news about the next commercial webinar of one of your clients, while being informed about the plans to create a factory in China is essential for you.
Artificial intelligence (AI) can also be of great help in detecting weak signals. Still using a CRM, it is possible to detect, for example, the best days and times to contact a customer or a prospect. This type of weak signal is very useful to start a conversation with someone who is willing to listen to you.
Finally, we have seen that the speed of information flow has a great influence on the predictive quality of weak signals. Here again, your CRM can be critical. For information to circulate quickly, you need to be informed in real time of what is happening in your ecosystem. You must therefore be able to rely on a system that automatically alerts you to information that requires action on your part.
As you can see, there are many ways to capture and analyze weak signals, which can be a real economic boon for you. The key is to be equipped to decipher them...
