In IP law firms, partners often face the daunting responsibility of building and implementing a business development strategy for the firm.
These ‘Business Development’ (BD) activities are highly important for the firm too, as they contribute to the firm’s growing demand for additional revenue each year.
You would notice that while the firm has been filing a large number of patents in few domains (owing to the higher number of clients), few technology domains are being neglected and have a very low number of patent filings. Hence, the best way to avoid compromising your relationship with your existing clients, and also avoid COI issues would be to steer clear of those technology domains altogether.
These areas with ‘limited’ clientele’ indicate an OPPORTUNITY lying ahead to add new clients to your clientele. You don’t run a similar risk in the opportunity areas, given the limited clientele in the same.
Using analytics based on USPTO PAIR records, you can showcase how your firm’s patent prosecution track record fares against the company’s current track record, and against other competing law firms in the same technology domain.
Benchmark your firm against others Display your unique selling point by making advantages of working with you evident to the client.However, for most patent prosecution attorneys, whose career has mostly revolved around drafting/ filing applications and responding to USPTO examiners, being asked to perform BD for new opportunities would be like groping around in the dark for a light switch, in a room s/he is entering for the first time. Well, in the age of data and analytics, making a business development plan is not as difficult as it seems. Disclaimer: This might be a rather unconventional method compared to the traditional BD methods followed by law firms.You can use simple analytics to identify and attract potential leads and even convert them. However, you didn’t get here to learn about a traditional method in the first place, so let’s get started.Again, this analysis can be facilitated by any of the analytics tools based on USPTO PAIR patent filing data.The last and most important step in this unconventional business development strategy for an IP law would be to attract new clients without sounding like a salesperson. Let your patent prosecution track record talk for you.What matters are the results, in short, the numbers.The best part is you could always turn the number in your favor by monitoring your performance, studying metrics that impact them and taking actions accordingly. Use a concise phrase in your landing page URL like “URL.com/Free-Consultation,” instead of something generic like “/landing.” Your ads’ quality scores are a big deal.They are the shiny trophy on your mantle in Google’s eyes.Grey B’s examiner analytics tool is one complete package that could help you set apart from the rest. Get in touch and we’ll get back to you with a link to a demo of the Examiner Analytics tool at work. Pay-per-click advertising (PPC) for law firms can really pay off for lead generation, but only if you know what you’re doing.