Research in the Legal sector shows that with only one partner engaged with a client, that client is four times more likely to churn. The new Trovus-Lucid partnership will deliver innovative technology and solutions to substantially decrease client churn and impact the bottom line.
14 September 2010 - London, UK - Trovus, a leading specialist in developing actionable intelligence based on the profiles of organisations visiting your website, today announced a Business Partnership with Lucid Solutions, providers of Business Intelligence analysis and measurement solutions to Legal and Professional Services sectors. The Partnership has been formed to deliver a new innovative solution to Legal and Professional Services organisations enabling them to easily identify valued clients, while significantly decreasing client churn and increasing profitability. The solution will include monitoring and statistical capabilities to measure success rates.
Declan Tyrell, Managing Director of Lucid Solutions, said: “It is common industry knowledge that client churn is a major problem for law firms, with partners across the firm often unaware of each others clients and profiles. Evidence shows that the more partner contacts clients have in a firm the more likely they are to become long term clients, whether the firm is small, medium or large. In other words, with multiple partner relationships, clients are more likely to stay with a law firm. Statistically, the research shows that without intelligent insights into client profiles, up to 80% of a firm’s client workload may be susceptible to attrition, a situation that can be greatly improved if clients have more than one partner relationship.*
Having identified the problem, the Lucid and Trovus Partnership is set to provide an innovative solution. This will enable the Business Development and Marketing functions of Legal and Professional Services firms to identify business opportunities, such as cross-selling services to existing clients, and actively targeting business from their current client base.
Trovus already has a strong presence in the Legal sector, with organisations using its managed services supported by technology to gather web intelligence to build commercial profiles of website visitors, and acting on this intelligence to drive sales, grow revenue, target their marketing and tailor services accordingly. Lucid’s strong capabilities in providing business intelligence insights for organisations, combined with Trovus’s ability to offer web intelligence insights, means that the Partnership will be able to bring highly innovative solutions and consultancy to the Legal sector.
“I believe the functionality of the Trovus software is richer than most in the marketplace today and their managed services are a real differentiator,” said Lucid’s Declan Tyrrell. “Their growing customer base and experience in the Legal sector, coupled with Lucid’s business intelligence tools and services, gives us the ability to offer a unique and strong proposition. It will enable our customers to discover what their clients are looking at on the website, while providing substantial opportunities and creative ideas for exploring intelligence and engaging with clients and prospects going forward.”
Today, there is a strong business relationship between the two companies, based on shared values and a common approach to solving business issues facing the Legal sector. Co-founder and Director of Trovus, Ed Charvet said: “The match between the two companies is an extremely strong one. We are combining complementary strengths that will give Legal and Professional Services customers performance capabilities unavailable elsewhere in the business intelligence and web intelligence marketplace.”
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About Lucid Solutions
Lucid Solutions provide Business Intelligence analysis and measurement solutions within the Legal, Professional Services and Accountancy sectors. The company undertakes projects at all levels, covering strategic development, business analysis and profitability analysis, as well as the tactical and operational challenges faced by businesses. Lucid's Business Intelligence solutions help organisations achieve their goals of improved performance, business growth and increased profitability/value by turning data into insight, enhancing and supporting decision making capabilities and optimising business models, operational processes and work practices. Tools and services include data extraction and enhancement, improved budgeting and forecasting, cash-flow maximisation, better business development information, business process and work practice re-engineering, project management and more.
Founded in 2006, Trovus is a leading specialist in developing actionable intelligence based on profiles of website visitors. Through an innovative approach, Trovus combines web intelligence technology such as its Dashboard with Consultancy Services, working closely with customers to generate increasing value from online intelligence and to maximize ROI on sales and marketing investments. With partners such as OneSource, InterAction, Microsoft Dynamics and dhc, Trovus specialises in helping B2B organisations who sell higher value products and services, ranging from SMEs to corporates. Customers include UK and overseas companies across a wide range of industries, such as technology, legal, telecommunications, marketing services, financial services and training, as well as professional services, property, digital agencies, media and publishing. A privately held company, Trovus is based in Vauxhall, London, UK. For more information, see www.trovus.co.uk. Trovus is a trading name of White Label Intelligence Limited.
Research into Client Attrition Analytics conducted by the Redwood Think Tank between 2005 - 2008. The research came to two conclusions: (1) Firms ought to be aware of their client attrition rates, and have a plan in place to keep the work they consider crucial. (2) Firms with substantial or growing litigation practices should recognize the susceptibility for attrition and plan accordingly.
Research by Lucid Solutions shows that customers are four times more likely to churn where only one partner engaged with a client.
Trovus Press Office
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White Label Intelligence Limited
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