Brand Research

Research drives strategy and design.

From McKinsey to Hewitt to PricewaterhouseCoopers, consulting and accounting firms have mastered the practice of fielding primary, business-issue-based research and turning it into marketing and sales program material. In fact, it's a staple in their marketing mix. But few service firms have followed suit.

It's not that service firms are unpublished: they churn out volumes of newsletters and client alerts that help contacts stay abreast of changes in laws and regulations. But with so many firms doing the same thing, it's tough to get your publications noticed, much less read.

If breaking through is your goal, consider primary research as an alternative or an addition to the items in your mix.

What's Your Point (of View)?

For the better part of the last decade, PricewaterhouseCoopers, in partnership with Thompson Venture Economics and The National Venture Capital Association, has generated The MoneyTree™ Survey. It measures cash-for-equity investments by the professional venture capital community in private emerging companies in the U.S. Data is primarily obtained from a quarterly survey of venture capital practitioners. The research quantifies investments and investment levels across the U.S. and denotes periodic trends broadly and by sector.

The MoneyTree™ establishes PricewaterhouseCoopers as a source of critical information on the current state of the venture capital market. It is PwC's point of view on a market that is of keen strategic interest to the firm. This point of view helps PwC become more and more pertinent to target clients on both sides of the investment equation.

Does Pricewaterhouse invest in client alerts on regulatory changes or evolving accounting standards? You bet. Are they valuable? Absolutely. But clients see these efforts as a basic service. Studies like The MoneyTree™ position the firm as a thought leader. A prognosticator. A firm that always lands on the short list for engagements in the venture capital market.

Be Redundant, Repeat Yourself, Say Things Over and Over

Studies like the The MoneyTree™ find their optimal value in outreach programs that convert into multiple touch points.

• Research results are pitched to and published by media outlets.
• Glossy white papers are generated for distribution to clients and prospects.
• Road show presentations are generated in PowerPoint for prospect visits, firm-organized seminars and speeches at conferences organized by third parties.
• The research is published on the Web.
• Ads are often created to highlight research findings.
• The ads establish the firm as subject matter experts and drive readers to the Web for the complete study or to contact the firm for hard copies of the position paper.

The name of the game with research of this type, or any marketing tactic for that matter, is leverage. We advise that you apply the rule of three. You're simply trying to find a minimum of three "touch-point media" for the research, because that increases the probability of a higher return on the investment. Ideally, a target might see your findings reported in the press, attend a conference where the findings are featured and keep a copy of the study on his or her desktop for reference.

Case in Point

So the approach works for consulting firms and accounting firms, but what of applications within the legal landscape?

Kirkpatrick & Lockhart is a national law firm with a laser focus on the general counsel audience at Fortune 1000 companies. The firm's targeting of this audience has included a notable "Top of Mind" campaign, which features profiles of marquee general counsel at marquee companies. Each "ad" has become a regular feature in Corporate Legal Times, and is drawn from up-close-and-personal interviews with in-house lawyers to get at the issues they consider to be the most critical to success.

To extend this program, K&L embarked on a primary research project.

The premise:

In-house counsel want to know what's on the mind of other in-house counsel and how they're dealing with today's problems, but it's likely they don't have the time to find out. The survey was built as a benchmarking study to help fill the information gap.

The methodology:

In the autumn of 2002, K&L hired an independent research firm (The Brand Research Company) to gather together in-house counsel in New York City and Chicago and find out what was "Top of Mind" for them. From these focus groups, the research firm created a survey, which was completed by 106 in-house attorneys in phone interviews.

Areas covered:

Workloads, hot legal issues of today and tomorrow, new compliance burdens, budget pressures, technology trends, staffing and salary statistics, and alternative fee arrangements, among others.

The workproduct:

KL published their findings in a magazine-style booklet, added the content to their Web site (www.kl.com), pitched the study to legal and business media, and offered the findings as a topic for legal industry conferences.

Reality Check: This Stuff Is Expensive and It Eats Time, so Budget Accordingly.

With return on investment in mind, it's important to note that table stakes for this type of marketing are high. Primary research requires a professionally constructed survey methodology, a statistically valid sample, automated data analysis and time-intensive interpretation. In short, it requires a team of highly skilled researchers and talented message-makers.

While out-of-pocket research expenses will vary widely depending on the scope of the project, it's unlikely that the research component will cost less than $25,000. And when you add in the cost to package and promote your findings, as well as the time it takes to manage the project, the overall project cost can triple. That's why many firms, even the PricewaterhouseCoopers of the business world, find research partners to distribute the burden of project costs (and give up some of the limelight of promotional benefits).

Remember, the goal is breaking through the clutter. And doing so always comes with a price. Our suggestion is to "steal" money from other parts of your budget to concentrate on a few, high-impact programs that you can do exceptionally well. Or as one sage marketer put it: do less better.