The contact details of these 284,000 clients were provided by a record number of firms entering in the 2016 Financial Review Client Choice Awards – which have run every year since 2005. This year we are delighted to acknowledge the support of nine peak professional societies in Australia and New Zealand and ten sponsors for the 34 categories of Awards for firms and individual practitioners.
Our survey has humble origins. In 2003 we invited 6,000 clients to rate 15 law firms in Australia; this year 284,000 have been invited to rate 179 firms in Australia and New Zealand!
Technical details of how the study is done – and has been improved this year – may be found here.
Why this is the best ever Beaton Benchmarks survey
Eye-popping as these stats may be, what’s even more important is what Beaton can now do with the survey’s findings. In addition to the standard measurement, benchmarking and tracking of brand position, brand health, business development effectiveness, and performance in terms of value delivered to clients by each firm – all as the market place and statistically relevant numbers of client respondents perceive each firm – Beaton is now applying advanced analytical methods the millions of data points collected.
These methods are being applied to the traditional data we gather and new areas added this year. This means for individual firms we can answer questions like these:
- ‘What characterises your dissatisfied clients? How are your dissatisfied clients different to your most satisfied clients? What can you learn from these differences?’
- ‘What characterises those of your clients that rate your firm most highly on value? How do these clients differ from clients who rate you low on value? What can you learn from these differences?’
- ‘What does industry expertise mean to your target clients, and how can you build your reputation as the leading expert amongst them?’
- ‘What characterises clients in your target market – whether region, sector or practice group – that do not only buy on price … and the firm’s that serve them?”
- ‘Which firms are seen as substitutes for yours? How much of a threat to you do they constitute?’
- ‘To which firms are your clients likely to go to if and when they do switch? Why will they switch? And how can you prevent them from switching?’
- ‘Which firms’ clients can you most realistically target and try to attract? What can you do to attract these clients to your firm?’
- ‘Which is your best performing practice areas, service lines and client sectors? Why are these performing well? What do the clients across different practice areas, service lines and client sectors look for, and expect?’
- ‘What proportion of your current clients state they wouldn’t consider using you? Or recommending you? What characterises these clients? What can or should you do about this?’
- ‘What characterises your dissatisfied clients? How are your dissatisfied clients different to your most satisfied clients? What can you learn from these differences? What should you do as a result of these findings?’
- ‘What characterises those of our clients that rate our firm most highly on value? How do these clients differ from clients who rate you low on value? What can we learn from these differences?’
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